Kansas Delays Crypto Campaign Donation Bill; Senators Back Warren’s Digital Asset Act
Summary:
Kansas has postponed a bill aiming to limit and prohibit cryptocurrency contributions in political campaigns until January 2024. The bill, HB 2167, aimed to enforce a $100 limit on all political donations and required immediate conversion of cryptocurrencies to U.S. dollars. Nine US Senators, both Democrats and Independent, have also joined to support Senator Elizabeth Warren’s Digital Asset Anti-Money Laundering Act.
A legislative proposal in Kansas, seeking to restrict and forbid contributions made in cryptocurrencies for political campaigns, has been put on hold until January 2024. The proposed law, known as HB 2167, was first brought to the table by members of the Kansas House of Representatives on January 25, 2023. Before this, Cointelegraph reported the bill's aims to impose a $100 restriction on all political donations during primary and general elections within the state. In addition, it demanded that politicians convert any cryptocurrency donations into U.S. dollars promptly, with no provisions for spending or retaining the funds.
The legislative proposal for crypto, HB 2167, has been postponed to January 8, 2024, as confirmed by kslegislature.org. Following the bill's introduction and its referral to the House Committee on Elections, the committee released a report on February 22, 2023, suggesting the bill should pass but with certain additions. Nonetheless, the bill was removed from the calendar due to noncompliance with Rule 1507 in Kansas (Regulation of Bills Subject to Certain Deadlines), which applies stringent deadlines to certain bills.
HB 2167 aims to "amend the campaign finance act to regulate and limit cryptocurrency use, and to prohibit any political funds raised by a candidate or a committee of a candidate for federal office." The Kansas Governmental Ethics Commission has especially criticized Bitcoin (BTC) political contributions, deeming them too secretive in 2017. California outlawed cryptocurrency political donations in 2018, only to reverse its stance in July 2022.
The KC Federal Reserve reported robust growth in the crypto ATM sector despite the presence of exploitative operators. Senator Elizabeth Warren's Digital Asset Anti-Money Laundering Act gained support from nine US Senators. Senators from the Democratic Party, Gary Peters, Dick Durbin, Tina Smith, Jeanne Shaheen, Bob Casey, Richard Blumenthal, Michael Bennet, and Catherine Cortez Masto joined independent Senator Angus King in the bipartisan coalition backing the bill.
Congress being poised to act as demonstrated by our growing coalition," said Warren, in welcoming the bill's new backers, "Our cross-party proposal is the harshest yet, aimed at curbing illicit usage of cryptocurrencies and equipping regulators with more tools.
Published At
9/20/2023 8:01:34 AM
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