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US Elections Agency approves use of NFTs as fundraising campaign incentives

US_Elections_Agency_approves_use_of_NFTs_as_fundraising_campaign

The Federal Election Commission (FEC) of the United States has released an advisory opinion indicating that DataVault Holdings may use non-fungible tokens for fundraising.

In a notice dated December 15, the FEC stated that DataVault Holdings was “permitted” to deliver non-fungible tokens, or NFTs, to political campaign contributors without breaking corporate contribution regulations. According to the electoral agency, DataVault will earn “reasonable compensation” for each NFT distributed to contributors, in addition to keeping track of all tokens for its own records.

FEC Chair Ellen Dickerson said, “The Commission concludes that DataVault’s proposal to provide political committees with NFTs on the same terms that it regularly provides to its non-political customers is a violation of credit by DataVault.”

DataVault CEO Nathaniel Bradley said

“We are very pleased with the unanimous approval by the FEC of our patented DataVault platform for use by political campaigns here in the US. From a broader perspective, we believe that blockchain technology represents the future for those electing Which demand to be trustworthy and transparent in their results in future.”

In September, DataVault’s legal team advocated enabling the company to give NFTs as keepsakes to persons supporting to political committees “in a manner similar to campaign hats.” In addition, token holders will be able to use the token to support a campaign “on a totally volunteer basis and without pay.” According to DataVault, any expenses associated with the issuance of non-financial transfers or transactions would be recorded as “Fundraising Expenses.”

The FEC issued a similar advisory opinion on blockchain tokens in 2019, noting that some were “materially indistinguishable from traditional forms of campaign mementos.”

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