13 November 2018

Cryptocurrencies do not settle in the politics

Did you remember what we talked about the political campaign incident of the new governor of California? A similar story happened in Michigan. Politician William Baker received a letter from the state secretary of state. As we found out, the government has banned the use of cryptocurrencies as a donation for political campaigns. All because cryptocurrencies do not fall under the definition of traditional donations.

Meanwhile, Arizona resident Joseph Kim was confronted with more tangible consequences of his cryptocurrency activity. We learned that the CFTC had sentenced the trader to 15 months in prison, as well as to the future payment of a $1 million fine. He secretly transferred BTC and Litecoins from the accounts of his employer and stole funds from other clients.

Now we can conclude that the political environment is not the most favorable for cryptocurrency. This is mainly due to the lack of knowledge of who exactly donated this or that campaign. The CFTC has once again replenished its piggy bank of closed cases with digital fraud. The Commission intends to continue to actively protect the virtual market.

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