With the 2022 midterm elections right around the corner, some candidates are embracing new methods to bolster the campaign coffers by turning to cryptocurrency and NFTs (non-fungible tokens).

Republican Blake Masters, who is running for U.S. Senate in Arizona, has offered NFTs as incentives for donors. So has Shrina Kurani, a Democrat running for U.S. House in California.

Masters recently $575,000 in campaign contributions by selling NFTs to supporters. Masters minted 99 limited edition NFTs based on the cover art of “Zero to One,” a book he co-authored with Silicon Valley billionaire . 

Kurani raised $6,610 with fewer than one

What are NFTs and cryptocurrency?

is a digital asset-based currency that exists on a network that is distributed across a large number of computers on blockchain technology. This decentralized structure allows the currency to exist outside the control of governments and central authorities, which makes it nearly impossible to counterfeit or double-spend.

While the two are often confused, NFTs are different from cryptocurrency. When something is non- it means that the individual parts which make up a good or commodity are not interchangeable.  are cryptographic assets, each with a unique identification code, that also exists on a blockchain. 

NFTs can be used to represent real-world items such as artwork, real estate, individuals’ identities, property rights, and more. By making real-world items into a token, people are more efficiently able to sell, buy and trade with a much lower risk of fraud.

Both cryptocurrency and NFTs use technology, a distributed database that is shared among the nodes of a computer network. A common is that blockchain is like our pattern of thought: just as blockchain requires a network, our pattern of thought requires a functioning brain and open mind.

How are regulators treating NFT and crypto campaign financing?

The Federal Elections Commission in , concluded that cryptocurrency are classified as “money or anything of value” within the meaning of the Act, thus opening the doors to candidates receiving these different types of money as

As of right now NFTs are not considered to be securities. However, they could become subject to in the future. is still studying r money laundering, tax evasion, and other financial crimes that NFTs could enable due to the anonymity they offer.

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Global electronics giant Avnet announced it now accepts cryptocurrency for all products and services. It joins a small list of large corporations that accept digital currency.

The Fortune 500 company partnered with BitPay, the world’s largest provider of Bitcoin payment processing services, so customers can make purchases with bitcoin and bitcoin Cash from their smartphones and laptops.

Avnet has already closed several multi-million dollar cryptocurrency transactions within the first month, company officials announced March 19. This includes a project with Bitcoin.com to develop a new hardware wallet to enable cryptocurrency storage and provide a higher level of security for transactions.

The two American companies say they are building faster, cheaper and more secure transactions.  

“We’re working with BitPay to facilitate secure blockchain payments for all types of customers so they can focus on developing their products, not how to pay for them. Whether it’s bitcoin or bitcoin Cash, we can handle it,” said Sunny Trinh, Avnet’s vice president of demand creation.

Avnet has more than 2 million customers worldwide. With approximately 250,000 Bitcoin transactions being made every day, it was time to provide this convenience to clients, Trinh said.

Bitcoin acceptance can be options, especially for cross-border payments, BitPay Chief Commercial Officer Sonny Singh said.

“Not only is paying with bitcoin easier and faster than with credit cards and bank wires, it is less expensive and acceptance of it is growing,” Singh said.  

When Avnet customers use the BitPay system to pay an invoice, they agree on a conversion rate from digital currency to American dollars, pesos or other currencies. The system then automatically converts it. The rate is valid for 15 minutes. If no action is taken, a new rate is generated.

BitPay should appeal to current and new customers who are already in the cryptocurrency industry, Singh said.

BitPay, one of several cryptocurrency platforms, processed over $1 billion in payments and added new customers including Dish Network, HackerOne and the state of Ohio in 2018, the company said. The BitPay wallet also added integrations with major gift card brands, allowing users to buy gift cards in-app for travel, food and shopping with bitcoin and bitcoin Cash.

While more companies worldwide are accepting cryptocurrency, it continues to struggle to break into the mainstream.

Avnet, which offers end-to-end technology solutions for automotive, communications, energy, wearables, and other industries, is one of a number of large corporations to take on the digital cash.  

Other large businesses that accept bitcoin include:

Microsoft Microsoft accepts bitcoin for use in its online Xbox Store.

Dish Network Dish is the first subscription-based TV provider to adopt Bitcoin.

Overstock The internet retailer accepts bitcoin and other kinds of cryptocurrency.

Newegg Inc. is an online retailer of items including computer hardware and consumer electronics.

Cheap Air Cheap Air accepts bitcoin for flight purchases.

Shopify The e-commerce company is an online selling platform for merchants.

Amazon Amazon does not accept bitcoin but the Purse.io platform allows people to buy Amazon items at a discount if they pay with bitcoin.

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