Mining bitcoin to back political candidates?

Mining bitcoin to back political candidates?

Ashley Balcerzak |
November 20, 2018

Election watchdog asked to weigh in on new blockchain frontier in politics

Would you go mining to support your favorite federal candidate? Mining for cryptocurrency, that is.

OsiaNetwork LLC, a newly formed limited liability company in Delaware, has asked the Federal Election Commission whether it’s legal for people to share the processing power of their computers and other internet-enabled devices to “mine” potentially valuable cryptocurrencies such as bitcoin — and support political campaigns with the windfall.

Not much is known about OsiaNetwork LLC. The firm was incorporated August 13 in Delaware, a state that requires little information to set up a company, and OsiaNetwork’s lawyer declined to provide any details. But its novel request comes at a time when government officials are struggling to regulate cryptocurrencies in politics — and even just understand them. Nevertheless, some politicians and political groups are showing an increasing willingness to accept and use cryptocurrencies, which are a type of digital or virtual currency.

Nine federal candidates, parties and super PACs together received the equivalent of almost $570,000 in cryptocurrency donations in the 2017-2018 election cycle, according to an analysis of federal records by the Center for Public Integrity.

Credit by - the Center for Public Integrity

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