U.S. Democratic Party Presidential Candidate Andrew Yang has announced in a recent tweet that his campaign will be accepting cryptocurrency donations for the 2020 presidential elections.
HUGE news – my campaign can now accept Bitcoin, Ethereum and other cryptocurrencies! //t.co/GScyqfZXLY Let’s build the future together. @Steven_McKie @JulianSarokin @yidagao @AdamDraper @mashadrokova @albertwenger @novogratz @ericbahn @RamanFrey @richardtitus
— Andrew Yang (@AndrewYangVFA) July 24, 2018
Dubbed by Yahoo Finance as a “dark horse” candidate, Yang is reported to be a successful entrepreneur and founder of an entrepreneurial fellowship called Venture for America. He is also one of a number of candidates calling for a $1,000 a month universal basic income (UBI) for all adult U.S. citizens. His new book “The War on Normal People” outlines his plans for UBI and goes into detail regarding his controversial opposition to artificial intelligence and automation technology.
Yang’s New York-based campaign will begin accepting donations in the form of Bitcoin, Ethereum and all ERC20 standardized tokens. Interested donors are required to complete a form verifying their voter qualifications prior to making a donation.
Due to U.S. campaign donor laws, Yang’s team is insisting that no anonymous donations be made. Maximum individual donations in the form of cryptocurrency are capped at $2,500. Citizens under 18 years old are not permitted to donate.
Controversy Among Voters
Interestingly, Yang’s announcement has led to some controversy among would-be voters. Environmental supporters have continued to express their grievances towards cryptocurrencies like Bitcoin, citing concerns that Bitcoin mining requires massive amounts of energy and contributes to climate change.
Other cryptocurrency opponents have come out stating that cryptocurrency is ‘dark money’ and can be used in making illegal donations.
A Growing Number of Candidates Accepting Cryptocurrency Donations
Nevertheless, Yang’s campaign adds to the increasing number of political candidates and organizations who have accepted cryptocurrency donations dating back over the last four years—including the Libertarian Party of Texas and U.S. Senator Rand Paul, who accepted bitcoin donations in 2014 and 2016 respectively. More recently, Missouri Republican Austin Peterson has collected 24 fractional bitcoin donations totaling $9,700 dollars in January of this year for his Senate race.
Yahoo Finance reports that, “The U.S. federal government, the state of Montana and Washington, D.C. allow cryptocurrency campaign contributions, while Wisconsin is considering accepting them as well.”
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