As the 2024 US presidential election approaches, President Joe Biden’s campaign team is reportedly in talks with major players in the cryptocurrency industry to potentially accept cryptocurrency donations through Coinbase Commerce.
According to unknown sources Quoted by The Block Crypto payment service Coinbase Commerce is already being used by the campaign of presumptive Republican candidate Donald Trump. As recently reported by ReadWrite, Trump has started accepting crypto contributions Last month.
Insiders suggest that the Biden campaign’s discussions with the crypto industry are part of an effort to attract crypto-focused voters in what experts believe could be a tightly contested election. Additionally, the move may be aimed at bolstering the campaign’s financial resources by tapping into the deep pockets of pro-crypto donors. One source commented:
They are focusing on issues related to crypto and trying to achieve quick success to show that they are supporters of the industry. […] [They want] To show that they are not enemies.
the Biden campaign Increased engagement with the crypto community The campaign launch came shortly after Trump made headlines for taking a stance in favor of crypto. Since then, sources reveal that the campaign has ramped up its efforts to craft a crypto-friendly message.
These efforts intensified after President Biden’s decision Rejecting a bipartisan effort to repeal SAB 121a controversial legislative measure that crypto supporters argue hinders the growth of the industry in the U.S. Another source who also states that Biden’s acceptance of crypto donations is still in the “exploratory” stage commented on the issue:
[People in [Biden’s] [The outside inner circle is now specifically telling the Biden team,]If you’re silent on this crypto thing and you don’t pick up the pace, you could lose the election.
Crypto Supporters Donor are mobilizingThe attention of candidates of both the parties is being attracted towards this. Consumer rights advocacy group Public CitizenCiting Open Secrets data, crypto-backed super PACs have amassed a $100 million war chest through May 2024. The distribution and recipients of these funds will likely play a key role in the outcome of the election, as votes often follow the flow of contributions from wealthy donors. One source concluded:
People are looking for money… and [they’re] We are keeping an eye on every vote.
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