The campaign team for US President Joe Biden is currently mulling over accepting cryptocurrency donations using Coinbase Commerce.
Sources speaking to The Block revealed that the Biden campaign team is in talks with industry players. The effort comes amid a highly-contested US Presidential election, with some experts saying there is a razor-thin margin between Biden and Republican contender Donald Trump.
The Trump Presidential campaign started accepting crypto donations in May. Coincidentally, Trump also uses Coinbase Commerce to make contributions.
Biden Campaign Explores Crypto Donations
The Biden campaign seeks to woe crypto voters with the recent initiative and raise funds from pro-crypto donors.
The crypto community tends to champion crypto causes in every election cycle. For instance, in May, Ripple donated $25 million to the Fairshake Super PAC to advocate for crypto policies. Trump also recently raised $12 million in a fundraiser attended by crypto leaders, including Coinbase executives and Gemini co-founders.
Biden is now looking to acquire additional votes from the cryptocurrency industry. His efforts come as Trump continues to position himself as a crypto supporter. Trump, who has called himself crypto president, is saying all the right things to court the crypto community.
In contrast, the Biden administration has been scrutinized over a series of anti-crypto policies. Last month, the Biden administration vetoed a crypto bill that excluded digital assets from the SAB 121 accounting standards. A letter by the White House said passing the bill would undermine the US Securities and Exchange Commission (SEC) authority.
The decision triggered a backlash from the crypto community, with some saying the bill was anti-crypto as it hindered safe crypto custody.
The recent move to consider crypto donations is also facing criticism. The SEC has sued Coinbase for operating an unregistered securities brokerage platform. As such, considering using Coinbase for Biden’s campaign donations is inconsistent with the SEC’s lawsuit.
From Crypto Critic to Crypto Bro
Trump is giving President Biden a run for his money in the upcoming November elections. Trump accepts donations in Bitcoin, Ether, Dogecoin, Shina Inu, etc. he also has a personal crypto portfolio that holds over $15 million worth of cryptocurrencies.
The Republican candidate vowed to support the US Bitcoin mining industry in his recent pro-crypto remarks. He noted that if elected president, he would ensure all the remaining Bitcoin is mined in the US.
The former US President also promised to give a presidential pardon to Ross Ulbricht, the founder of Silk Road, if he is elected president.
Trump’s strides in crypto are rattling the Biden campaign team, which is now urging the president to be more vocal about cryptocurrencies.
“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.
