No Coins for You! North Carolina Rejects Bitcoin Campaign Donations

North Carolina has barred electoral candidates in the state from accepting campaign donations made in bitcoin and other cryptocurrencies. This declaration is contained in a response from the North Carolina State Board of Elections Campaign Finance Office to Emmanuel Wilder, a Republican candidate running for a seat in the state’s legislature.

Regulatory Snafu

Earlier in the year, Emmanuel Wilder had asked the State Board if he could accept campaign donations in bitcoin and other digital currencies. In his submission, the candidate also suggested a framework for the Board to use in ascribing value to the volatile asset class.

The Board communicated its refusal of his request in a letter from its executive director, Kim Westbrooks Strach. The refusal is hinged on the fact that the state’s campaign finance regulations set monetary limits in U.S. dollars. The Board is also of the opinion that cryptocurrencies cannot be reliably valued.

An excerpt from the letter reads:

“We…