Holly Kim, a treasurer in Lake County, Illinois, is said to be the state’s first political candidate to accept cryptocurrency campaign contributions.
Kim recently got a $3 Litecoin (LTC) donation from Mark Tan, the founder of T Capital Coin, an investment management firm based in Lake Forest, according to the Chicago Tribune on Wednesday.
The Lake County Treasurer, who is running for reelection in 2022, plans to accept Bitcoin (BTC) as well as a variety of other cryptocurrencies such as Ether (ETH), Dogecoin (DOGE), and Dai (DAI).
Accepting cryptocurrency donations, according to Kim, opens up a “new frontier” for support from tech-savvy individuals, adding, “It appears to be how people want to give.”
Kim, a Democrat, is also a crypto enthusiast who has reportedly tried to boost bitcoin acceptance in Mundelein by using her status as a past trustee.
Given her interest in cryptocurrencies, the self-described “long-time netizen” intends to keep the coin donations in the event of a market price increase.
At the start of the year, cryptocurrencies saw parabolic increases, continuing an upward trend that began in Q4 2020. However, since May, prices have plummeted, with many tokens losing more than half of their worth.
Crypto political donations are not unheard of in the United States, despite their rarity. Indeed, in 2014, the Federal Election Commission made crypto political campaign contributions permissible.
The Republican Party’s election coordinator, the National Republican Congressional Committee, revealed plans to begin taking crypto donations in June.
Andrew Yang, a former presidential candidate in the United States, also accepted cryptocurrency donations during his 2020 campaign.
Several state and federal legislators have also accepted cryptocurrency donations, often in the hopes of attracting younger, more tech-savvy donors.
