Minnesota has become one of the first states in the USA to allow political party committees to accept donations in cryptocurrencies. According to the new state laws that came into effect in July 2023, recipients of cryptocurrencies are required to convert them into US dollars within five days of receiving the donation. The digital assets must be valued based on the prevailing prices at the time of the contribution. In case of price fluctuations within the five-day period, they must be separately reported in the party's financial statements.
The decision by the authorities in Minnesota came after the state agency responsible for overseeing political contributions received inquiries from politicians seeking guidance on accepting cryptocurrency donations. Jeff Sigurdson, the Executive Director of the mentioned state agency overseeing political finances, said that these inquiries prompted him to approach lawmakers to address this matter.