The Biden campaign is considering accepting cryptocurrency donations through Coinbase Commerce, a platform that facilitates cryptocurrency transactions for merchants. The move follows former President Trump’s campaign, which began accepting cryptocurrency donations through the same platform last month.
According to sources cited by The Block, the Biden campaign is discussing accepting cryptocurrency donations with people in the cryptocurrency industry. The campaign aims to attract voters who are savvy about cryptocurrency and tap into the funds of well-funded cryptocurrency donors.
An insider said the campaign is designed to show support for the cryptocurrency industry and distance itself from its apparent hostility. They said: "They want to show that they are not enemies of the cryptocurrency industry."
Trump's campaign team openly supports cryptocurrency and criticizes the Biden administration's hostility to the industry.
Trump also publicly expressed support for the cryptocurrency industry on social media Truth Social. He wrote
I am very positive and open to cryptocurrency companies and this emerging industry. Our country must be a leader in this field, there is no second place.
He (Biden) hopes that the cryptocurrency industry will die slowly, but this will never happen during my tenure!
On the other hand, Trump has recently made frequent remarks that are friendly to cryptocurrencies, emphasizing that if elected president, he will protect the rights of 50 million cryptocurrency holders in the United States. He will never allow the creation of a central bank digital currency. Trump's campaign team also announced on the 21st that it would accept cryptocurrency donations, which encouraged the cryptocurrency community.
A person familiar with the matter said that the Biden camp's discussion of accepting cryptocurrency donations is still in the exploratory stage: "If Biden remains silent on the issue of cryptocurrency, he may lose votes."
Cryptocurrency supporters are increasingly engaging with political candidates from both parties. Consumer rights organization Citizens for Public Interest reported that cryptocurrency PACs have raised more than $102 million, ranking third among PACs participating in the 2024 US election.
After Trump publicly supported cryptocurrency and criticized Biden's hostile attitude towards cryptocurrency, in response, Biden's team has stepped up its engagement with the cryptocurrency community in recent weeks.
About two weeks ago, the Biden campaign began contacting cryptocurrency experts and industry insiders, recognizing that cryptocurrency issues could affect the election. One example was Biden's initial threat to veto a bill to repeal the U.S. Securities and Exchange Commission's SAB 121, which he later withdrew.
While Biden's engagement with the cryptocurrency community has been welcomed by some, others remain skeptical and believe it is just a means of canvassing votes.
Meanwhile, Biden will send a delegation to the inauguration of Salvadoran President Nayib Bukele on the 29th. El Salvador is known for its pro-Bitcoin stance and will make Bitcoin a legal tender in 2021. The move has sparked discussions about whether this marks a positive shift in Biden's attitude towards cryptocurrency.
Biden's campaign is considering cryptocurrency donations, which reflects a shift in the way it interacts with the cryptocurrency community, aimed at countering Trump's pro-cryptocurrency stance.
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