Coinspeaker Biden Administration Prepares to Accept Crypto Donations, Faces Backlash from Community
Following the footsteps of Donald Trump, the Biden administration is also mulling accepting crypto donations via Coinbase Commerce, said sources familiar with the matter.
Payments service Coinbase Commerce allows merchants to accept dozens of different cryptocurrencies. The service provider already powers cryptocurrency donations to the campaign of Republican presidential candidate Donald Trump. As we know, Trump has already started accepting crypto donations since the last month.
As we know, the Biden administration has been taking several steps to woo the crypto community. Their latest campaign efforts hint at attracting crypto-focused voters ahead of the Presidential Elections 2024, later this year.
Additionally, according to one source speaking to The Block, Biden’s team may be considering bolstering its financial resources with contributions from wealthy pro-crypto donors. One of the sources who works with crypto industry leaders and politicians stated:
“They’re paying attention to issues around crypto and are trying to find quick wins to show that they’re supportive of the industry. [They want] to show that they’re not the enemy.”
As per the sources familiar with the matter, Biden’s campaign efforts to push crypto messaging have intensified. The efforts have particularly escalated after President Biden faced a major backlash after vetoing the controversial SAB 121 repeal. Crypto industry members have voiced strong opposition to SAB 121 stating that it continue to stifle crypto innovation. One of the sources said:
“People in [Biden’s] outer inner circle are now specifically telling the Biden team, ‘if you’re quiet on this crypto thing and you don’t get up to speed, you could lose the election’.”
Crypto Community Reacts to Biden’s Crypto Donations
While the consideration of accepting crypto donations by the Biden administration is still in the exploratory stage, the crypto community has expressed a strong dissent to this development.
“I will never be able to look at anyone who donates to this campaign using crypto – before ANY concessions or policy reversals – without spitting venom. Would be an act of complete cowardice, betrayal, and show negative self-worth,” founder and CEO of Messari Crypto Ryan Selkis said.
Pro-crypto donors have been actively mobilizing, attracting the interest of political candidates from various parties. According to consumer rights advocacy group Public Citizen, crypto-backed super PACs amassed a war chest totaling $100 million, as reported in May based on Open Secrets data.
The distribution of these funds and their recipients will be crucial, as political votes often align with the direction of financial contributions from wealthy donors, sources informed The Block.
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Biden Administration Prepares to Accept Crypto Donations, Faces Backlash from Community