Minnesota lawmakers renew push to ban crypto political donations
March 6, 2020, 11:58AM EST
1 min read
Lawmakers in the U.S. state of Minnesota are seeking to breathe new life into an effort if successful, would outlaw campaign contributions in the form of cryptocurrency.
Last May, a group of members of Minnesota's House of Representatives filed a bill that, if passed, would ban "from any source a contribution or donation of any digital unit of exchange, including but not limited to bitcoin, that is not backed by a government-issued legal tender." But as public records show, that bill hasn't advanced in any meaningful way.
Yet, according to LegiScan, on February 27, a group of five members of the Minnesota Senate filed a nearly identical piece of legislation. The bill has since been referred to the Senate State Government Finance and Policy and Elections Committee.
If either bill were to pass, those who knowingly solicit digital currencies would face a civil penalty of up to $3,000. In addition, those who knowingly accept such donations would be guilty of a felony.
Ethereum had a breakout year in 2021. It’s native asset, ETH’s, market capitalization surpassed $500 billion for the first time. Its network facilitated upwards of $7 trillion value transfer. Non-fungible tokens (NFTs) emerged as another “killer application” that have put its technology on the global stage and caught the attention of the masses.