Automated Campaign Finance Compliance
Presented by BlockApps and 4US – an overview of the new blockchain solution for campaign finance compliance.
Hear from the former Federal Elections Commission (FEC) chair and other political experts on the core issues causing erosion of trust and what the future of political financing look like.
“Great to see #techForGood” – Christine Orich
“Alex and Brad did a great job further clarifying specific pain points. Thank you! ” – Rick Dupree.
“Awesome solution, btw” – Mike Wise
Following the announcement of 4US with STRATO, the webinar covers:
- A non-partisan overview of current challenges with campaign finance compliance.
- Video demo of 4US solution and explanation of blockchain’s role in the process.
- Regulator’s view of blockchain technology and feedback from the politics community, including 60+ live attendees.
- Important for excluding or limiting donor demographics to limit the risk
- Also, an opportunity for to raise even more funding within donor limits
- Why Blockchain? (Smart contracts and private chains)
Q&A Deep Dive
paraphrased for brevity – click timestamps for full answer
— Question #1 —
from Anonymous Attendee: How does this system SCALE for multiple candidates at national, local, or state-level elections?
Answer @ 50:29 Every committee is set up with its own private blockchain, so there aren’t scalability issues like there would be on a public blockchain. This is possible thanks to BlockApps STRATO private chains, which is one of the big reasons we chose it for 4US.
— Question #2 —
from Christine Orich at Hickman Becker Bingham Ledesma LLP (among others): How does the system handle DYNAMIC DATA and RULE CHANGES and as they evolve?
Answer @ 52:14 4US can update as soon as new rules arrive by updating the governance and smart contracts in the network – this is true whether it’s a regulatory change, new info, or new donation methods (e.g., Venmo)
More @ 55:14 YES – campaign finance rules will definitely evolve and change soon – so 4US being first into the space and flexible about it is the right approach
EVEN MORE @ 55:51, in fact, regulators will embrace a real-time tool like this (and use it to devise/analyze rule changes themselves)
— Question #3 (We get this one a lot) —
from Mike Wise at Blockchain Wisedom (among others): Does 4US handle cryptocurrency (e.g. Bitcoin) donations?
Answer @ 56:38 Short answer – Yes. 4US can accommodate crypto contributions. As a compliance platform, however, it is paramount to ensure LEGAL COMPLIANCE. So whatever the law says is what 4US can accommodate. For example, the FEC has issued guidance requiring the same AML/KYC standards to be applied to the crypto wallet-holder – so they will have to go through this process in order to pay with cryptocurrency.
Special Thanks to the Panelists
for contributing their expertise and forming a non-partisan view of the situation:
- Ann Ravel (Federal Election Commission)
- Alex Voetsch (Millennial Strategies)
- Brad Gentile (Hill East Group, LLC)