The cryptocurrencies’ potential to facilitate money laundering and financing illicit activities has long informed Bitcoin-insecure politicians’ hawkish postures on crypto regulation. With the release by the Department of Justice (DoJ) of an indictment of twelve Russian intelligence officers last Friday, which includes a count of an alleged conspiracy to launder money ‘through cryptocurrencies such as Bitcoin,’ statesmen of this bent have procured a powerful supplement to their rhetorical toolkit – a formally recorded instance of a Bitcoin-backed interference into a vital sector of domestic affairs. The only consideration that makes the news look somewhat less haunting for the future of …

The U.S. Department of Justice (DoJ) released an indictment on July 13 charging twelve Russian nationals with committing federal crimes — funded by cryptocurrencies — with the aim of “interfering” in the 2016 U.S. presidential elections. According to the DoJ’s announcement, Russian officials from two units of the Russian government’s Main Intelligence Directorate (GRU) used cryptocurrencies like Bitcoin (BTC) — which they allegedly mined and obtained by “other means” — to fuel efforts to hack into computer networks associated with the Democratic Party, Hillary Clinton’s presidential campaign, and U.S. elections-related state boards and technology companies. A grand jury in the …

Witnesses in the U.S. Congress voiced their concerns about the potential for using cryptocurrencies to make illegal campaign donations during a hearing of the Subcommittee on Crime and Terrorism held today, June 26. The hearing, titled “Protecting Our Elections: Examining Shell Companies and Virtual Currencies as Avenues for Foreign Interference,” was led by Senator Lindsey Graham with Scott Dueweke of DarkTower, David Murray of the Financial Integrity Network, and Sheila Krumholz of the Center for Responsive Politics as witnesses. Dueweke, who is also a director at The Identity and Payments Association (IDPAY), said during his testimony that virtual currencies are …

An upcoming blockchain platform says it is determined to bring greater levels of transparency and accountability to the world of politics – creating a system where lawmakers and their policies are given scores by the electorate. According to NextElection, many democracies around the world struggle to effectively scrutinize elected representatives during their time in office, and it can be difficult for voters to get their voices heard when an unsavory policy has the potential to have a detrimental effect on their lives. This can leave many people disillusioned with politics altogether – and in some cases, politicians embroiled in major …

Last week, Secretary of State of Colorado Wayne Williams proposed a new set of rules for financing political campaigns, which now includes a section on cryptocurrencies. The original edition of the draft introduces the same caps for crypto donations as for fiat ones, while limiting anonymous contributions to $20. The move renders the overall picture of individual states’ handling political crypto contributions spottier than ever, as the last few months saw states adopting divergent approaches to the issue. Although a 2014 advisory opinion by the Federal Election Commission (FEC) remains a major reference point for anyone who seeks to boost …

The list of potential uses for blockchain technology span many different sectors with the belief being that almost every facet of life, from finance, technology, economics and sociology, can be disrupted by this decentralized force. However, it is in politics, and especially elections where there is a buzz building about the positive influence blockchain technology can bring to the ballot boxes. Elections have been subject to scrutiny and corruption for so long that many in the tech space, as well as electoral committees are viewing blockchain as the future of fair elections. There have been some use-cases already where blockchain …

The FEC published an opinion letter on November 7 in response to a request regarding the its stance on Bitcoin donations. The commission’s response to the request, made by a group called Conservative Action Fund, states that the group may accept Bitcoin donations, but those have to be exchanged for cash before they can be used as payment. Bitcoin, then, would not be treated the same as cash, but it could be used to support political campaigns. The letter states, “The Commission concludes that CAF may accept [B]itcoins as in-kind contributions under valuation, reporting, and disbursement procedures.” CAF’s request cited …