News
Biden campaign purportedly explores cryptocurrency donations through Coinbase trading
Biden campaign purportedly explores cryptocurrency donations through Coinbase trading
US President Joe Biden’s re-election campaign is reportedly in discussions with cryptocurrency industry leaders about accepting cryptocurrency donations via Coinbase Commerce. This move comes as Biden’s team seeks to engage cryptocurrency-focused voters and tap into the financial resources of pro-crypto donors. second to the Block.
Coinbase Commerce, a payment service that allows merchants to accept a variety of cryptocurrencies, is already facilitating cryptocurrency donations for the campaign of Donald Trump, the presumptive Republican nominee. The Trump campaign began accepting digital currency contributions last month, setting a precedent that the Biden campaign appears eager to follow.
The Biden campaign’s exploration of crypto donations is part of a broader strategy to woo voters interested in digital currencies. According to sources who requested anonymity due to the sensitivity of the discussions, Biden’s team is looking for ways to show support for the cryptocurrency industry, which could prove crucial in an election that is expected to be hotly contested.
The decision to consider cryptocurrency donations marks a significant shift in the Biden campaign’s approach to the digital currency industry. Last month, Biden’s team began ramping up efforts to engage with the crypto community, shortly after Trump made headlines for his pro-crypto stance.
This shift has intensified, particularly following President Biden’s controversial decision to quash a bipartisan effort to repeal SAB 121, a legislative measure criticized for hindering the growth of the cryptocurrency industry in the United States. The backlash from this decision prompted Biden’s advisors to reconsider their stance on cryptocurrencies.
The attention from pro-crypto donors has not gone unnoticed by political candidates across the spectrum. Cryptocurrency-backed super PACs have amassed a war chest of $100 million, according to a May report from consumer rights advocacy group Public Citizen, citing data from Open Secrets. How this substantial sum is distributed could have a significant impact on elections, as votes often align with financial support from wealthy donors.