Democratic Presidential candidate Eric Swalwell has announced that he will accept cryptocurrency donations as a funding method for his campaign.
The news broke today that Salwell will accept a total of six different coins including Bitcoin, Ether, Bitcoin Cash, Stellar, Bitcoin SV and the native token of The White company, White Standard (WSD).
The White Company has also been announced as the blockchain company that will be in charge of setting up the crypto payment site and managing all transactions. The company also announced that a stellar-based stablecoin will be used to process these transactions meaning that Swalwell will have real-time access to donated funds.
Swalwell said in a statement, “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.”
“The White Company, founded by female entrepreneur Elizabeth White, is helping lead the way into that new, better, secure future. Our government and politics must keep up with the times, and the times have changed; we must study but ultimately embrace these new frontiers so that our nation never grows obsolete,” he added.
The aspiring candidate is no stranger to cryptocurrency and has previously adopted a hands-on approach to pushing its adoption throughout the US. He also recently signed a letter to the IRS, asking them to provide more clarity on taxation rules applicable to cryptocurrencies.
Describing an environment of “substantial ambiguity” he asked the tax authorities to realise the possibilities of crypto and to provide clarity on how it should be taxed. He explained that many find it hard to ascertain how much they owe the agency and that this could act as a deterrent to investment.
Swalwell is a fourth-term Member of Congress from the California Bay area. Known for being tech-savvy, he has been involved in other innovative initiatives such as virtual committee hearings and remote voting. As a result, he has been given the nickname the “The Snapchat King of Congress”.
The White Company was founded in 2017 and uses blockchain technology to connect users to the world of global payments and financial transactions. It offers clients a unique mix of stablecoins, fiat on/off ramps, a crypto exchange, wallet services, and merchant processing services as well as a Visa or Mastercard in 10 currencies.
Diane White noted that politicians have already embraced crowdfunding and social media, therefore blockchain solutions should be a logical step.
“By enabling crypto donations, Swalwell not only makes it easier for them to support his campaign but also shows how he values the democratization of financial services to everyone, not just the wealthy,” she added.
It is believed that Swalwell is going after voters aged under 35 as this is a demographic that really understand the potential and the value of blockchain and crypto technology.
There is no doubt that adoption at such a potentially high level will only have positive reprecussions for the market.