Campaign finance; digital currency as an accepted form of contribution. (HB687)

Introduced By

Del. Chris Peace (R-Mechanicsville)

Progress

Introduced
Passed Committee
Passed House
Passed Senate
Signed by Governor
Became Law

Description

Campaign finance; digital currency as an accepted form of contribution. Provides for the acceptance of contributions to a candidate, campaign committee, or political committee in the form of digital currency. The bill provides that such contributions shall be valued by the market value of the digital currency at the time the contribution is received and requires that any increase in the value of the digital currency while in the committee's designated depository be reported as interest on a campaign finance report. The bill also requires the treasurer for any campaign or political committee to sell any digital currency contributed to it and deposit the proceeds from the sale into the designated depository before the funds may be expended. The bill defines digital currency as money represented by digital information that is stored, spent, and transferred electronically as part of a financial transaction. All provisions governing the acceptance and reporting of contributions apply to contributions in the form of digital currency. Amends § 24.2-945.1, of the Code of Virginia. Read the Bill »

Outcome

Bill Has Failed

History

DateAction
01/11/2016Committee
01/11/2016Prefiled and ordered printed; offered 01/13/16 16101423D
01/11/2016Referred to Committee on Privileges and Elections
01/14/2016Assigned to sub: Subcommittee Campaign Finance
01/14/2016Assigned P & E sub: Subcommittee Campaign Finance
01/14/2016Assigned P & E sub:
01/20/2016Impact statement from DPB (HB687)
02/11/2016Subcommittee recommends laying on the table
02/16/2016Left in Privileges and Elections