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- President Biden warms up to digital assets in the lead-up to Presidential elections
- Biden’s team is weighing opening up crypto donations through Coinbase Commerce
- Donald Trump has already established such a route, again using the US crypto exchange
Joe Biden Weight Crypto Donations
President Joe Biden is looking for support from the crypto-native voters in the US, and his latest move is directed at the crypto community. Biden’s team, responsible for his re-election efforts, is weighing opening up a crypto donations line in a bid to draw support from digital asset users.
According to crypto media outlet The Block, the venue of choice would be the biggest US crypto exchange Coinbase. More precisely, accepting crypto donations would be handled by Coinbase’s Commerce unit, which allows merchants to accept a range of crypto tokens.
This same venue is already backing the crypto-friendly efforts of former President Donald Trump, who earlier this week praised Bitcoin and said he wanted all mining to happen in the US. Last month, Trump established the crypto donations route and is already accepting contributions through digital assets such as Bitcoin, Dogecoin, and Shiba Inu.
Drum Up Support from the Tech-Savvy
While Biden has not been traditionally associated with the crypto community, this shift indicates a broader recognition of digital assets in modern political fundraising.
The acceptance of crypto donations, albeit in a nuanced regulatory landscape, could signal a more favorable stance towards the crypto industry, which has been seeking clearer regulatory guidelines and greater acceptance within the US financial system.
Against that backdrop, both political camps are leveraging the potential of digital assets to engage a tech-savvy electorate. On the one hand, this shows a clear expansion of campaign contributions through non-conventional means. And on the other hand, it could mean that the upper echelon of the political scene may be warming up to the novel yet risky digital asset space.
