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How to report

Bitcoins as an investment

In Advisory Opinion 2014-02, the Commission concluded that a committee can purchase bitcoins with funds from its committee depository for investment purposes. The bitcoins do not need to be deposited in a committee depository within 10 days of receipt. Bitcoins may be received into and held in a bitcoin wallet until the committee liquidates them.

The committee cannot use bitcoins to purchase goods or services. The committee must sell the bitcoins and deposit the proceeds into the committee depository before using the funds to make disbursements for goods and services.

Reporting on Form 3X

Political action committees and party committees that sell bitcoins originally purchased from funds transferred from a committee depository will report earnings or losses in the “Other Receipts” category on Form 3X, Line 17. If investment income from one source aggregates over $200 during a calendar year, itemize the interest on Schedule A, supporting Line 17. Losses are indicated by a negative entry.

Bitcoin investment - PAC-Party - Form 3X_01.jpg

The committee reports the bitcoin income on Schedule A, supporting Line 17. It includes the purchaser’s name and mailing address. It also includes the date of receipt, amount of bitcoin earning or loss, aggregate year-to-date total for the purchaser.

Learn more about reporting

Reporting with FECFile

To enter selling bitcoins, go to the Summary Page tab, right click on “Line 17 Other Receipts (Dividends, Interest, etc.)” and select “new.”

Learn more about reporting receipts in FECFile