Created by a still-unknown developer in 2009, the Bitcoin network allows people to make nearly instantaneous online payments without going through a bank or a third party. The transactions are public, although the parties involved are identified only by their bitcoin addresses.
Senate committee hearings held this week exploring the banking and law enforcement implications of virtual currencies such as bitcoin appeared to have given the Democratic commissioners pause.
“I’d feel more comfortable if we took this a little more slowly,” said Commissioner Ann Ravel.
The three Republicans on the panel were in favor of issuing an advisory opinion Thursday that would have allowed candidates and PACs to accept the electronic currency in the same way they handle donations of stock.
“I think we’ve been a little bit distracted by the novelty of bitcoins,” said Vice Chairman Lee Goodman. “Although they represent a unique and new type of asset, they are an asset.”
“I think the legal question for the FEC is quite vanilla,” he added.