U.S. President Joe Biden‘s election team is discussing the possibility of accepting cryptocurrency donations through Coinbase Commerce. This move follows Donald Trump’s campaign, which started accepting crypto donations via the same platform last month. Biden’s team aims to connect with the cryptocurrency community, an important voter base in a competitive election.
Pro-Cryptocurrency Voters Not Overlooked
Coinbase Commerce is a service that facilitates payments in various cryptocurrencies and enables campaigns to receive crypto contributions. Trump’s adoption of cryptocurrency donations set a precedent that Biden’s campaign seems willing to follow. This shift is part of a broader strategy to attract pro-cryptocurrency voters and donors, representing a significant and potentially lucrative demographic.
Biden campaign’s interest in cryptocurrency donations stems from a desire to show support for the crypto industry, which feels pressured by recent regulatory actions. According to sources who wished to remain anonymous, Biden’s team seeks quick wins to demonstrate they are not hostile to the sector.
This sentiment, echoed by a source working closely with both politicians and crypto industry leaders, reflects Biden’s effort to avoid being perceived as anti-crypto.
Joe Biden’s Stance Criticized
This initiative follows criticism of President Biden’s stance on certain crypto-related legal measures. For instance, Biden faced backlash for opposing a bipartisan effort to repeal SAB 121, a measure many in the crypto industry believe hinders its growth in the U.S.
This backlash prompted Biden’s advisors to emphasize the importance of engaging with the cryptocurrency community to avoid potential election losses. Moreover, pro-crypto donors have become increasingly active, mobilizing significant funds to support political candidates sympathetic to the crypto cause.
According to consumer advocacy group Public Citizen and Open Secrets, crypto-backed Super PACs have amassed a significant accumulation estimated at $100 million. Since financial support often translates to voter support, how these funds are allocated will have a notable impact on the election.
