Illinois County Treasurer accepts crypto donation in re-election bid

Holly Kim, treasurer of Lake County, Illinois, is said to have become the state’s first political candidate to accept donations from the ...



Holly Kim, treasurer of Lake County, Illinois, is said to have become the state’s first political candidate to accept donations from the crypto campaign.

According to Wednesday’s Chicago Tribune, Kim recently has received a Litecoin of $ 3 (SLD) gift from Mark Tan, founder of T Capital Coin, a Lake Forest-based investment management firm.

Lake County Treasurer, due for re-election in 2022, plans to accept Bitcoin (BTC) and many popular cryptocurrencies, including Ether (ETH), Dogecoin (DOGE) and Dai (DAI).

For Kim, accepting cryptocurrency donations opens a “new frontier” for supporting tech-savvy people, adding, “This seems like the way people want to give.”

Kim, a Democrat is also a crypto enthusiast and reportedly tried to use her position as a former administrator at Mundelein to encourage cryptocurrency adoption in the village.

Given his interest in cryptos, the self-proclaimed “longtime surfer” intends to hold onto crypto donations pending possible price hikes in the market.

Cryptocurrencies have enjoyed parabolic gains at the start of the year continuing the uptrend that started in Q4 2020. However, prices have fallen significantly since May with many tokens exceeding 50% of their value.

Related: Can political fundraising via crypto be accepted by the general public?

While arguably rare, crypto-political donations are not unheard of in the United States. Indeed, the Federal Election Commission legalized crypto contributions to political campaigns as early as 2014.

Last June, the Republican National Committee of Congress – the coordinator of the Republican Party elections – announced plans to start accepting crypto donations. Former US presidential contender Andrew Yang has also accepted cryptocurrency donations during his campaign in 2020.

Several state and federal legislative aspirants have also accepted crypto donations, often with the aim of stimulating contributions from the younger and more tech-savvy population.