Tech
Biden Campaign Considers Accepting Cryptocurrencies Through Coinbase
As the 2024 US presidential election approaches, President Joe Biden’s campaign team is reportedly in talks with major cryptocurrency industry players to potentially accept cryptocurrency donations via Coinbase Commerce.
According to anonymous sources quoted by The Block Crypto payment service Coinbase Commerce is already used by the campaign of presumptive Republican nominee Donald Trump. As ReadWrite recently reported, Trump I have already started accepting crypto contributions last month.
Insiders suggest the Biden campaign’s discussions with the cryptocurrency industry are part of an effort to attract cryptocurrency-focused voters in what experts believe could be a hotly contested election. Furthermore, the move could be aimed at strengthening the campaign’s financial resources by tapping into the deep pockets of pro-crypto donors. One source commented:
They are paying attention to cryptocurrency issues and trying to find quick wins to show that they support the industry. […] [They want] to prove that I am not the enemy.
Biden’s campaign Greater engagement with the crypto community it began shortly after Trump made headlines for adopting a pro-cryptocurrency stance. Since then, sources indicate that the campaign has stepped up its efforts to craft a crypto-friendly message.
Those efforts have further intensified following President Biden’s decision to do so quell a bipartisan push to repeal SAB 121a controversial legislative measure that cryptocurrency advocates say is hindering the industry’s growth in the United States. Another source, who also points out that Biden’s acceptance of the cryptocurrency donation is still in the “exploratory” stage, commented on the matter:
[People in [Biden’s] the outer inner circle is now specifically telling the Biden team,]if you are silent on this cryptocurrency thing and don’t step up to the plate, you could lose the election.
Pro-cryptocurrency donors they mobilized, attracting the attention of candidates from both parties. According to a report by consumer rights group Public Citizen, citing data from Open Secrets, cryptocurrency-backed super PACs have amassed a war chest of $100 million as of May 2024. The distribution of these funds and the recipients will likely play a significant role in the outcome of the election, as votes often follow the flow of rich donor contributions. One source concluded:
People are looking for money… and [they’re] looking for every vote.