US Presidential Candidate Andrew Yang will accept bitcoin donations from Lightning Network, which may be Bitcoin's second-tier solution Lightning Network officially affects the US presidential election for the first time.
According to coindesk.com, about a dozen bitcoin supporters supporting Democratic presidential candidate Andrew Yang launched an encryption-friendly Super Political Action Committee (Super PAC) on Thursday. The committee, called the Humanity Forward Fund, will be able to accept payments from Lightning Wallets as it is equipped with an OpenNode payment processor.
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“The Super PAC obviously wants to accept donations as much as possible. But at the same time, it will give opportunities to individual supporters who want to donate a small amount of money to Yang.” OpenNode CEO Afnan Rahman told CoinDesk. “It allows donors to use all amounts for donations rather than miners.”
According to the PAC founder Seth Cohen, it only accepts bitcoin donations in the first 21 days. A statutory currency donation will also be accepted thereafter. The organization has not yet decided whether to convert bitcoin into legal tender.
Cohen believes that managing Bitcoin donations is equally challenging, as "the fact that it may generate profits and losses will bring additional regulatory requirements." This will require the PAC to keep a record of the bitcoin exchange rate for each donation.
Even so, Cohen said that OpenNode's 1% processing fee is much lower than credit card, which is four times the cost of OpenNode.
As an encryption-friendly presidential candidate, Yang announced his official commitment to the encryption industry on his campaign website, "promoting clear legislation for the cryptocurrency industry." In the first half of this year, he even delivered a speech at the consensus conference held in New York.
“Yang’s forward-looking policies and his views on Bitcoin seem interesting,” Cohen said. “We hope to raise enough funds to make a big impact on this election.”
Image source: pixabay
By Xiu MU
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