Imagine a foreign donor wants to slip money to a campaign. With cash, it vanishes. With bitcoin, the transaction sits on a public ledger forever, and firms like Chainalysis can follow it. That is the whole point. LogicLord says same inputs, same risks, but the input is not the same: cash is anonymous, crypto is pseudonymous and traceable. The FEC already treats bitcoin as an in kind contribution with limits and disclosure, which is stricter than cash in key ways. Regulating crypto like cash would actually lower the bar. Enforce the traceable rules we have.