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Saturday, February 4, 2023

US Election Agency Permits NFT Usages As Fundraising Initiative For Campaigns

As per the election agency of the US, NFT used for fundraising for election campaigns are legal now and DataVault will get compensation for these Non Fungible Tokens issued for the contributors. It will also receive a reasonable amount of compensation for tracking all the NFTs issued for the own records.

The Federal Election Commission, United States have declared usages of NFT for fundraising in campaigns is now permissible until it violates any corporate contribution rules in a recent notice published on 15th December, 2022.

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As per the agency of elections, DataVault are going to get a reasonable amount compensating them for each of the NFT given to the contributors of the election campaign. It is also going to keep track of these tokens issued from their record.

FEC Chair, Mr. Allen Dickerson have said that the commission have concluded that the proposals made by DataVault about providing the committees with Non fungible tokens on the evenly matched terms, that it constantly keep offering the non-political customers are now valid.

The FEC Given Green Light To NFT As Fundraising Contributions:

As the regulation of the commission clearly states that a commercial vendor can send out credits to different political boards, under some specific terms. DataVault being a commercial vendor can now provide all these services that it has already proposed to some of the political boards.

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The FEC has also issued such same advisory opinion back in 2019 for the BlockChain tokens that stated that some certain payments were different from the usual forms of souvenirs for political campaign. The congressional candidate, Omar Reyes said these NFTs does not have any monetary price.

Nonfungible Tokens have also been connected often to all the campaigns of politics globally. South Korea has been one of the countries taking this step keeping NFT payments in mind.





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