County Treasury Secretary of Illinois accepts cryptocurrency donations to run for re-election

According to reports, Holly Kim, the treasurer of Lake County, Illinois, has become the state’s first political candidate to accept crypto campaign donations.

According to a report from the Chicago Tribune on Wednesday, Kim recently received A three-dollar Litecoin (LTC) Donation from Mark Tan, the founder of T Capital Coin, an investment management agency located in Lake Forest.

The Lake County Treasurer, who is about to be re-elected in 2022, plans to accept Bitcoin (Bitcoin) And many popular cryptocurrencies, including ether (Ethereum), Dogecoin (dog), and Dai (DAI).

For Kim, accepting cryptocurrency donations opens up “new fields” for the support of tech-savvy people, adding: “This seems to be the way people want to donate.”

The Democrat Kim is also a cryptocurrency enthusiast. She reportedly tried to use her position as the former trustee of Mundelein to encourage the village to adopt cryptocurrency.

In view of her interest in cryptocurrencies, the self-proclaimed “old netizen” plans to keep cryptocurrency donations in anticipation of a possible increase in market prices.

As the upward trend that began in the fourth quarter of 2020 continues, cryptocurrencies enjoy parabolic gains at the beginning of the year. However, since May, prices have fallen sharply and many tokens are worth more than 50% of their value.

related: Can political fundraising through encryption find mainstream acceptance?

Although arguably uncommon, crypto political donations are not unheard of in the United States. In fact, the Federal Election Commission legalized cryptocurrency political campaign donations as early as 2014.

Back in June, the National Republican Congressional Committee—the Republican election coordinator— Announced plans to start accepting cryptocurrency donations. Former US presidential candidate Andrew Yang also accepted cryptocurrency donations during the 2020 campaign.

Several state and federal legislative aspirants Also accepted crypto donations, Usually to stimulate the contribution of younger, more tech-savvy people.