A Republican congressional candidate from Florida sold a portion of his personal Bitcoin holdings to fund his campaign, reigniting the debate over cryptocurrency in U.S. campaign finance.
Sold 10 Bitcoin this month
Michael Carbonara is a fintech entrepreneur who founded the digital banking and payments company Ibanera in 2017. His spokesperson told foreign media that he sold 10 bitcoins this month, receiving approximately $800,000 in USDC, which he used for his congressional campaign.
After the constituency adjustment, entered the campaign
Carbonara is currently running for Florida's 22nd Congressional District. The report notes that after recent redistricting in Florida, the competitive landscape for this seat has changed, making the race more open.
Before the district adjustment, Carbonara's fundraising performance once approached or even surpassed that of some opponents. According to OpenSecrets data, before both candidates shifted to other districts, Carbonara and Democratic Congresswoman Debbie Wasserman Schultz had raised approximately $2.52 million and $2.48 million, respectively.
The campaign team accepts cryptocurrency donations.
Carbonara stated that his campaign also accepted cryptocurrency donations from external supporters, noting that these operations complied with rules set by the U.S. Federal Election Commission. The report mentioned that previous candidates, including Donald Trump and Robert F. Kennedy Jr., had also accepted cryptocurrency donations in their campaigns.
He also emphasized that the current campaign finance system lacks sufficient transparency, and networks supporting digital assets can provide more near-real-time public records. He extended this argument to government budgets, suggesting that blockchain could enhance the visibility of public spending.
Crypto issues continue to enter the U.S. election
As the U.S. election cycle progresses, ties between the crypto industry and candidates are growing stronger. The crypto political action committee Fairshake previously stated that six candidates it supported won their primaries, backed by $20 million in industry funding.
The report also noted that, beyond campaign financing, some candidates are attempting to use digital assets as a tool for political expression or linking blockchain with issues such as fiscal transparency and de-banking controversies. This has expanded the role of crypto assets in this U.S. election cycle beyond merely serving as a donation channel.