Kansas Crypto Campaign Regulation Bill Update
A Kansas bill aimed at regulating cryptocurrency donations in political campaigns has been postponed until January 2024.
Introduced by lawmakers in the Kansas House of Representatives on January 25, 2023, the bill, known as HB 2167, had proposed imposing a $100 limit on all political contributions during the state's primary or general elections. Additionally, it required politicians to promptly convert any cryptocurrency donations into U.S. dollars, disallowing any further handling or holding of the funds.
Following its introduction, the bill was referred to the House Committee on Elections, which released a committee report on February 22, 2023, recommending the passage of the bill with specific amendments.
However, the bill was removed from the legislative calendar due to non-compliance with the state's Rule 1507 (Disposition of Bills Subject to Certain Deadlines), which imposes strict deadlines on certain bills. The bill, titled HB 2167, was primarily focused on regulating political contributions related to Bitcoin (BTC).
Amending the campaign finance act to regulate and limit the use of cryptocurrency and to prohibit the use of any political funds collected by a candidate or candidate committee for a candidate for federal office.
In 2017, the Kansas Governmental Ethics Commission expressed concerns about the secrecy surrounding cryptocurrency contributions to political campaigns. Meanwhile, in 2018, California had initially banned cryptocurrency donations for political purposes but reversed its decision in July 2022.
Nine U.S. Senators have come together to support Senator Elizabeth Warren's Digital Asset Anti-Money Laundering Act. Senator Warren's official senate webpage identified Democratic Party Senators Gary Peters, Dick Durbin, Tina Smith, Jeanne Shaheen, Bob Casey, Richard Blumenthal, Michael Bennet, and Catherine Cortez Masto, as well as independent Senator Angus King, as members of the bipartisan coalition endorsing the bill.
Senator Warren stated, "Our growing coalition demonstrates that Congress is prepared to take action. Our bipartisan proposal is the most stringent measure available for combating illicit cryptocurrency use and providing regulators with additional tools to address these issues."