The National Republican Congressional Committee (NRCC) announced Thursday they would begin accepting cryptocurrency as a campaign contribution to help rake in more cash in their hopes to regain the House of Representatives.
The House Republican campaign arm said they would begin accepting the cryptocurrency using Bitpay, a Bitcoin and cryptocurrency payment service provider.
NRCC Chairman Tom Emmer said, “The NRCC is proud to lead the charge in accepting cryptocurrency campaign contributions.”
“We are focused on pursuing every avenue possible to further our mission of stopping Nancy Pelosi’s socialist agenda,” he continued.
He added, “retaking the House majority, and this innovative technology will help provide Republicans the resources we need to succeed.”
Axios reports, the “Crypto donations will be immediately converted into dollars before landing in the NRCC’s account.” So, the NRCC is not actually receiving the crypto but only soliciting proceeds from their sales.
This means the committee “will never actually take possession of the donated cryptocurrencies, allowing it to accept individual donations of up to $10,000 per year, rather than the $100 value for transfers of actual cryptocurrency like Bitcoin that the FEC approved in a 2014 ruling.”
In the NRCC’s quest to “fire” House Speaker Nancy Pelosi (D-CA) as the speaker, they recently announced their third straight record-breaking fundraising month. The campaign arm said they raised over $14 million in May.
Their announcement also said they have over $42.1 million cash on hand, claiming it is more than double what the committee had at the same time in the last cycle and touting the committee is currently debt-free.