President Joe Biden’s campaign might soon begin accepting crypto donations through the Coinbase Commerce platform. According to reports, the president’s team is increasingly looking to attract donors from the emerging industry towards its re-election efforts.
Also read: Biden has lost his chance to side with crypto: Senator Lummis
Biden’s campaign team plan sharply contradicts the crypto-related policies that have come out of the White House since he became president. This move seems to be a reaction to the attention Trump has gotten since turning pro-crypto.
Biden’s team has not made a final decision
Sources familiar with the discussions revealed that the crypto plan was only in its exploratory phase. So, this means no final decision has been made yet, but it would mark a major departure from his previous advances.
Political analysts have pointed out that the Biden campaign team’s move signifies that his camp was trying to show support for the crypto industry. An unnamed source reportedly claimed that Biden is “looking for ways to demonstrate support for the crypto industry and to show that they’re not the enemy.”
Also, the campaign team could also seek funds by tapping into the pool of crypto donors with financial resources. Pro-crypto donors, including individuals and companies, have already donated millions of dollars through PACs, and they plan to spend the funds to get pro-crypto candidates elected.
Crypto is a political issue
Despite Biden’s team’s recent overtures to the crypto industry, it might be more difficult for the president to get support from the crypto industry. This is due to the seemingly anti-crypto stance of his administration, including the recent veto of a bipartisan resolution to repeal the SAB 121, an SEC directive that crypto stakeholders believe hurt the industry.
Also read: Biden vetoes bill permitting banks to hold cryptocurrencies
However, Trump’s vocal pro-crypto statements already have an effect, as many stakeholders believe he is the best choice for the crypto industry. Several influential personalities, including Bitcoin Magazine’s Alex Bergeron, Riot Blockchain’s Brian Morgenstern, and Messari CEO Ryan Selkis, have all expressed beliefs that the Trump administration could be great for Bitcoin and the crypto industry.
Biden Election Chances. (Source: Polymarket)
Still, others have called for caution. Bitcoin analyst, Lola L33tz noted that politicians are known to make promises during campaigns that they will not fulfill. Most stakeholders remain neutral and believe that the industry should also be apolitical.