- Biden’s campaign considers crypto donations via Coinbase Commerce to engage voters.
- Biden’s recent veto on crypto legislation caused backlash within the industry.
Sources close to the situation have disclosed that the campaign of U.S. President Joe Biden is aggressively investigating the potential of taking cryptocurrency donations through Coinbase Commerce.
This project intends to engage the expanding cryptocurrency community and win over pro-crypto contributors and voters.
Trump’s Campaign Leads the Way
Coinbase Commerce, a payment platform that lets businesses take a range of cryptocurrencies, is already enabling cryptocurrency donations for the campaign of potential Republican nominee Donald Trump.
Trump’s campaign established a standard for other political campaigns last month when it started taking donations in digital currency.
The talks between the Biden campaign and participants in the crypto sector are a calculated attempt to attract voters who are interested in cryptocurrency.
Experts on Capitol Hill predict a hotly contested election, making every voting base important. The team behind Biden is especially keen to draw in cash-flush pro-crypto contributors.
Seeking Financial Support and Voter ApprovalÂ
An insider at the talks said that the Biden campaign is eager to find methods to promote the cryptocurrency sector and dispel the impression that it is an enemy.
“They are trying to find quick wins to show that they are supporting of the industry and are paying attention to issues around crypto,” the person said.
Since Trump took a pro-crypto position, his campaign has been working harder to engage with the cryptocurrency sector. The Biden team is much more involved now, trying to develop a more upbeat crypto message plan.
Backlash Over SAB 121
When Biden vetoed a bipartisan effort to remove SAB 121—a law that crypto proponents claimed was impeding the expansion of the cryptocurrency business in the United States—his relationship with the community was put to the test.
The reaction to this action forced the Biden team to reevaluate how it handled cryptocurrency concerns.
Advisor Warnings Biden campaign insiders have cautioned that his reelection campaign may suffer if he remains silent on cryptocurrency.
As to one insider, “People in Biden’s inner circle are now specifically telling the Biden team, ‘if you are quiet on this crypto thing and you do not get up to speed, you could lose the election.'”
Coinciding with the possible change in the Biden campaign, Crypto Capital Venture founder Dan Gambardello said, “Wow, they really do think Americans are stupid.”
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
Previously, ETHNews reported on how steadfastly President Biden kept his word, most notably by vetoing the SEC-related cryptocurrency legislation that had passed both the House and the Senate.