Kansas adjourns crypto bill targeting political donations to January 2024
A Kansas bill that aimed to restrict and restrict cryptocurrency donations in political campaigns has actually been adjourned to January 2024. Legislators in the Kansas House of Representatives introduced the bill– HB 2167– on Jan. 25, 2023. As formerly reported by Cointelegraph, the costs sought to impose a $100 limitation on all political contributions in the states primary or general election. The bill also required politicians to “right away transform” the crypto contributions to U.S. dollars– with no scope of expenditures or HODLing the funds.Kansas crypto expense HB 2167 has been adjourned till Jan 8, 2024. Source: kslegislature.orgSoon after the expense was presented and referred to the House Committee on Elections, a committee report was shared on Feb. 22, 2023 “recommending costs be passed” accompanied by certain modifications. However, the expense was stricken from the calendar after failure to abide by the states Rule 1507 (Disposition of Bills Subject to Certain Deadlines), which subjects specific costs to strict deadlines. The title of the bill HB 2167 read:” Amending the project financing act to manage and restrict the use of cryptocurrency and to restrict making use of any political funds collected by a candidate or prospect committee for a candidate for federal office.” Targeting Bitcoin (BTC) political donations in specific, the Kansas Governmental Ethics Commission stated in 2017 that cryptocurrency contributions were “too secretive.” Californian authorities too had actually prohibited crypto political donations back in 2018, however later on backtracked on the decision in July 2022. Related: KC Fed tracks healthy development of crypto ATM industry regardless of predatory operatorsNine United States Senators took part to support Senator Elizabeth Warrens Digital Asset Anti-Money Laundering Act.Senator Warrens official senate website named Democratic Party Senators Gary Peters, Dick Durbin, Tina Smith, Jeanne Shaheen, Bob Casey, Richard Blumenthal, Michael Bennet and Catherine Cortez Masto, together with independent Senator Angus King, as those who signed up with the bipartisan union supporting the bill.” Our expanding union shows that Congress is all set to act– our bipartisan costs is the hardest proposal on the table punishing cryptos illegal usage and offering regulators more tools in their tool kit,” Warren added while inviting the brand-new costs supporters.Magazine: Are DAOs overhyped and impracticable? Lessons from the front lines
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Other Questions People Ask
What is the significance of Kansas adjourning the crypto bill targeting political donations to January 2024?
The adjournment of the Kansas crypto bill, HB 2167, to January 2024 signifies a delay in the regulation of cryptocurrency contributions in political campaigns. This bill aimed to impose strict limits on political donations made in cryptocurrency, including a $100 cap and an immediate conversion to U.S. dollars. The adjournment reflects ongoing discussions and potential revisions needed to address concerns raised by legislators and stakeholders regarding the transparency and implications of crypto donations.
How does the Kansas crypto bill HB 2167 affect political contributions?
The Kansas crypto bill HB 2167 seeks to restrict political contributions made through cryptocurrency by imposing a $100 limit on such donations. Additionally, it mandates that any crypto contributions must be converted to U.S. dollars immediately, preventing candidates from holding or spending the funds as cryptocurrency. This approach aims to enhance transparency in political financing, although it has faced scrutiny and led to the bill's adjournment for further consideration.
What were the reasons for the adjournment of the Kansas crypto bill targeting political donations?
The Kansas crypto bill targeting political donations was adjourned due to its failure to comply with the state's Rule 1507, which imposes strict deadlines on certain bills. After being introduced and recommended for passage by a committee, it was ultimately stricken from the calendar, indicating a need for further evaluation and potential amendments. This adjournment allows lawmakers additional time to address concerns about the implications of regulating cryptocurrency in political financing.
What changes were proposed in the Kansas crypto bill before its adjournment?
Before its adjournment, the Kansas crypto bill HB 2167 included proposals to amend the campaign financing act to regulate and restrict cryptocurrency use in political donations. The bill aimed to impose a $100 limit on contributions and required immediate conversion of crypto donations to U.S. dollars. These proposed changes were intended to enhance transparency and accountability in political funding but faced challenges that led to the bill's delay.
What impact could the Kansas crypto bill have on future political campaigns?
If passed, the Kansas crypto bill could significantly impact future political campaigns by limiting the ways candidates can receive donations through cryptocurrency. The proposed restrictions would require candidates to convert crypto contributions into U.S. dollars immediately, potentially reducing the appeal of digital currencies in campaign financing. This could lead to broader discussions about how cryptocurrencies are integrated into political funding and influence regulatory approaches in other states.