Crypto community reacts on Biden-Trump crypto race amid November election
President Joe Biden's campaign for a second term is purportedly exploring the option of incorporating cryptocurrency contributions through Coinbase.
The article of The Block mentioned that discussions are ongoing between the Biden campaign and Coinbase Commerce, a platform that enables businesses to receive cryptocurrency payments and has previously processed such donations for Trump's campaign.
Insiders revealed to the publication that the team is "keeping an eye on the cryptocurrency sphere and searching for immediate strategies to demonstrate their support for the sector" in efforts to "signal that they are allies, not adversaries."
Reaction from the Cryptocurrency Sector
This initiative has sparked considerable discussion among members of the cryptocurrency community, especially given the recent lawsuit filed by the U.S. Securities and Exchange Commission, under Biden's administration, against Coinbase in June 2023 for the allegation of offering unregistered securities.
Dan Gambardello, the founder of Crypto Capital Venture, criticized the move, stating that the Biden administration and the SEC spend years trying to undermine crypto and even sue Coinbase but now, they're in a hurry to arrange for crypto donations through Coinbase.
Similarly, Anthony Sassano, an Ethereum educator, labeled the situation as "Clown world," pointing out that Biden is open to crypto donations while his SEC friends are attacking the largest U.S.-based crypto organizations.
Nic Carter, a partner at Castle Island Ventures, on June 13, compiled a list of adverse actions taken by Biden's administration against the cryptocurrency industry, questioning, "And they have the absolute temerity to think we’re gonna donate crypto to the campaign?"
Nic Carter highlighted that under Biden's leadership, the administration: pressured banks to sever ties with crypto clients, targeted major exchanges and token projects with legal actions, antagonized bitcoin miners and attempted to persuade utility providers to abandon them, led to the displacement of numerous reputable projects and stablecoins.
Joe Carlasare, a cryptocurrency litigator, also noted the paradox, remarking that while Biden's SEC is actively suing Coinbase, arguing that it shouldn't operate as an exchange, the Biden campaign is gearing up to accept crypto contributions through Coinbase.
Trump Fosters Cryptocurrency Support
In contrast, Donald Trump has been fortifying his relationship with the cryptocurrency sector, utilizing it to gain an advantage over his anti-crypto counterpart.
On June 12, he commented that Bitcoin mining might be the ultimate defense against CBDCs.
