MENLO PARK, Calif., April 12, 2021 /PRNewswire-PRWeb/ -- Leading cryptocurrency intelligence company CipherTrace partners with Schweitzer Laboratories to offer Know Your Transaction (KYT) standards to political campaigns seeking to accept cryptocurrency contributions. Through 4US, Schweitzer Laboratories' non-partisan blockchain-based campaign finance compliance automation utility, cryptocurrency contributions sent to a committee's wallet are prescreened to ensure campaign finance compliance and KYT standards are met before transactions occur. This allows committees to ensure they don't take contributions that would violate campaign finance law, as well as reduce risk of transacting with nefarious actors.
With an ever growing normalization of cryptocurrency transactions among institutional actors, political donors and committees are increasingly demanding access to crypto contributions. Currently most campaign finance regulators across the United States, including the Federal Election Commission (FEC), allow political committees to accept cryptocurrencies as contributions. However it's a continually evolving and complicated topic even for the most sophisticated political actors. Together, Schweitzer Laboratories and CipherTrace bring knowledge and experience to this space like no other organization in campaign finance.
Will Schweitzer, CEO of Schweitzer Laboratories, expressed, "We're incredibly excited to partner with CipherTrace and bring this forward thinking capability to 4US. While less than 1% of the $14B+ raised in the federal 2020 cycle was done with crypto, we know blockchain based transactions are the future. CipherTrace's cryptocurrency intelligence tools helps us improve the ability for committees and donors to transact crypto today, while setting a new standard for mitigating risk, improving transparency and automating compliance in campaign finance in the future."
Ann Ravel, former Chair of the FEC and Schweitzer Laboratories Advisor, said, "Regulating cryptocurrencies in campaign finance is still a relatively new frontier, and it shares overlapping jurisdictional considerations from agencies like the Securities and Exchange Commission (SEC). While there is much more to come in this evolving space, I applaud Schweitzer Laboratories and CipherTrace for coming together and creating a solution that minimizes risk for committees who choose to accept crypto contributions now and in the future."
Dave Jevans, CEO of CipherTrace, conveyed, "In light of the AML Act of 2020 which codifies prior FinCEN guidance that cryptocurrency exchanges, wallets, and entities in the space are subject to the Bank Secrecy Act (BSA) to apply cryptocurrency transfers in the US, we're very pleased to partner with Schweitzer Labs to deliver compliant cryptocurrency campaign finance with full KYT."
Committees interested in learning more about 4US and how Schweitzer Laboratories is pioneering the adoption of blockchain technology in campaign finance with CipherTrace can visit 4US.net to request more information.
For media inquiries, please contact Kili Wall at (310) 260-7901 or Kili(at)MelrosePR(dot)com
About Schweitzer Labs
Founded by special operations and political veteran, Will Schweitzer, Schweitzer Laboratories Inc. is a private research and development corporation leveraging emerging science and technology to empower a new generation of global organizations who are mission oriented on peace, progress and cooperation.
CipherTrace, the leading cryptocurrency intelligence company, bridges virtual currencies and financial services together with fraud protection, anti-money laundering, and financial crime prevention. CipherTrace derives superior cryptocurrency intelligence from analizing massive amounts of validated blockchain transaction attribution. CipherTrace founders are dedicated to protecting consumer privacy and growing the blockchain economy, while defending against illicit finance. Deep expertise in cybersecurity, eCrime, payments, banking, encryption, and virtual currencies form the foundation for CipherTrace's commercial offerings. For more information, visit CipherTrace.com, subscribe to the CipherTrace Newsletters, and follow us on Twitter @CipherTrace.
Kili Wall, Melrose PR, (310) 260-7901, [email protected]