President Joe Biden’s campaign team is reportedly considering accepting cryptocurrency donations using the Coinbase Commerce platform as part of its efforts to attract a broader donor base in the run-up to the re-election campaign.
Since Biden’s presidency began, this initiative has come amidst various White House policies perceived as less favorable towards the cryptocurrency industry.
Strategic shift to attract Crypto industry support
Sources close to the matter indicate that discussions around cryptocurrency donations are still in the preliminary stages, with no definitive decision reached yet. The consideration of such a move would represent a significant shift from President Biden’s earlier stance and appears to be a direct response to garnering attention similar to that enjoyed by former President Donald Trump, who has recently adopted a pro-crypto stance.
Political analysts see the Biden campaign’s exploration of crypto donations as an attempt to demonstrate support for the burgeoning crypto sector, potentially dispelling notions that the administration is averse to this industry. An undisclosed source highlighted the campaign’s intent to “demonstrate support for the crypto industry and to show that they are not the enemy.”
Potential for Crypto-backed campaign contributions
The campaign’s strategy to potentially accept cryptocurrencies also aims to tap into the substantial financial resources within the crypto community. Pro-crypto donors, including individuals and corporations, have previously contributed significant amounts through Political Action Committees (PACs) and plan to support pro-crypto candidates actively.
Despite these overtures towards the crypto industry, the Biden administration faces challenges in winning over this sector, partly due to the administration’s past actions, like the recent veto of a bipartisan resolution aimed at overturning the SAB 121—an SEC directive seen as detrimental by crypto stakeholders. Meanwhile, Trump’s vocal support for cryptocurrencies has positioned him as a preferable candidate for many within the industry.
Prominent figures like Alex Bergeron from Bitcoin Magazine, Brian Morgenstern of Riot Blockchain, and Messari’s CEO Ryan Selkis have expressed optimism about the potential benefits of a Trump-led administration for the crypto market. Conversely, Bitcoin analyst Lola L33tz urges caution, reminding the public that campaign promises are not always kept post-election, suggesting that the industry should maintain political neutrality.
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