Congressional Candidate’s Plan to Issue Ethereum Token

Congressional Candidate’s Plan to Issue Ethereum Token

With a view to campaigning volunteers in an experimental effort incentivize congress’s work in Florida, Ethereum based tokens have been wanted and hopefully the approval will be given. Afterward an independent candidate called Omar Reyes dispatched a letter to the Federal Election Commission. They were actually searching for permission ordination to potent volunteers. Registering to volunteers, signing up for the mailing list are worthy of getting reward exposed by the letter where ‘’Omar2020’’ token allows for the creation of tokens on the ethereum network.

Having no monetary value, the token would serve as a digital scoreboard for volunteers. Their volunteers would be rewarded with the highest amount of OMR tokens with the choice of one of three gifts of their appreciation paid for by the Omar2020 committee. The tokens are akin to conventional types of campaign souvenirs and a draft advisory opinion was published July 5 saying:

‘’As OMR token doesn’t form compensation, the committee may allocate OMR token to volunteers and proponents with a view to involving in volunteer procedures explained in the request. OMR tokens are indistinguishable from conventional forms of campaign souvenirs.’’

Transaction fees which are accrued from the token transfers will be reported by Reyes campaign as expenditures per regulations. The dogma of the draft will be deemed by commission members at a imminent meeting.

Cryptocurrency and the FEC

The 2014 opinion opened the door to cryptocurrency donations to campaigns is still impactful. The concurrent consideration of FEC whether a campaign could accept contributions in the form of cryptocurrency mining rewards. But the organization said that it would consider a bitcoin contribution as an in-kind donation. With a view to entreat crypto-donation, a number of political campaigns in the US was formed. It is recently informed that the now-defunct presidential effort of US Representative Eric Swalwell would accept crypto contributions. Andrew Yang is also accepting crypto contributions.   

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