Rep. Eric Swalwell is accepting donations in cryptocurrencies to support his bid for the U.S. presidency in 2020.
Announced Thursday by blockchain firm The White Company, which is providing the tech for the crypto donations, Swalwell will accept six supported cryptocurrencies – bitcoin, ether, bitcoin cash, stellar, bitcoin SV and The White Company’s native token White standard (WSD) – on a dedicated web page.
Speaking generally about the technology, Swalwell said:
“Blockchain can change the world, if we let it. So much of our public life now exists online, and there’s no reason to believe we can’t extend this further into our democracy and our economy – from exercising our right to vote, to how we look at cryptocurrency.”
Swalwell, 38, is a Democratic elected to represent California’s 15th Congressional district in 2012. He also serves on the House Permanent Select Committee on Intelligence and the House Judiciary Committee.
The representative is already involved in affairs around cryptocurrency, recently signing a letter to the Internal Revenue Service seeking more clarity on cryptocurrency tax rules.
For the donations, The White Company said it uses a stellar-based stablecoin, allowing Swalwell to have “instant” access to funds, with transactions that are “less than a penny and settle in 3 seconds.”
Elizabeth White, founder of the startup, said:
“By enabling crypto donations, Swalwell not only makes it easier for [public] to support his campaign but also shows how he values the democratization of financial services to everyone, not just the wealthy.”
With the news, Swalwell becomes the second 2020 presidential hopeful to accept cryptocurrency donations after an announcement by Democrat leader Andrew Yang earlier this month.
Yang has also released a policy statement for crypto-assets, indicating his goal is to “create clear guidelines in the digital asset world so that businesses and individuals can invest and innovate in the area without fear of a regulatory shift.”
The White Company suggested Swalwell’s campaign donations can be made “much faster” than those for Yang, as contributors don’t need to make a 30-minute compliance call, and can further donate a wider range of cryptocurrencies.
A look at Swalwell’s crypto donations page suggests that to send a donation, supporters need only provide name, phone number and address, along with occupation and employer, before getting to make the transaction.
Eric Swalwell image via the representative’s official website