Crypto Enters Political Battlefield As Donald Trump Becomes First Major Party Candidate To Accept Donations In Crypto

Former US President Donald Trump has acted on his pledge to be the first major party candidate to embrace cryptocurrencies after his campaign started accepting crypto donations on May 21.

“This addition to President Trump’s already groundbreaking digital fundraising operation marks the first time a major party Presidential nominee has embraced cryptocurrency for donations,” his campaign said in a statement yesterday.

Donald Trump Campaign Forming “Crypto Army” Against Biden Administration

Any “federally permissible donor” can now contribute towards Trump’s campaign using any of the supported cryptos through the Coinbase Commerce product. 

Donors can either select one of the available amounts ($20.24, $45, $47, $2,024, $4,457) or enter a custom amount. 

The available cryptos include Bitcoin (BTC), Ethereum (ETH), Solana (SOL), USD Coin (USDC), Ripple (XRP), Dogecoin (DOGE), Shiba Inu (SHIB) and 0x, according to the donation page.

Well…

I didn’t expect to share that I was in Mar-a-Lago tonight, but President Trump spoke very highly about crypto and then…invited me and @MihailoBjelic on stage to say a few words.

Fight for crypto.

Support President Trump. pic.twitter.com/bPAnvFlxMp

— Ryan Selkis (d/acc) 🇺🇸 (@twobitidiot) May 9, 2024

This move by Trump and his campaign is part of an effort to reduce “the control of government” on Americans’ “financial decision-making,” the statement added.

It will also challenge Joe Biden and his “official surrogate [Senator] Elizabeth Warren,” who continue to believe only government has the answers to how America “leads the world,” Trump’s campaign said.

Accepting crypto donations is the start of a “seismic shift” towards freedom, the statement said. Trump’s campaign said the decision also forms the foundational building blocks of the “crypto army” it is building to counter the “anti-crypto army” led by Warren.

Democrats Might Change Their View On Crypto

Trump’s push towards crypto adoption in the US may be forcing the Democrats to change their anti-crypto stance, Galaxy Digital CEO Mike Novogratz told CNBC’s Squawk Box in an interview.

There is speculation that the Securities and Exchange Commission (SEC) may approve spot Ethereum ETFs earlier than expected, in part because the Biden administration is increasingly concerned about losing votes to the crypto community.

It seems “someone at the Biden White House made a call and said, guys, we can’t be the party against crypto anymore,“ he said. If the Biden administration changes its view towards the crypto industry, it could cause prices in the digital asset space to go “much higher” than their current levels.

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