Biden Campaign Explores Crypto Donations via Coinbase Commerce

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The Biden campaign is actively exploring the possibility of accepting cryptocurrency donations through Coinbase Commerce, a payment service that enables merchants to receive various cryptocurrencies, according to sources familiar with the discussions. This move comes as the campaign seeks to engage with the crypto community and attract contributions from pro-crypto donors.

Biden Campaign is Engaging Crypto Voters

The discussions represent a strategic effort by President Joe Biden’s team to connect with the burgeoning cryptocurrency sector, which has shown significant political engagement in recent years. 

The decision to consider crypto donations is part of a broader attempt to court voters who are enthusiastic about digital assets, a group that could be pivotal in what is expected to be a closely contested election.

“The Biden campaign is paying close attention to issues surrounding cryptocurrency,” said a source to TheBlock working with politicians and crypto industry leaders. “They want to demonstrate that they are supportive of the industry and not antagonistic.”

Donald Trump vs. Joe Biden

This move follows a similar decision by presumptive Republican candidate Donald Trump, whose campaign started accepting crypto contributions through Coinbase Commerce last month. Trump’s embrace of cryptocurrency has forced Biden’s team to reconsider its stance and explore ways to not appear out of touch with this tech-savvy voter base.

Coinbase Commerce, known for facilitating crypto transactions, would enable the Biden campaign to accept donations in a range of digital currencies. This could potentially open a new stream of funds from donors who prefer to use their crypto holdings for political contributions.

Crypto’s Growing Political Influence

Notably, the Biden campaign’s efforts to engage with the crypto community have intensified recently. This includes crafting a message that resonates with crypto enthusiasts, particularly after President Biden faced criticism for opposing the repeal of SAB 121, a legislative measure that has been controversial among crypto proponents.

“Advisors within Biden’s inner circle are emphasizing the importance of addressing crypto issues,” said another source close to the matter. “They’re warning that staying silent could cost them the election.”

The crypto industry’s political influence has been growing, with significant fundraising efforts directed at supporting candidates who are friendly to digital assets. Crypto-backed super PACs have amassed a $100 million war chest, according to consumer rights advocacy group Public Citizen, citing Open Secrets data. This financial power underscores the importance of courting crypto-friendly voters and donors.

While the discussions about accepting crypto donations are still in the exploratory phase, they signal a significant shift in the Biden campaign’s strategy. Engaging with the crypto community and acknowledging its concerns could help the campaign tap into a new pool of resources and supporters.

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