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TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 8-13-1325 SO AS TO PROVIDE THAT CANDIDATES AND COMMITTEES MAY ACCEPT DIGITAL CURRENCY AS CONTRIBUTIONS, THAT AN INCREASE IN THE VALUE OF DIGITAL CURRENCY BEING HELD BY A CANDIDATE OR COMMITTEE MUST BE REPORTED AS INTEREST, AND THAT A CANDIDATE OR COMMITTEE SHALL SELL ANY DIGITAL CURRENCY AND DEPOSIT THE PROCEEDS FROM THE SALE INTO A CAMPAIGN ACCOUNT BEFORE SPENDING THE FUNDS; AND TO AMEND SECTION 8-13-1300, RELATING TO DEFINITIONS APPLICABLE TO SOUTH CAROLINA CAMPAIGN PRACTICES, SO AS TO PROVIDE THAT THE DEFINITION OF "CONTRIBUTION" INCLUDES DIGITAL CURRENCY.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Article 13, Chapter 13, Title 8 of the 1976 Code is amended by adding:
"Section 8-13-1325. (A) Notwithstanding another provision of law, a candidate or committee is allowed to accept digital currency as a contribution. Digital currency must be considered a monetary contribution with the value of the digital currency being the market value of the digital currency at the time the contribution is received.
(B) An increase in the value of digital currency being held by a candidate or committee must be reported as interest on the appropriate certified campaign report filed pursuant to this article.
(C) A candidate or committee shall sell any digital currency and deposit the proceeds from the sale into a campaign account before spending the funds."
SECTION 2. Section 8-13-1300(7) of the 1976 Code is amended to read:
"(7) 'Contribution' means a gift, subscription, loan, guarantee upon which collection is made, forgiveness of a loan, an advance, in-kind contribution or expenditure, a deposit of money, or anything of value, including digital currency, made to a candidate or committee to influence an election; or payment or compensation for the personal service of another person which is rendered for any purpose to a candidate or committee without charge, whether any of the above are made or offered directly or indirectly. 'Contribution' does not include (a) volunteer personal services on behalf of a candidate or committee for which the volunteer or any person acting on behalf of or instead of the volunteer receives no compensation either in cash or in-kind, directly or indirectly, from any source; or (b) a gift, subscription, loan, guarantee upon which collection is made, forgiveness of a loan, an advance, in-kind contribution or expenditure, a deposit of money, or anything of value made to a committee, other than a candidate committee, and is used to pay for communications made not more than forty-five days before the election to influence the outcome of an elective office as defined in Section 8-13-1300(31)(c). These funds must be deposited in an account separate from a campaign account as required in Section 8-13-1312."
SECTION 3. This act takes effect upon approval by the Governor.
This web page was last updated on December 16, 2020 at 3:44 PM