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Biden May Start Accepting Crypto Donations

Despite his wing's anti-crypto stance, Biden is looking to attract financial support from the industry.
David C David C Jun 13, 20241 min read
Biden May Start Accepting Crypto Donations

U.S. President Joe Biden’s campaign is exploring accepting cryptocurrency donations through Coinbase Commerce, following Donald Trump’s recent move to accept crypto contributions, The Block reports.

What's the scoop?

  • Trump’s Crypto Donations: Trump’s campaign started accepting crypto donations last month, also through Coinbase Commerce. Biden’s team is reportedly aiming to attract crypto-focused voters and tap into funds from pro-crypto donors.
  • Crafting Crypto Stance: The discussions are part of broader efforts to craft a favorable crypto stance, especially after backlash over the Biden Administration’s recent legislative actions.
  • Crypto Political Influence: Crypto-backed super PACs have raised $100M, emphasizing the growing influence of crypto donations.

Bankless Take:

While Biden’s consideration of crypto donations reflects a shift in his political strategies, the damage may already be done. Prior to vetoing SAB 121, his campaign released a text blast that said “Cryptocurrency executives and oil barrons were coming out of the woodwork for Trump.” While true, it does not paint the industry in the best light. Further, Nic Carter, a General Partner at Castle Island Ventures, posted a tweet yesterday summarizing all the actions taken by the Biden Administration against crypto. TLDR? They have a lot to make up for before they start asking for money.

David C

Written by David C

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David is a writer/analyst at Bankless. Prior to joining Bankless, he worked for a series of early-stage crypto startups and on grants from the Ethereum, Solana, and Urbit Foundations. He graduated from Skidmore College in New York. He currently lives in the Midwest and enjoys NFTs, but no longer participates in them.

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