Donald Trump’s 2024 presidential campaign has taken another step in embracing the cryptocurrency industry by announcing that it will now accept crypto donations.
The move positions Trump as the first major party candidate to openly welcome digital currency contributions, setting the stage for a potential clash with the Biden administration over the future of crypto regulation.
TLDR
Donald Trump’s presidential campaign has started accepting cryptocurrency donations, making him the first major party candidate to do so.
The move is part of Trump’s efforts to court the crypto community and position himself as the pro-crypto candidate in the 2024 election.
The campaign aims to build a “crypto army” to combat the “anti-crypto army” championed by Senator Elizabeth Warren.
Crypto donations will be reported as in-kind contributions and will follow Federal Election Commission regulations.
The announcement comes as Trump appears to be making gains on President Joe Biden’s fundraising lead.
The Trump campaign’s decision to accept crypto donations is part of a broader strategy to court the cryptocurrency community, which tends to skew younger and more male.
By aligning himself with the pro-crypto movement, Trump aims to differentiate himself from the Biden administration, which has taken a more skeptical stance toward the industry.
In a statement released by the campaign, Trump’s team declared that supporters can now donate using “any cryptocurrency accepted through the Coinbase Commerce product.”
The announcement tied President Joe Biden to Senator Elizabeth Warren, a vocal crypto critic who has pushed for stricter regulations on the nascent industry.
The campaign stated that
“MAGA supporters, now with a new cryptocurrency option, will build a crypto army moving the campaign to victory on November 5th!”
The acceptance of crypto donations opens up a new source of potential funds for the Trump campaign, which has been working to close the gap with Biden’s fundraising efforts.
Crypto donations will be reported as in-kind contributions, similar to gifts of stock, and the campaign will have the option to either liquidate the digital currency or hold onto it.
Trump’s embrace of cryptocurrency marks a shift from his previous stance during his time as president, when he expressed skepticism about the industry.
However, since leaving office, Trump has invested in crypto both politically and personally, with an estimated $3 million of his $7 billion net worth comprised of cryptocurrency.
The announcement comes as the House is expected to vote on legislation that would shift a significant portion of regulatory oversight of digital currency from the Securities and Exchange Commission to the more industry-friendly Commodity Futures Trading Commission.
While the bill has garnered bipartisan support in the Senate, the White House has indicated that Biden would veto the legislation, citing concerns about financial instability and market uncertainty.
With Trump positioning himself as the pro-crypto candidate and Biden’s administration maintaining a more cautious approach, the battle lines are being drawn for a potential showdown over the future of digital currency in the United States.
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