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US President Joe Biden could start accepting cryptocurrency donations for his presidential campaign to woo crypto voters.
That’s according to The Block, which cited sources familiar with the matter as saying that the Biden campaign team is in talks with experts across the crypto industry about accepting donations via Coinbase Commerce.
The move comes after rival candidate Donald Trump, who calls himself “crypto president,” started accepting campaign donations in crypto via Coinbase Commerce.
Joe Biden Courts Crypto Votes
The razor-thin margin in the US presidential elections is forcing the Biden campaign team to court the crypto community for votes.
According to sources speaking to The Block, the Biden administration is seeking “quick wins” by being more supportive of the crypto industry.
“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,”’ one source said.
In May, the US securities regulator unexpectedly approved spot Ethereum ETFs (exchange-traded funds), a move widely seen as a political play by the Biden administration to woo crypto voters.
But Biden vetoed the SAB 121 bill shortly after ETH ETFs were approved. The action drew criticism across the cryptocurrency industry, accusing the administration of hindering growth.
Mixed Reactions
The efforts by the US president to court the crypto community are getting mixed reactions from the community.
One user accused the Biden administration of inconsistencies. For example, the US Securities and Exchange Commission (SEC) has filed a lawsuit against Coinbase, which the Biden campaign team is considering using for crypto donations.
So, the Biden administration and the SEC spend years trying to crush crypto and even sue Coinbase…But now, they’re scrambling to set up crypto donations through Coinbase?
Wow, they really do think Americans are stupid. pic.twitter.com/PTdSs2OFu1
— Dan Gambardello (@cryptorecruitr) June 13, 2024
As Biden struggles to woo crypto voters, a recent Donald Trump fundraiser with many top crypto executives present raised $12 million.
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