President Joe Biden’s re-election campaign is exploring the possibility of accepting cryptocurrency donations through Coinbase Commerce, The Block reported on June 12, citing sources familiar with the discussions.
This move would follow former President Donald Trump’s recent move to accept crypto donations through the same platform. Coinbase Commerce, a service that allows payments in various cryptocurrencies, already supports donations to Trump’s campaign, which began accepting digital contributions last month.
Trump has taken a pro-crypto stance in recent weeks and has been increasingly vocal about his support for the sector, recently pledging to end the “Biden-Gensler crusade” against crypto.
Sources told the newswire that Biden’s team is now evaluating this method to potentially attract crypto-savvy voters and secure contributions from pro-crypto donors.
Changing tides in the Biden camp
Sources close to the Biden campaign indicated that the initiative to accept crypto donations is part of a broader strategy to engage with the crypto community as the election approaches.
The campaign has been looking for ways to show support for the cryptocurrency industry, especially after receiving criticism for opposing the repeal of SAB 121, a legislative measure seen as restrictive by crypto advocates.
One source told the Block:
“They are looking for ways to show support for the crypto industry and show that they are not opponents. This is about finding quick wins and gaining support from a significant voter base.”
Sources emphasized that discussions on accepting crypto donations are still in the exploratory stage. Advisors are reportedly urging the campaign to act quickly on this front, highlighting the potential electoral impact.
Crypto an important voter issue
Pro-crypto donors have become increasingly active, raising significant amounts of money through crypto-backed super PACs. A recent report from consumer rights group Public Citizen shows that these PACs have amassed a $100 million war chest.
The distribution of these funds could significantly influence the election outcome, making recruiting crypto donors a strategic priority for both campaigns. Meanwhile, recent research and research has found that Americans who own crypto in swing states are more likely to vote for Trump because of his pro-crypto approach.
Surveys also show that crypto has become a key issue for more than 20% of the US voter base by 2024, urging many of them to vote out politicians perceived as anti-crypto.
As both parties ramp up efforts to secure contributions from the cryptocurrency sector, the political landscape may see a shift in campaign finance strategies.
The Biden campaign’s potential embrace of crypto donations underlines the growing importance of digital currencies in American politics, signaling a new era of engagement with the tech-savvy electorate.