Holly Kim, a treasurer in Lake County, Illinois, is reportedly the first political candidate in the state to accept donations for crypto campaigns.
Kim recently received a $ 3 Litecoin (LTC) donation from Mark Tan, the founder of T Capital Coin, a Lake Forest-based investment management firm, according to the Chicago Tribune on Wednesday.
Lake County’s treasurer, up for re-election in 2022, plans to accept Bitcoin (BTC) and many of the popular cryptocurrencies like Ether (ETH), Dogecoin (DOGE) and Dai (DAI).
For Kim, accepting crypto donations opens a “new frontier” to assisting tech-savvy people, adding, “It seems like people want to give.”
Kim, a Democrat, is also a crypto enthusiast and has reportedly tried to use her position as a former trustee in Mundelein to encourage the adoption of cryptocurrencies in the village.
In view of her interest in crypto, the self-proclaimed “long-term netizen” has plans to hold on to crypto donations in anticipation of a possible price advantage in the market.
Cryptocurrencies saw parabolic gains at the beginning of the year in continuation of the uptrend that began in Q4 2020. However, prices have dropped significantly since May, with many tokens being over 50% of their value.
Related: Can Political Fundraising Find Mainstream Acceptance Through Crypto?
While arguably unusual, political crypto donations are not uncommon in the United States. In fact, the Federal Election Commission legalized crypto campaign donations as early as 2014.
Back in June, the National Republican Congressional Committee – the election coordinator of the Republican Party – announced plans to accept crypto donations. Former U.S. presidential candidate Andrew Yang also accepted crypto donations during his 2020 campaign.
Several state and federal legislators have also accepted crypto donations, often in an effort to encourage contributions from the younger, more tech-savvy population.