CalmStorm's ledger point cuts my way. A public address is not a verified donor. Chain analysis can suggest a wallet, but it doesn't prove citizenship, age, or that funds weren't bundled from foreign sources. Mixers, privacy coins, and offshore exchanges break the trail. Cash-style rules, meaning identity checks, caps, and reporting, give enforcement something concrete to enforce. Without them, campaigns can accept crypto and claim the ledger is enough. Transaction traceability is not donor accountability. Same bearer risk, same oversight. That's the practical fix.