Regulations

U.S FEC looks at whether crypto mining is viable in funding political campaigns

As the price to sway voters gets higher with every political campaign in the United State, the need to have multiple sources of funds is of apt importance. A Delaware company seeks to provide political contestants in the U.S with an extra stream of funds. The firm has requested the Federal Election Commission to look at whether crypto mining is viable in funding political campaigns.

The Federal Election Commission (FEC) has been invited by the OsiaNetwork LLC to provide an advisory opinion “confirming the permissibility of OsiaNetwork’s business plan under the Federal Election Campaign Act of 1971.”

According to the submitted Advisory Opinion Request, “OsiaNetwork intends to enable individuals to support federal political committees by volunteering the processing power of their internet-enabled devices to mine cryptocurrencies.”

The company simply seeks to establish a ‘pool’ of cryptocurrency miners by combining the processing power of many computing devices. But, instead of the miners sharing the profits, they will forfeit all the mined coins to support their preferred candidates.

To do this, OsiaNetwork submitted that, if the FEC allows, they will embed cryptocurrency mining tools on the political committee’s website to help pool “the processing power” of those who choose to volunteer the processing power of their “internet-enabled devices.”

To make the process smooth, the volunteers will have the chance to dictate how much of their device’s processing power they are willing to donate.

Rewards will be allocated to each committee with respect to the number of hashes its volunteers generate. The firm will also realize a “reasonable profit.”

The request to include crypto mining in this category rides on the fact that the Federal Election Committee already allows bitcoin to be used to support political campaigns.

With the case on whether crypto mining is viable in funding political campaigns in the United States seeming solid, do you think this will open the general public to cryptocurrencies and crypto mining?

Let us know your thoughts in the comments section below.

coinmag

Philip is an experienced blogger keen on staying updated with trends and news surrounding the blockchain and Bitcoin space. With several years of freelance experience in various industries, Philip brings his knowledge and experience into the crypto space.

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