Amending the campaign finance act to regulate and limit the use of cryptocurrency and to prohibit the use of any political funds collected by a candidate or candidate committee for a candidate for federal office.
Impact
This legislation represents a significant change in how political contributions can be made within the state. By implementing these regulations, Kansas aims to ensure transparency and accountability in campaign financing, particularly as cryptocurrency becomes a more prevalent form of payment. The restrictions on the amount that can be contributed in cryptocurrency, coupled with the requirement for immediate conversion to traditional currency, could diminish the use of cryptocurrency among campaign donors, effectively limiting its influence and appeal in the political financing arena.
Summary
House Bill 2167 aims to amend the existing campaign finance laws in Kansas to introduce specific regulations regarding the use of cryptocurrency in political contributions. The bill establishes clear limits on how much can be contributed using cryptocurrency, specifically capping donations at $100 for primary or general elections from any individual contributor. Importantly, it mandates that any cryptocurrency contributions must be converted to U.S. currency and deposited into the campaign accounts of the receiving candidates or committees immediately upon receipt.
Contention
Notable points of contention surrounding HB2167 include concerns over the limitations placed on cryptocurrency contributions, which some may argue could stifle innovation and limit funding opportunities for candidates embracing new technologies. Additionally, the prohibition of using campaign funds for candidates running for federal office may spark debate among political circles regarding the implications for broader campaign finance practices. Critics may also raise questions about the practicality of these regulations and their impact on the political landscape, particularly in a state that is not yet fully adapted to the rise of digital currencies.
Prohibiting the use of cryptocurrency for campaign finance contributions and removing the prohibition on the use of political funds subject to reporting under the campaign finance act for the campaign of a candidate for federal elective office.
Senate Substitute for HB 2054 by Committee on Federal and State Affairs - Increasing the limits on certain campaign contributions under the campaign finance act.
In dates of elections and primaries and special elections, further providing for affidavits of candidates; and, in nomination of candidates, further providing for affidavits of candidates, nominations by political bodies, limitations on eligibility of candidates and affidavits of candidates.
In dates of elections and primaries and special elections, further providing for affidavits of candidates; and, in nomination of candidates, further providing for affidavits of candidates, for nominations by political bodies, for limitations on eligibility of candidates and for affidavits of candidates.
Prohibiting the use of cryptocurrency for campaign finance contributions and removing the prohibition on the use of political funds subject to reporting under the campaign finance act for the campaign of a candidate for federal elective office.
Relating to the establishment and administration of the Texas Strategic Bitcoin Reserve for the purpose of investing in cryptocurrency and the investment authority of the comptroller of public accounts over the reserve and certain other state funds.
Providing for reporting requirements for qualifying crypto-asset mining operations and for an impact study; and imposing duties on the Department of Environmental Protection.