Earlier this month, Emmer also asked the IRS to ease regulations on crypto donations to charitable organizations. He recently reintroduced his Safe Harbor for Forked Assets Act proposal that would prohibit the Internal Revenue Service (IRS) from leveraging penalties related to forked assets until it issues further guidance for taxpayers. Representative (Republican-Minnesota) and the NRCC chairman, told Axios.Įmmer is also co-chair of the Congressional Blockchain Caucus and a member of the House Financial Services Committee. "We are focused on pursuing every avenue possible to further our mission of stopping Nancy Pelosi’s socialist agenda and retaking the House majority, and this innovative technology will help provide Republicans the resources we need to succeed,” Tom Emmer, a crypto-friendly U.S. The NRCC has become the first national party committee to accept crypto donations, while several federal political candidates in the past have solicited donations in crypto. But when you load the BitPay Card with dollars using Bitcoin or Bitcoin Cash, you are making a transaction which the IRS considers to be taxable under its digital currency tax guidance. You must be on the IRS Pub78 list (eligible to receive tax-deductible donations) to qualify for the no-charge processing. That means you dont have to do any extra for tax reporting for your everyday usage of the BitPay Card. dollars by BitPay before being deposited in the NRCC's account. If your organization is registered as a 501 (c) (3) with the IRS, BitPay will process the bitcoin payments at NO CHARGE. ![]() That means crypto donations will be converted into U.S. ![]() House Republicans' campaign arm, is set to accept donations in cryptocurrency.Īxios reported the news on Wednesday, saying that the NRCC has partnered with crypto payments processor BitPay for the initiative. ![]() The National Republican Congressional Committee (NRCC), the U.S.
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