Maryland House Bill HB192

Maryland 2023 Regular Session

• Introduced: 1/19/23
• Refer: 1/19/23
• Report Pass: 3/6/23
• Engrossed: 3/9/23
• Refer: 3/10/23
• Report Pass: 4/4/23
• Enrolled: 4/6/23
• Chaptered: 4/24/23
• Passed: 4/24/23

Caption

Currency - Campaign Finance Prohibitions - Disclosures by Financial Institutions

Impact

The proposed bill would alter the landscape of campaign financing by specifically targeting the use of digital or virtual currencies. By enforcing a strict prohibition against contributions made in cryptocurrency, Maryland's legislative framework seeks to enhance the integrity and transparency of electoral funding. Financial institutions, including those involved in cryptocurrency transactions, would be expected to comply with these regulations, which could influence how fundraising is conducted by political campaigns.

Summary

House Bill 192 proposes significant regulations regarding the use of cryptocurrency in campaign financing within the state of Maryland. It aims to prohibit campaign finance entities from using cryptocurrency for monetary contributions and expenditures, mandating that all financial dealings remain within traditional United States currency. This legislative effort reflects growing concerns about the potential for cryptocurrency to complicate the transparency and accountability of campaign finance, ensuring that funding methods adhere strictly to established financial regulations.

Sentiment

The sentiment surrounding HB192 appears to be largely supportive among legislators prioritizing transparency and regulation in campaign finance. Advocates argue that restricting contributions to traditional fiat currency will simplify tracking and accountability, addressing potential loopholes associated with digital currencies. However, there could be dissenting voices concerned about over-regulation, particularly those who advocate for using innovative financing methods to attract a broader base of donors in electoral politics.

Contention

Notable points of contention related to HB192 concern the balance between fostering innovation in the political finance sector and ensuring that stringent measures are in place to prevent fraud or misuse of funds. Critics may argue that this bill could hinder the potential for campaign financing methods to evolve and adapt to new technologies, which might limit political engagement from tech-savvy voters or individuals who prefer using digital assets for transactions.