CipherTrace, Schweitzer Labs to offer compliant crypto political contributions

Tuesday 13 April 2021 10:17 CET | News

US-based CipherTrace has partnered with Schweitzer Laboratories to offer Know Your Transaction (KYT) standards to political campaigns seeking to accept crypto contributions.

Through 4US, Schweitzer Laboratories' non-partisan blockchain-based campaign finance compliance automation utility, cryptocurrency contributions sent to a committee's wallet are pre-screened to ensure campaign finance compliance and KYT standards are met before transactions occur.

This allows committees to ensure they don't take contributions that would violate campaign finance law, as well as reduce risk of transacting with nefarious actors.

Currently most campaign finance regulators across the United States, including the Federal Election Commission (FEC), allow political committees to accept cryptocurrencies as contributions. However it's a continually evolving and complicated topic even for the most sophisticated political actors. 

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Keywords: partnership, blockchain, compliance, cryptocurrency
Categories: Blockchain & Cryptocurrencies | Cryptocurrencies
Countries: United States
This article is part of category

Blockchain & Cryptocurrencies