A Republican congressional candidate in Florida has cashed out some of his personal Bitcoin holdings to support his campaign. This move has brought crypto assets back into the spotlight as a topic of election funding in the United States.
Sold 10 Bitcoins this month
Michael Carbonara, a fintech entrepreneur who founded digital bank and payments company Ibanera in 2017, said in a spokesperson to foreign media that he sold 10 bitcoins this month for approximately $800,000 in USDC, which he will use for his congressional campaign.
He entered the election after the constituency was adjusted.
Carbonara is currently contesting Florida's 22nd Congressional District. The report notes that recent redrawing of Florida's ridings has altered the competitive landscape for this seat, making the race more open.
Before the reshuffling of districts, Carbonara's fundraising performance was close to or even surpassed that of some of her opponents. According to OpenSecrets data, before the two candidates moved to other districts, Carbonara and Democratic Representative Debbie Wasserman Schultz had raised approximately $2.52 million and $2.48 million, respectively.
Campaign team accepts crypto donations
Carbonara has stated that its campaign team accepts cryptocurrency donations from external supporters, claiming that this practice follows the rules of the Federal Election Commission. The report mentions that Trump and Robert F. Kennedy Jr., among others, have previously accepted cryptocurrency donations during their campaigns.
He also emphasized that the existing campaign finance system lacks transparency, while networks supporting digital assets can provide a more real-time public record. He extended this argument to the area of government budgets, believing that blockchain can be used to improve the visibility of public spending.
Cryptocurrency issues continue to be a topic of discussion in the US election.
As the US election cycle progresses, the connection between the crypto industry and candidates is deepening. Crypto political action committee Fairshake previously stated that its six supported candidates won the primaries, backed by $20 million in industry funding.
The report also mentioned that, in addition to campaign financing, some candidates are trying to use digital assets as a tool for political expression, or combining blockchain with issues such as fiscal transparency and debanking controversies. This means that the role of crypto assets in this round of the US election is no longer limited to donation channels.
