Swalwell becomes second 2020 candidate to accept cryptocurrency donations

Rep. Eric Swalwell (D-Calif.) on Thursday became the second 2020 White House candidate to begin accepting cryptocurrency donations.

Swalwell joins fellow presidential hopeful Andrew Yang, who was dubbed the “bitcoin candidate” after unveiling a digital-asset platform earlier this year.

The California Democrat partnered with blockchain firm The White Company to set up a donation page paid for by his campaign. The page allows supporters to choose between six supported cryptocurrencies to use when donating. 

{mosads}”Blockchain can change the world if we let it,” Swalwell said in a video posted to the website. “Is there a risk? Sure. That’s why we must test, retest and constantly monitor such systems for interference or abuses by using expert oversight.”

“We can do that,” he added. “Risk should not scare us. It’s a hurdle we can surmount. Government has to keep up with the times and the times have changed.” 

Swalwell’s cryptocurrency push comes as Yang, a tech entrepreneur, has been accepting cryptodonations for nearly a year.

Yang at a conference earlier this month said he believes blockchain “needs to be a big part of our future.”

“If I’m in the White House, oh boy are we going to have some fun in terms of the cryptocurrency community,” Yang, a long-shot candidate who has been gaining attention among tech-savvy communities, said.

Swalwell has worked on cryptocurrency issues in Congress, and last month sent a letter to the Internal Revenue Service (IRS) about tax rules for digital currencies.

In an email on Thursday night, a White Company spokesman asserted that its cryptocurrency solution is “faster and can accept a much wider range of cryptocurrencies” than Yang’s campaign.

U.S. regulators have called for a federal framework to oversee bitcoin in the U.S., as the cryptocurrency market is not currently subject to much oversight.

“Cryptocurrencies and digital assets have quickly grown to represent a large amount of value and economic activity,” Yang’s policy page on cryptocurrency reads. “This quick growth, however, has outstripped the government’s response.”