In recent news, the GOP shall now be accepting cryptocurrency contributions via BitPay, which will allow for the successful conversion of digital assets such as Bitcoin (BTC) and Ethereum (ETH) into fiat currency.
The NRCC had made it known this past Thursday that preparations are currently underway to process campaign donations made in crypto. This initiative is a part of a much bigger effort towards taking back the White House, so to speak, and to potentially prevent the Democratic Party from being able to pursue its own political agenda.
NRCC leading the charge
Chairman Tom Emmerson stated that the NRCC is only too happy to be the one leading the charge for cryptocurrency-based donations being made for campaign contributions. He then added that the goal remains the same, to stop Nancy Pelosi’s so-called socialist agenda and to eventually retake the House majority. To that end, Tom believes that cryptocurrencies can certainly be useful, as the new digital asset class can provide assistance to the Republicans in terms of valuable resources.
Therefore, the GOP shall be accepting crypto-based payments as aforementioned. These will include BTC itself, along with various other altcoins via BitPay. Also, the cryptocurrencies which are received through the digital payment processor may then be subsequently liquidated for USD.
Change in attitude towards crypto
While it remains true that cryptocurrencies had received partial support from various Republican lawmakers in the past, chief among which being the likes of Kevin McCarthy and Cynthia Lummis, recent history would seem to suggest a primarily hostile attitude for digital assets in general. Donald Trump himself had informed the Treasury to pursue Bitcoin while he was still in office. Democrats such as Elizabeth Warren had also shown hostility towards cryptocurrencies fairly recently.
However, this is all slowly changing as cryptocurrency adoption becomes increasingly mainstream. Apart from Tom Emmerson, Libertarian Rand Paul had also displayed support for the crypto industry when he started accepting payments made in BTC back in 2015 for Kentucky. Still, there is plenty of work to be done, as the Democrats had recently made it known that a task force shall be established for the sole purpose of investigating cryptocurrencies. Maxine Waters had stated that this task force should regularly engage with numerous regulators, analysts, and various experts in a continued effort to further understand the crypto industry, which the chairwoman believes has often been misunderstood and not regulated properly enough.