• Utilizes KYC procedures that enable it to know the identity of each contributor, • Collects the name, address, occupation, and employer of each contributor at the time the contribution is made and transmits this to the committee within 24 hours of the time the contribution is made, and • Immediately converts the cryptocurrency to U.S. dollars upon receipt at the prevailing rate of exchange at the time of receipt, and deposits the funds into the committee’s campaign bank account within two business days of receipt. The amount of a cryptocurrency contribution is the fair market value of the cryptocurrency at the time the payment processor obtains possession of the contribution. A cryptocurrency contribution is received on the date the payment processor, an agent of the committee, obtains possession of the cryptocurrency that constitutes the contribution. An enforceable promise is received on the date the candidate, committee, or an agent of the committee, receives documents verifying that a contributor has made a legally enforceable promise to make a payment. A person makes an “enforceable promise to make a payment” if they:
• Guarantee, furnish security for, endorse or cosign a loan.
• Make and deliver a post-dated check.
• Establish a line of credit at a bank or other commercial lending institution for a candidate or committee. Exceptions: A pledge card is not considered an enforceable promise to make a payment. “Enforceable promise” also does not include a contributor’s agreement to make future installment payments through wire transfer, credit card transaction, debit account transaction, or similar electronic payment.
Fair Political Practices Commission advice@fppc.ca.gov
Chapter 4.4
Campaign Manual 2 August 2023 Page 192
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