Regulation
Biden campaign reportedly working on cryptocurrency donations: ‘They think we’re going to donate?’, Barks industry expert
The Biden campaign is reportedly in discussions with cryptocurrency industry leaders to potentially accepting crypto donations through Trading Coinbase.
What happened: The move aligns with a broader strategy to engage with crypto-focused voters ahead of a hotly contested election.
Coinbase Commerce, a service allowing merchants to accept various cryptocurrencies, is already facilitating digital currency contributions for Donald Trumpwhich began accepting such donations last month.
These discussions represent the President BidenThe latest effort to attract the crypto community.
“They are paying attention to crypto issues and trying to find quick wins to show they support the industry,” The Block reported, citing a source involved in the discussions. “[They want] to show that they are not the enemy.
The Biden campaign’s involvement in the crypto sector has intensified following Trump’s pro-crypto stance, which has attracted considerable attention.
The move is partly due to the need to counter backlash over Biden’s decision to block a bipartisan effort to repeal SAB 121, a controversial regulation that crypto proponents say hinders crypto growth. industry in the United States.
“The people in [Biden’s] The outer inner circle is now specifically telling the Biden team, ‘if you stay silent on this crypto issue and don’t know about it, you could lose the election,'” a source familiar with the matter commented.
However, these discussions are still in the exploratory phase.
Interest in crypto donations is also fueled by the substantial funds raised by pro-crypto donors.
Crypto-backed super PACs have amassed a $100 million war chest, according to consumer rights group Public Citizen.
The distribution of these funds could significantly influence elections, as financial support is often correlated with voter support.
“People are looking for money…and [they’re] looking for every vote,” another source added.
Read also: MicroStrategy to raise $500 million to increase its Bitcoin holdings
Why is this important: Not everyone in the crypto community is excited about Biden’s new interest.
Nicholas Cartergeneral partner at Businesses on Castle Island, critical the administration’s past actions against the crypto industry, listing several grievances.
He questioned the sincerity of Biden’s campaign to seek crypto donations given this history.
“Under Biden, the admin bullied banks into abandoning their crypto customers, engaged in a legal fight against every major exchange and token project, and harassed Bitcoin miners,” a Carter said.
He further criticized the administration for making DeFi and participation in DAOs legally risky, among other points.
Echoing this sentiment, Ethereum ETH/USD Educator Antoine Sassano Express disbelief at Biden’s approach.
“Biden wants to accept crypto donations, but his cronies at the SEC are suing the biggest US-based crypto companies (Coinbase, Kraken, Uniswap Labs),” he tweeted. “The world of clowns.”
As the campaign progresses, the impact of these discussions on the election remains to be seen.
And after: The broader implications of integrating cryptocurrencies into political fundraising will be a key topic at the next Benzinga The future of digital assets event on November 19.
Read next: Elon Musk’s decision to hide likes on X: ‘catastrophic for crypto,’ says Solana VC
Image created using artificial intelligence with Midjourney.