As the 2024 U.S. presidential election approaches, President Joe Biden’s campaign team is reportedly in talks with key players in the cryptocurrency industry to potentially accept cryptocurrency donations through Coinbase Commerce.
According to anonymous sources cited by The Block crypto payment service Coinbase Commerce is already being utilized by the campaign of presumptive Republican candidate Donald Trump. As recently reported by ReadWrite, Trump already started accepting crypto contributions last month.
Insiders suggest that the Biden campaign’s discussions with the crypto industry are part of an effort to appeal to crypto-focused voters in what experts believe could be a tightly contested election. Additionally, the move may be aimed at bolstering the campaign’s financial resources by tapping into the deep pockets of pro-crypto donors. One source commented:
They’re paying attention to issues around crypto and are trying to find quick wins to show that they’re supportive of the industry. […] [They want] to show that they’re not the enemy.
Biden campaign’s increased engagement with the crypto community began shortly after Trump made headlines for adopting a pro-crypto stance. Since then, sources indicate that the campaign has intensified its efforts to craft a crypto-friendly message.
Those efforts intensified further in the wake of President Biden’s decision to strike down a bipartisan push to repeal SAB 121, a controversial legislative measure that crypto proponents argue hinders the industry’s growth in the U.S. Another source that also highlights that Biden’s acceptance of crypto donation is still in the “exploratory” phase, commented on the issue:
[People in [Biden’s] outer inner circle are now specifically telling the Biden team,] if you’re quiet on this crypto thing and you don’t get up to speed, you could lose the election.
Pro-crypto donors have been mobilizing, attracting the attention of candidates from both parties. According to a report by consumer rights advocacy group Public Citizen, citing Open Secrets data, crypto-backed super PACs have amassed a $100 million war chest as of May 2024. The distribution of these funds and the recipients will likely play a significant role in the election’s outcome, as votes often follow the flow of wealthy donors’ contributions. One source concluded:
People are looking for money… and [they’re] looking for every vote.
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