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The Biden administration is in talks to accept cryptocurrency donations as it becomes an increasingly important issue for voters
President Joe Biden’s The reelection campaign is exploring the possibility of accepting cryptocurrency donations through Coinbase Commerce, The Block reported on June 12, citing sources familiar with the discussions.
The move would be made by the former president Donald Trump’s recent move to accept cryptocurrency donations via the same platform. Coinbase Commerce, a service that facilitates payments in various cryptocurrencies, already supports donations to Trump’s campaign, which began accepting digital contributions last month.
Trump adopted a pro-cryptocurrency stance in recent weeks and has been increasingly vocal in his support for the industry, recently vowing to put an end to “The Biden-Gensler crusade“against cryptocurrencies.
Sources told the newswire that Biden’s team is now exploring this method to potentially attract cryptocurrency-savvy voters and secure contributions from pro-crypto donors.
Changing tides in Biden’s camp
Sources close to the Biden campaign indicated that the initiative to accept cryptocurrency donations is part of a larger strategy to engage the crypto community as the election approaches.
The campaign sought ways to show support for the cryptocurrency industry, particularly after it faced criticism oppose the repeal of SAB 121a legislative measure considered restrictive by cryptocurrency supporters.
A source told the Block:
“They are looking for ways to demonstrate their support for the cryptocurrency industry and to demonstrate that they are not adversaries. It’s about finding quick wins and gaining the support of a significant voter base.”
The sources stressed that discussions on accepting cryptocurrency donations are still in the exploratory stage. Advisers are reportedly urging the campaign to act quickly on this front, underscoring the potential electoral impact.
Cryptocurrencies are a key issue for voters
Pro-crypto donors have been increasingly active, with significant funds raised through cryptocurrency-backed super PACs. A recent report by consumer rights advocacy group Public Citizen revealed that these PACs have raised a war chest of $100 million.
The distribution of these funds could significantly influence the election outcome, making courting cryptocurrency donors a strategic priority for both campaigns. Meanwhile, recent research and surveys have found that Americans who own cryptocurrencies in oscillating states they are more likely to vote for Trump due to his pro-crypto approach.
Polls also found that cryptocurrencies have become a key issue for more than 20% of the US voter base in 2024, and many of them are encouraged to do so. voting 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.