Texas may not have the best track record when it comes to human rights, but it seems that it is willing to do one thing right: crypto.
The Texas Ethics Commission created an exclusive framework for crypto contributions so that political contributions made with these digital assets can have a legal base. It is similar to how the SEC or IRS treat crypto.
The plan is for authorities to accept crypto payments, but they will be reported only as in-kind contributions.
“The new rule permits candidates, officeholders, and political committees to accept cryptocurrency. It does it distinguish between any type of cryptocurrencies, like Bitcoin. The rule would require filers to report cryptocurrency as in-kind contributions. Campaigns would be required to liquidate any cryptocurrency before spending the proceeds; they would not be permitted to use cryptocurrency as a currency.”
The law also wants to deal with volatility by directing filers on how to properly report the value of crypto contributions.