President Joe Biden’s re-election team is reportedly in discussions with cryptocurrency industry players about the possibility of accepting crypto donations via Coinbase Commerce. This move comes shortly after Donald Trump’s campaign began accepting digital currency contributions through the same platform.
According to sources familiar with the matter, the Biden campaign is actively seeking ways to engage crypto-focused voters as the upcoming election approaches. Some experts on Capitol Hill believe the election could be decided by a razor-thin margin, prompting both campaigns to explore new fundraising avenues. The Biden campaign’s engagement with the crypto community aims to demonstrate support for the industry, countering criticisms that have labeled them as adversarial.
Response to Trump’s Pro-Crypto Stance
The discussions around crypto donations follow President Biden’s recent backlash for opposing a bipartisan push to repeal SAB 121, a legislative measure criticized for stifling the crypto industry’s growth in the U.S. In response, the Biden campaign has intensified efforts to craft its crypto messaging. One source close to the matter emphasized that the talks about accepting crypto donations are still “exploratory.”
“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,’” a source said.
The attention from political candidates on both sides of the aisle has not gone unnoticed by pro-crypto donors. Crypto-backed super PACs have amassed a $100 million war chest, according to consumer rights advocacy group Public Citizen, citing data from Open Secrets. How these funds are distributed could play a crucial role in the election, as wealthy donors’ contributions often influence the direction of votes.
One source highlighted the importance of securing financial backing and votes: “People are looking for money… and [they’re] looking for every vote.”
Public Reaction and Criticism
The news of the Biden campaign’s discussions on crypto donations has sparked reactions from various quarters. Dan Gambardello, a figure in the crypto community, expressed his skepticism on social media. “So, the Biden administration and the SEC spend years trying to crush crypto and even sue Coinbase… But now, they’re scrambling to set up crypto donations through Coinbase? Wow, they really do think Americans are stupid,” he tweeted.
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