President Joe Biden’s re-election campaign is exploring the option of accepting cryptocurrency donations through Coinbase Commerce, The Block reported on June 12, citing sources familiar with the discussions.
The move would former President Donald Trump’s recent move to accept crypto donations via the same platform. Coinbase Commerce, a service facilitating payments in various cryptocurrencies, already supports donations for Trump’s campaign, which began accepting digital contributions last month.
Trump has adopted a pro-crypto stance in recent weeks and been increasingly vocal about his support for the sector, recently vowing to end the “Biden-Gensler crusade” against crypto.
Sources told the newswire that Biden’s team is now evaluating this method to potentially attract crypto-savvy voters and secure contributions from pro-crypto donors.
Shifting tides in Biden camp
Sources close to the Biden campaign indicated that the initiative to accept crypto donations is part of a broader strategy to engage with the crypto community as the election approaches.
The campaign has been seeking ways to show support for the cryptocurrency industry, particularly after facing criticism for opposing the repeal of SAB 121, a legislative measure viewed as restrictive by crypto proponents.
One source told the Block:
“They’re looking for ways to demonstrate support for the crypto industry and to show they are not adversaries. This is about finding quick wins and gaining support from a significant voter base.”
Sources stressed that the discussions about accepting crypto donations are still in the exploratory phase. Advisors are reportedly urging the campaign to act quickly on this front, emphasizing the potential electoral impact.
Crypto a key voter issue
Pro-crypto donors have been increasingly active, with significant funds raised through crypto-backed super PACs. A recent report from consumer rights advocacy group Public Citizen revealed that these PACs have gathered a $100 million war chest.
The distribution of these funds could significantly influence the election outcome, making the courting of crypto donors a strategic priority for both campaigns. Meanwhile, recent research and survey found that Americans who own crypto in swing states are more likely to vote for Trump due to his pro-crypto approach.
Surveys also found that crypto has become a key issue for over 20% of the US voter base in 2024 and many of them are being urged to vote-out politicians considered anti-crypto.
As both parties ramp up efforts to secure contributions from the cryptocurrency sector, the political landscape may see a shift in campaign finance strategies.
The Biden campaign’s potential embrace of crypto donations highlights the growing importance of digital currency in American politics, signaling a new era of engagement with the tech-savvy electorate.
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