Coinbase Commerce, a cryptocurrency retail payment platform owned by the cryptocurrency exchange Coinbase, allows merchants to accept dozens of cryptocurrencies such as Bitcoin, Ethereum, USDC, etc. Former U.S. President Trump’s campaign team began accepting cryptocurrencies through Coinbase Commerce last month Donate.
According to The Block, citing people familiar with the matter, U.S. President Joe Biden’s campaign team is also discussing with cryptocurrency industry insiders about accepting cryptocurrency donations through Coinbase Commerce. This is the latest effort by the Biden campaign team to attract cryptocurrency voters.
The Biden campaign may be looking to tap funds from cash-rich cryptocurrency donors to bolster its finances, one source said. Another source who works with politicians and cryptocurrency industry leaders said:
They are focusing on issues surrounding cryptocurrencies and trying to gain quick success to show their support for the cryptocurrency industry and they want to show that they are not the enemy.
Trump’s support for cryptocurrencies prompts shift in Biden team
The Biden campaign has stepped up engagement with the cryptocurrency community in recent weeks after his rival Trump publicly endorsed cryptocurrencies and criticized Biden's hostility toward cryptocurrencies.
According to multiple sources, the Biden team has since stepped up its efforts to develop cryptocurrency policy, especially after Biden faced criticism for his recent veto of the bipartisan bill to repeal SAB 121. Cryptocurrency supporters The move was criticized as hindering the development of the cryptocurrency industry in the United States.
Extended reading: Biden vetoed the “SAB 121 repeal bill”. Bitcoin dropped by 66,000 mg! Why do the crypto accounting standards imposed by the SEC cause public outrage?
A person familiar with the matter said that discussions of the Biden camp accepting cryptocurrency donations are still in the exploratory stage:
Some outside Biden’s inner circle are now specifically telling the Biden team: If you stay silent on cryptocurrency and don’t keep up, you could lose the election.
Pro-cryptocurrency donors are mobilizing to attract the attention of political candidates on both sides of the aisle, with consumer advocacy group Public Citizen noting in May that cryptocurrency super political action committees (PACs) had raised more than $102 million, citing Open Secrets data. , ranks third among all super PACs participating in the 2024 U.S. elections.
