MakeYourLaws/MakeYourLaws

<%= t "Bitcoin contributions to PACs - CAF's request" %>

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<p class="c b"><%= link_to "Our Bitcoin request", fec_bitcoin_path %></p>

<p>In August 2013, the Conservative Action Fund PAC (CAF) asked the Federal Election Commission whether they should be permitted to accept contributions of Bitcoin.</p>

<p>We commented on that request extensively, raising several issues with it that CAF failed to address. Though the underlying issues are complex, there were three main problems:
    <ol>
        <p>transparency and auditability — Bitcoin is designed to protect its users' privacy; political contributions need to be traceable to a real person and limit anonymous contributions</p>
        <p>prevention of money laundering, financial exploitation, and legal loopholes — people can abuse Bitcoin "refunds" or contributions between different types of political organizations</p>
        <p>legal and technical catch-22s — Bitcoin intersects campaign finance law in some non-obvious ways</p>
    </ol>
</p>

<p>The FEC wasn't able to decide on CAF's request. They agreed informally that PACs should in principle be allowed to accept Bitcoins, but couldn't formally agree on <em>how</em>. Nevertheless, some political committees are already accepting Bitcoin, <em>without</em> any guidance about how one could obey the law while doing so.</p>

<p>On February 10<sup>th</sup> 2014, we submitted <%= link_to "our own advisory opinion request (AOR)", fec_bitcoin_path %>, proposing how we intend to accept Bitcoins.</p>

<h3>Timeline and documents of CAF's request</h3>

<p>2013-08-13: CAF filed their <a href="http://saos.nictusa.com/aodocs/1245451.pdf" target="_blank">advisory opinion request</a>.</p>
<p>2013-09-16: <a href="http://saos.nictusa.com/aodocs/1246139.pdf" target="_blank">BitPay</a> and the <a href="http://saos.nictusa.com/aodocs/1246138.pdf" target="_blank">Bitcoin Foundation</a> commented on the request.</p>
<p>2013-11-07: The FEC posted a <a href="http://saos.nictusa.com/aodocs/201315.pdf" target="_blank">draft advisory opinion</a>.</p>
<p>2013-11-12: MYL <a href="/files/MYL%20PAC%20&%20MYL%20C4%20comment%20on%20AO%202013-15%20Conservative%20Action%20Fund.pdf" target="_blank">submitted a comment</a> pointing out several problems with the proposal, and suggesting ways to fix them.</p>
<p>2013-11-13: The FEC posted <a href="http://saos.nictusa.com/aodocs/201315_1.pdf" target="_blank">two new draft advisory opinions</a>, and we <a href="/files/MYL%20PAC%20&%20MYL%20C4%20comment%202%20on%20AO%202013-15%20Conservative%20Action%20Fund.pdf" target="_blank">submitted a supplemental comment</a> about new issues therein.</p>
<p>2013-11-14: The FEC held an <a href="http://fec.gov/agenda/2013/agenda20131114.shtml" target="_blank">open meeting</a> in which they <a href="http://www.fec.gov/press/press2013/news_releases/20131114release.shtml" target="_blank">decided</a> (<a href="http://www.fec.gov/audio/2013/2013111402.mp3" target="_blank">meeting audio</a>), in part based on our comment, to wait a week and draft a new response.</p>
<p>2013-11-16: We <a href="/files/MYL%20PAC%20&%20MYL%20C4%20comment%203%20on%20AO%202013-15%20Conservative%20Action%20Fund.pdf" target="_blank">filed comments</a> to address issues discussed in the FEC's Nov 14th meeting.</p>
<p>2013-11-20: The Bitcoin Foundation <a href="http://saos.nictusa.com/aodocs/1248189.pdf" target="_blank">also commented</a>, and the FEC issued their <a href="http://saos.nictusa.com/aodocs/1248186.pdf" target="_blank">fourth draft opinion</a>, which would have allowed disbursement of Bitcoins.</p>
<p>2013-11-21: The FEC <a href="http://saos.nictusa.com/aodocs/AO%202013-15.pdf" target="_blank">deadlocked</a> 3-3 (<a href="http://fec.gov/audio/2013/2013112101.mp3" target="_blank">audio</a>).</p>

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