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The US Republican Party will start accepting cryptocurrency donations

According to the political news site, Axios, the National Republican Congressional Committee (NRCC) — the principal fundraiser for the US Republican Party — is to start accepting Bitcoin and cryptocurrency donations.

The NRCC itself will not be holding the cryptocurrency but will be converting it into dollars via an exchanger. But the FEC has expressed its concern on cryptocurrency principles of anonymity could clash with current political regulations on donation transparency and disclosure.

It is worth noting that the practice of crypto donations in support of the activities of political parties equivalent to up to $100 existed previously, but now, NRCC Chairman Tom Emmer has reached out to the US Internal Revenue Service with the request to allow donations equivalent to up to $5,000.

Are we observing cryptocurrency integration at the political level now that it achieved success among institutional investors? Be reminded that earlier in June, El Salvador became the first country in the world to accept bitcoin as legal tender. Paraguay could be next.

Meanwhile, the BTCUSD rate is showing negative dynamics.

The efforts of buyers (see fig. 1 and 2) did not allow the rate to gain a foothold above the $40,000 level. Seller activity followed soon (see fig. 3), lowering the rate down to $38,000. An attempt to climb up on June 17th flopped, showing weakness in demand since we do not see purchases above the $39,000 mark. The coming weekend evokes concerns.

Please note that increased volatility is highly likely to occur in all financial markets (currencies, funds, crypto, goods) due to the expiration day of options and futures contracts.


Comments: (1)

Simon Dimoni
Simon Dimoni - HollaPay - Toronto 05 July, 2021, 06:54Be the first to give this comment the thumbs up 0 likes

Expiration dates for options and futures contracts is proabably pretty spot on.

There is evidence of these calming down in futures with the funding rates now going down meaning less overzealous longs.

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