Virtual Currency Section 527 Organization Registers
Posted at 3:33 p.m. on Dec. 6, 2013
The development of various forms of virtual currency is a growing topic from China to the United States, and some individuals have started a group to support political activities that promote competitive forms of currency.
Coin PAC registered yesterday with the Internal Revenue Service as a Section 527 political organization. The purpose of the group is to “support political activities that promote sound, diverse, and competitive forms of currency.”
Sean McGovern, of Elgin, Illinois, the group’s coordinator, said the group is small but they want to encourage discussion of all forms of virtual currency, not just Bitcoins. He anticipates the discussion will be most helpful at the federal level. McGovern said the group would like to help candidates who favor the use of various virtual currencies.