EddieJayonCrypto

 13 Jun 24

tl;dr

US President Joe Biden's campaign team is reportedly considering accepting crypto donations through the Coinbase Commerce platform. This move aims to appeal to the crypto community and could impact the upcoming presidential race. However, skepticism exists within the crypto community due to the Bide...

Biden's campaign team is reportedly considering accepting crypto donations through the Coinbase Commerce platform. This move aims to appeal to the crypto community and could impact the upcoming presidential race. However, skepticism exists within the crypto community due to the Biden administration's previous unfavorable policy and enforcement actions towards the industry. Despite recent signs of a softened stance, former President Donald Trump's friendly gestures to the crypto industry may influence the competition for support from the crypto community.


According to the prediction market platform Polymarket, Trump is currently leading with a 56% chance to win this year's presidential election, while Biden has a 35% chance.


A recent report reveals that US President Joe Biden’s campaign team is discussing with the industry players the possibility of accepting crypto donations. Aiming to appeal to the crypto community, the outcome of these efforts could impact the outlook of the upcoming presidential race in November.


Biden’s campaign team reportedly plans to accept crypto donations through the Coinbase Commerce platform. A source familiar with the matter mentioned that the team is focusing on crypto-related issues and seeking fast solutions to demonstrate their support for the industry. This development is particularly interesting given that the Securities and Exchange Commission (SEC) sued Coinbase last year. In early June 2023, the SEC accused Coinbase of acting as an unregistered broker since 2019 and violating securities rules by offering a staking program and unregistered trading services for certain crypto assets.


This move follows another crypto-related campaign from President Biden, who began engaging with crypto industry players in late May as part of his re-election campaign. The outreach began in mid-May after the campaign team recognized the potential impact of crypto issues on the presidential election. However, these efforts appear insufficient to garner support from the crypto community.


Nic Carter, partner at Castle Island Ventures, expressed skepticism towards Biden’s administration, citing previous unfavorable policy and enforcement actions toward the crypto industry, including actions against banks with crypto clients, legal actions against major crypto exchanges, and harassment of Bitcoin miners.


Many believe that a shift in Biden’s stance on the crypto industry is influenced by competition with former president Donald Trump, who has shown friendly gestures to the crypto industry. For instance, Trump has pledged to support crypto self-custody, promising to pardon Silk Road’s Ross Ulbricht and has officially accepted donations in cryptocurrency.


According to the odds on the prediction market platform Polymarket, Trump is leading with a 56% chance to win this year’s presidential election, while Biden only has a 35% chance.

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