The Biden campaign is reportedly exploring the acceptance of cryptocurrency donations via Coinbase Commerce, signaling a potential shift in their stance on digital currencies.
This strategic move aims to attract support from the cryptocurrency community and bolster campaign funds with contributions from affluent crypto enthusiasts.
Amid a contrasting approach by rival Donald Trump, who has openly endorsed the crypto industry, this development could play a pivotal role in the upcoming election.
Contents
Potential Use of Coinbase Commerce for Cryptocurrency Donations
The election campaign team of U.S. President Joe Biden is reportedly discussing the acceptance of cryptocurrency donations, according to a report by “The Block.”
This news, based on information from anonymous sources, suggests that the Biden administration might use “Coinbase Commerce” to facilitate cryptocurrency donations.
Coinbase Commerce is a service provided by the major U.S. cryptocurrency exchange, Coinbase, which allows businesses to accept cryptocurrency payments.
Donald Trump, the Republican candidate, also accepts donations in various cryptocurrencies through this service, including:
• Bitcoin (BTC)
• Ethereum (ETH)
• Solana (SOL)
• USD Coin (USDC)
• XRP (XRP)
• Dogecoin (DOGE)
• 0x Protocol (ZRX)
• Shiba Inu (SHIB)
Aiming to Garner Support from the Cryptocurrency Community
The move to accept cryptocurrency donations is seen as an effort to gain support from the cryptocurrency community. It is speculated that the Biden campaign aims to bolster its funding with contributions from wealthy cryptocurrency supporters.
Sources indicate that the Biden team is considering showing support for the cryptocurrency industry as a quick win strategy, with Biden’s advisors warning that remaining silent on cryptocurrency issues could result in electoral defeat.
The cryptocurrency industry has had high expectations for a policy shift from the Biden administration and the U.S. Securities and Exchange Commission (SEC) following the approval of the Ethereum spot ETF’s 19b-4 filing.
However, at the end of last month, President Biden vetoed a resolution calling for the withdrawal of “SAB 121,” reinforcing the perception that the Biden administration remains reluctant towards cryptocurrency.
In contrast, Donald Trump has been vocally supportive of the cryptocurrency industry, expressing a goal to make America a leader in the crypto sector and stating his intention to mine the remaining Bitcoin in the U.S.
-
Trump Begins Accepting Cryptocurrency Donations for Presidential Campaign | Supports SOL, XRP, SHIB, and More
Donald Trump begins accepting cryptocurrency donations for his 2024 presidential campaign, supporting BTC, ETH, SOL, and more through Coinbase Commerce, marking a first in major party campaigns.
続きを見る