The National Republican Congressional Committee will accept donations in cryptocurrency, making it the first national political party committee to do so, Axios reported on Wednesday, citing the committee.
The NRCC will use BitPay to process contributions, which will be converted into U.S. dollars before being deposited to the committee's account, according to Axios' report. By not taking possession of the cryptocurrencies, the NRCC can accept individual donations of as much as $10,000 per year, avoiding the $100 maximum-value limit per year for cryptocurrency transfers.
"We are focused on pursuing every avenue possible to further our mission of stopping Nancy Pelosi’s socialist agenda and retaking the House majority, and this innovative technology will help provide Republicans the resources we need to succeed,” Axios cited NRCC Chairman Rep. Tom Emmer (R-Minn.) as saying in a statement.
Emmer is a co-chairman of the Congressional Blockchain Caucus and a member of the House Financial Services Committee.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.