Decision on Crypto Campaign Contributions Should Be Made Via Public Rulemaking, Not an Advisory Opinion
State Board of Elections Should Withdraw Advisory
and Go Through Public Rulemaking
Reinvent Albany urges the State Board of Elections (SBOE) to withdraw its February 12, 2026 advisory opinion (AO #1 of 2026) allowing candidates and political committees to accept contributions in the form of cryptocurrency. Instead, Reinvent Albany asks SBOE to begin a public rulemaking process that gives New Yorkers the chance to review and comment on new policies proposed for crypto contributions.
The decision to allow crypto contributions is far too important to be made official policy via an advisory opinion without any public consultation or comment.
Reinvent Albany notes that in 2021, the number one post-election recommendation by the NYC Campaign Finance Board (NYC CFB) was a request to the State Legislature to ban crypto contributions. Whether you agree or disagree with their position, the fact that NYC CFB made this their number one recommendation underlines that it is an important public policy decision that should be made via legislation or rulemaking – not an advisory opinion.
NYC CFB 2021 Post-Election Report
Recommendation #1:
Prohibit campaigns from receiving cryptocurrency donations
The State Legislature should pass legislation that bars campaigns from receiving contributions in the form of cryptocurrencies.
New York State is preparing to roll out a matching funds program for state offices, which would operate similarly to the city’s program. Consistent regulation regarding cryptocurrency contributions to city and state campaigns would simplify compliance and enforcement at both levels and avoid causing confusion among candidates.
In recognition of their anonymous or pseudonymous nature and their volatile valuations, cryptocurrencies should not be considered a valid form of campaign contributions. Cryptocurrencies heavily interfere with the campaign finance work of the CFB, and the relatively new system would only serve to weaken the protections against corruption or the appearance of corruption. Additionally, the existence of other accessible forms of contributions means that cryptocurrency users are included in the public financing system.