No, Bitcoin Isn't Secretly Messing with the Mid-Term Elections

Hundreds of articles have been written about campaign contributions made with cryptocurrencies - and all too often they get it wrong.

First, it's important to understand the scope of campaign contributions made with cryptocurrencies.

While the amount donated in cryptocurrency is a fraction of one-tenth of a percent of total contributions, the author claims that the scope and threat are large because virtual currencies are used by more than 3 billion people.

Second, some claim cryptocurrencies have been linked to illicit activities including money laundering, without qualifying that the same is true of cash and credit cards.

They further assert that foreign state actors have used cryptocurrency to influence U.S. elections without critical clarifying details.

Foreign state actors used cryptocurrency to buy internet domain names and pay for server infrastructure - not to donate to Congressional candidates.

Contributions made with cryptocurrencies require the same reporting requirements as contributions made with cash, checks and credits cards - publishing the donor's full name and address.

The easiest way for a foreign actor to illegally contribute to a campaign is with a prepaid debit card bought with cash at a convenience store - not cryptocurrencies.

It's important to know that the use of cryptocurrencies is highly regulated in the U.S.In fact, every American cryptocurrency wallet company is subject to strict know-your-customer and anti-money laundering laws, overseen by a U.S. Treasury Department agency, that requires wallet companies to know exactly who is using their wallets.

So while cryptocurrencies are decidedly not "Messing" with the mid-terms, the technology powering them could make midterms more representative.