Biden administration in talks to accept crypto donations
The re-election effort for President Joe Biden is currently evaluating the possibility of integrating cryptocurrency donations via Coinbase Commerce, according to a June 12 report by The Block, which references insiders privy to the ongoing conversations.
This potential pivot follows former President Donald Trump’s precedent of welcoming crypto contributions through the identical service. Coinbase Commerce, a platform designed to process payments in a variety of digital currencies, is already facilitating contributions to Trump's campaign, which initiated this modern form of fundraising just last month.
Lately, Trump has been championing a favorable stance towards cryptocurrencies, promoting his support for the industry and pledging to put an end to the “Biden-Gensler campaign” against the digital currency realm.
Informants have shared with the media outlet that Biden’s advisors are scrutinizing this alternative as a means to captivate an audience adept in cryptocurrencies and to rake in support from backers who are advocating for digital currencies.
Confidantes of the Biden campaign suggest that the contemplation to endorse crypto contributions is a component of an extensive effort to connect with the digital currency community in anticipation of the election.
The pursuit to align with the crypto sector has intensified, especially after the campaign faced backlash for not opposing SAB 121, a bill deemed unfavorable by those within the cryptocurrency sphere.
Insiders emphasize that the talks around crypto contributions are in a preliminary stage. Campaign advisors are purportedly advising haste in this matter, highlighting its potential to make a significant electoral dent.
The allocation of these resources could markedly sway the election, positioning the pursuit of crypto supporters as a tactical imperative for both political factions. Additionally, recent studies and polls indicate that crypto ownership among voters in battleground states leans them more towards Trump, attributed to his pro-crypto rhetoric.
Polls also reveal that digital currency is now a consequential concern for more than 20% of the US electorate in 2024, with a notable chunk being encouraged to oppose politicians seen as anti-crypto.
As both political sides intensify their chase for cryptocurrency sector contributions, we might witness a transformation in campaign finance approaches.
The Biden campaign’s potential welcoming of crypto donations underscores the escalating significance of digital currencies in U.S. political discourse, heralding a new phase of interaction with a technologically adept voter demographic.
