(Bloomberg) US candidates seeking various congressional positions are selling non-fungible tokens to get funds for midterm election campaigns.
Democrat candidate for the California House seat Shrina Kurani and Arizona’s Republican candidate Blake Masters have achieved considerable success offering NFTs to attract donors.
Kurani, the first to issue NFTs for campaigns, says she is offering the asset class to lure younger voters, mimicking the use of MAGA hats by Donald Trump to raise millions of dollars from his supporters.
Experts say cryptocurrencies are far from becoming effective for soliciting contributions, with concerns also raised on campaign finance rules. Critics say crypto donations could bypass donor disclosure required under the federal rules.
Kurani has generated $6,610 from issuing less than a dozen tokens, while Masters has raised almost $575,000. Sen. Cynthia Lummis, a crypto enthusiast, also solicits campaign financing through Bitcoin.
The Federal Election Commission approved crypto contributions almost eight years ago. Only around a dozen campaign committees have obtained funds through digital money.
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