Biden May Start Accepting Crypto Donations
U.S. President Joe Biden’s campaign is exploring accepting cryptocurrency donations through Coinbase Commerce, following Donald Trump’s recent move to accept crypto contributions, The Block reports.
What's the scoop?
- Trump’s Crypto Donations: Trump’s campaign started accepting crypto donations last month, also through Coinbase Commerce. Biden’s team is reportedly aiming to attract crypto-focused voters and tap into funds from pro-crypto donors.
- Crafting Crypto Stance: The discussions are part of broader efforts to craft a favorable crypto stance, especially after backlash over the Biden Administration’s recent legislative actions.
- Crypto Political Influence: Crypto-backed super PACs have raised $100M, emphasizing the growing influence of crypto donations.
Bankless Take:
While Biden’s consideration of crypto donations reflects a shift in his political strategies, the damage may already be done. Prior to vetoing SAB 121, his campaign released a text blast that said “Cryptocurrency executives and oil barrons were coming out of the woodwork for Trump.” While true, it does not paint the industry in the best light. Further, Nic Carter, a General Partner at Castle Island Ventures, posted a tweet yesterday summarizing all the actions taken by the Biden Administration against crypto. TLDR? They have a lot to make up for before they start asking for money.
under biden, the admin:
— nic carter | BIP-420 (@nic__carter) June 13, 2024
- bullied the banks into dropping crypto clients
- engaged in lawfare against every major exchange and token project
- harassed bitcoin miners and tried to bully utilities into dropping them
- forced a great number of high quality projects and stablecoins…