The Republican campaign committee will use the BitPay crypto payment processor to raise funds.
The National Republican Congressional Committee (NRCC), an arm of the Republican House campaign, has announced that it will now accept donations in cryptocurrency.
The NRCC is now the first committee of a national party to approve crypto donations, US news agency Axios has called.
According to the news site, the house committee will use the services of the cryptocurrency payment processor BitPay to handle the crypto donations. The payment company receives the campaign funds in a custody wallet and converts them to US dollars before transferring the funds to the committee’s bank account.
Although the NRCC will not process actual Bitcoin or other cryptocurrencies, its integration with BitPay allows it to accept up to $ 10,000 in campaign donations from individuals. This alone increases the upper limit of what it could get from actual crypto donations, which is currently capped at $ 100 worth of crypto transfers per donor per year.
The campaign committee will take the necessary steps to obtain the necessary identification information from donors.
Minnesota House of Representative Tom Emmer said in a statement that the move is aimed at raising campaign resources from all possible avenues. It comes as Republicans try to win back a majority in the House of Representatives after losing in the general election last year.
“…This cutting edge technology will provide Republicans with the resources we need to be successful.” he added.
Rep. Tom Emmer is the NRCC chair and has been on the front lines for the IRS to seek regulatory clarity regarding cryptocurrency donations to charity.
He also sits on the House Financial Services Committee and is a member of the Congressional Blockchain Caucus, which he co-chairs with Congressman Darren Soto, Bill Foster and David Schweikert.