• Fri, 19 Jul 2019, 05:09 PM
  • All times are UTC
  • Edition:
    International
Copy link
Increase text size
Decrease text size
Link copied

US Election Commission to approve Congressional candidate's Ethereum token giveaway plans

Ethereum. CliPhotography/Pixabay

Fri, 12 Jul 2019, 09:36 am UTC

A candidate running for Congress is trying to give his campaign workers incentives via Ethereum tokens. Recently, the Federal Election Commission (FEC) published a draft advisory opinion expressing the intent to approve the proposal.

The candidate in question is Omar Reyes (I) and back in May, he sent a letter to the FEC that effectively sought out its approval to give out Ethereum-based tokens to campaign workers, CoinDesk reports. More specifically, the letter reads that it is for the “distribution to potential volunteers and any voters interested in participating in our cryptocurrency experiment.”

It would appear that the FEC is actually leaning towards approving this particular proposal. If so, the Omar2020 tokens will become available to give away to campaign staff members and volunteers who will help the candidate win his bid for a seat in Congress. This was revealed in FEC Chair Ellen Weintraub’s recently published opinion draft, where she outlined her reasons for being for the token.

“The Commission concludes that the Committee may distribute OMR Tokens to volunteers and supporters as an incentive to engage in volunteer activities as described in the request because OMR Tokens do not constitute compensation; rather, OMR Tokens are materially indistinguishable from traditional forms of campaign souvenirs and nothing in the Act or Commission regulations prohibits a campaign committee from distributing free campaign souvenirs to volunteers or supporters,” the draft reads.

On that note, it is worth pointing out that the tokens will actually not have any monetary value. They will basically act as "campaign souvenirs" that are simply based on the ERC-20 platform. These tokens will then be given out to participants who volunteer for things like signing up for the campaign’s mailing list.

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
More
  • Bitcoin (BTC) $10,405.00 (-1.12%)
  • Ethereum (ETH) $219.19 (-2.40%)
  • XRP (XRP) $0.318300 (-1.67%)
  • Litecoin (LTC) $96.26 (-4.55%)
  • Bitcoin Cash (BCH) $301.25 (-4.57%)
  • Bitcoin (BTC) $10,405.00 (-1.12%)
Jul 19, 2019 (Friday)
11:17
Crypto Technicals: XRP/USD grinds lower along 200H SMA, break below 5-DMA to see further weakness
11:12
Binance Jersey announces listing of GBP-backed stablecoin ‘BGBP’
10:32
Rape and sexual harassment case against bitcoin developer blows up
10:15
New Jersey accuses blockchain firm Pocketinns of selling $410K unregistered securities
09:59
Crypto Technicals: LTC/USD struggles at 110-EMA, bias bearish
09:58
Blockchain firm Algorand joins International Swaps and Derivatives Association
09:22
Neo, Ontology partner to develop blockchain interoperability protocol
07:35
Consumer advocates call on Libra partners to withdraw collectively from Facebook's crypto project
07:31
Apple's Steve Wozniak invests in blockchain-based energy efficiency firm 'Efforce' in Malta
07:28
Cryptocurrency exchange ErisX joins U.S. Chamber of Digital Commerce
07:26
LibertyX exceeds 1,000 bitcoin ATMs in the U.S. via new partnership
06:59
Blockchain interest dropping, DLT in trouble?
06:37
Waves founder launches Waves Enterprise to develop corporate blockchain solutions
06:03
IRS goes after cryptocurrency users misreporting transactions
05:05
Facebook's Libra, other cryptocurrencies pose risk of global economic destabilization: G7
04:42
Anchorage receives charter to open crypto custody shop in South Dakota
04:27
Bank of Thailand's DLT-focused Project Inthanon advances to Phase III
Jul 18, 2019 (Thursday)
11:52
MOBI launches first vehicle identity standard on blockchain
11:49
FATF approves Japan’s plan to establish global network for crypto payments: Report
11:13
Crypto Technicals: ETH/EUR downside pauses shy of 200-DMA, bullish divergence on intrday charts keeps scope for upside
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft