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Biden Campaign’s Crypto Donation Plan Sparks Controversy

President Joe Biden is reportedly considering accepting cryptocurrency donations for his campaign via Coinbase Commerce, a move that has ignited significant backlash from the crypto community.

Biden’s Crypto Donation Plan Sparks Controversy

In a surprising development, President Joe Biden is exploring the option of accepting crypto donations through Coinbase Commerce. This initiative has drawn criticism from various sectors of the crypto community, with industry leaders urging the community to withhold support from Biden’s campaign.

Crypto Community Criticizes Biden’s Stance

Joe Carlasare, a prominent Bitcoin supporter and commercial litigator, highlighted the perceived inconsistency in the Biden administration’s stance. “Biden’s SEC is suing Coinbase, arguing it doesn’t have the right to operate as an exchange. Meanwhile, the Biden campaign is preparing to accept crypto donations via Coinbase,” Carlasare commented on social media.

Pro-XRP lawyer John Deaton, running against Senator Elizabeth Warren, echoed Carlasare’s sentiments, pointing out the contradictions in Washington’s politics. “Joe’s post highlights the dysfunction of Washington DC politics. Senator Warren has proposed a bill banning self-custody of Bitcoin, while Gary Gensler claims these assets are illegal securities. Yet, President Biden will accept these so-called illegal securities as donations,” Deaton remarked.

Ryan Selkis, CEO of crypto analytics firm Messari, expressed his frustration: “Donating to this campaign using crypto – without any policy reversals – would be an act of complete cowardice and betrayal,” Selkis stated.

Nic Carter, founder of Coin Metrics, listed numerous grievances against the Biden administration’s handling of crypto, accusing it of pressuring banks to sever ties with crypto clients and engaging in legal battles against major exchanges and projects. He also criticized their harassment of Bitcoin miners and driving projects abroad. “They think we’re going to donate crypto to the campaign?” Carter asked rhetorically.

Reports of Accepting Crypto Donations

Sources close to the Biden campaign have indicated that discussions are ongoing about accepting crypto donations through Coinbase Commerce, a service already utilized by Republican candidate Donald Trump’s campaign. This move aims to appeal to crypto-focused voters ahead of a tight election.

An anonymous source stated that the campaign seeks to demonstrate it is not anti-crypto. “They’re addressing crypto issues and looking for quick wins to show their support for the industry,” the source told The Block.

Another source mentioned that the focus on crypto intensified after backlash for blocking a bipartisan effort to repeal SAB 121, a measure perceived as hindering crypto industry growth in the U.S.

Critics argue that the attempt to attract crypto donations is hypocritical given the administration’s previous stance. Nonetheless, the Biden campaign’s engagement with the crypto community appears to be part of a broader strategy to secure every possible vote.

Crypto-backed super PACs have raised significant funds, influencing both sides of the political spectrum. According to Public Citizen, these super PACs have amassed a $100 million war chest.

Despite the backlash, the Biden campaign is still in the “exploratory” phase regarding crypto donations, underscoring the importance of this voter demographic in the upcoming election.

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Disclaimer: Not Investment Advice

it’s crucial to understand that the information provided here is not to be construed as investment advice. The crypto market is dynamic and highly speculative, and decisions should be made based on thorough personal research and consideration of individual risk tolerance. Always consult with financial professionals and conduct your own due diligence before making any investment decisions. The intention of this exploration is to present insights and trends, not to provide specific investment recommendations.

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