The United States is emerging as a hub of cryptocurrency and setting an example for the entire world. Different industries in the US are welcoming cryptocurrency with open arms and using the power of crypto for development. After the trending crypto real estate deals in Miami, now the political parties of the US are also showing interest in accepting donations in cryptocurrency which is not common among the national parties.
The National Republican Congressional Committee of the US announced that they are open to accepting donations in crypto on Friday. With this announcement, NRCC became the first national party to accept crypto as a donation. This donation is utilized to help the party candidates in their election campaigns.
The NRCC Chairman enthusiastically announced the decision of accepting bitcoin and said that the virtual currency will help the party to get the resources for success.
“We are focused on pursuing every avenue possible to further our mission … and retaking the House majority, and this innovative technology will help provide Republicans the resources we need to succeed,” NRCC Chairman Tom Emmer said.
Though there are previous records of some political leaders of the US who accepted crypto as donations individually, namely, Emmer and Andrew Yang, but NRCC is the first national party to take this step. To execute the bitcoin transactions in the party account, NRCC has partnered with Bitpay which is an online application to buy and exchange crypto and provides cryptocurrency payment services. With the help of Bitpay, the donations accepted in crypto will automatically convert into US Dollars and will be a credit to the committee’s account.
Where different industries are adopting cryptocurrency in the US, the Securities and Exchange Commission of the country, which is the regulatory board for crypto is taking tough actions against the currency. The current chief of SEC is unwilling to accept cryptocurrency and the recently issued regulatory agenda for 2021 by SEC does not include cryptocurrency at all. The harsh decisions of the SEC against crypto are because of the volatility of the currency, according to Gary Gensler, Chief of SEC.
Another side of the coin is totally different, where crypto is winning the hearts of various countries and is seeking immense support on social platforms like Twitter despite the volatile nature of the currency. Moreover, the bitcoin market isn’t always volatile, a stability can be seen in the bitcoin market for the last few days despite all the thundering developments in the crypto industry in the last two days.