Louisiana Republican Party To Accept BTC - Essay Example

Now, The Republican Party of Louisiana is accepting contributions in Bitcoins in their official website.

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This makes LAGOP the first important state-level executive committee to adapt to Bitcoin payments for financial support.

The same move was made by the Libertarian Party only, in Louisiana and Texas.

They were advised and guided by the US Federal Election Commission as they determined that political action committees and political campaigns can take Bitcoin as a sort of in-kind donation under existing federal election laws.

LAGOP executive director, Jason Dore, said in an interview that this action might soon be followed by other states as their party leaders will continue to learn more about the digital currency.

Dore thinks that the increased use and popularity of Bitcoin is forcing public officials to learn about it. However, many elected officials are still not aware of the virtual currency.

If the Bitcoin community thinks of the digital currency as a means to support political campaigns too, the use of Bitcoin will definitely increase.

For the Bitcoin adoption, the Louisiana GOP affiliated with BitPolitic. BitPolitic is a Bitcoin fundraising consultancy and services provider.

They assisted LAGOP to prepare for the addition of bitcoin payments in the system. They are given a percentage of all donations received in Bitcoins.

BitPolitic gives consulting services to political candidates, organizations and campaigns that are eager to learn more about the Bitcoin technology. They teach how Bitcoin can be incorporated into the political system.

The LAGOP website is using BitPay, bitcoin payment processor, to receive donations.

Dore also mentioned in the interview that the move to accept Bitcoin by the LAGOP was partly driven by their wish to find better ways to reach and connect with supporters.

He said disappointedly, that Democrats may target Bitcoin for regulation.

He explained how the Democrat Party has infrequently met regulations and taxed what it does not like.

Democrat-controlled cities are known to have opposed innovative transportation systems like Lyft and Uber.

The very few Democrats who accept the crypto currency for donations are California Lieutenant Governor Gavin Newsom, California Congressional candidate Christina Gagnier and Colorado Congressman Jared Polis. Jared Polis has also been an outspoken advocate of Bitcoin.

Dore also briefly discussed the BitLicense regulations that were proposed by the New York State Department of Financial Services, in the interview.

Dore said confidently that people and companies who seek to tax and regulate everything can do the same to Bitcoin. He thinks regulations of this sort strangle the growing crypto currency community.

He also implied that LAGOP will make sure that Louisiana does not take such actions, which could threaten Bitcoin and its pioneering potential.

Bitcoins are leading the crypto currency industry and really provide a great method of transaction.

In conclusion, Dore promised that they will take a different approach in Louisiana. Unlike New York’s approach to Bitcoin, they will work to create an environment where innovators bloom.

Their involvement with Bitcoin gives them a way to interact better with supporters.