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Author: Elizabeth Napolitano, The Block; Compiled by: Deng Tong, Bitchain Vision
summary:
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Sources pointed out that President Biden’s re-election team is in talks to accept donations from cryptocurrency.
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A few weeks ago, Donald Trump began accepting crypto donations to his campaign through Coinbase Commerce.
According to people familiar with the matter,President Joe Biden’s campaign is discussing with cryptocurrency industry participants to accept cryptocurrency donations through Coinbase Commerce.
Coinbase Commerce, a payment service that allows merchants to accept dozens of cryptocurrencies, has already provided crypto donations to the campaign of Republican candidate Donald Trump, which began accepting cryptocurrency donations last month.
According to a source who asked not to be named,The discussion is the latest effort by the Biden campaign to explore how to win cryptocurrency voters ahead of the election, and some Capitol Hill experts believe the election results will be decided by a narrow margin.A source pointed out thatBiden’s team may be seeking to get funds from well-funded pro-cryptocurrency donors to flesh out their vaults.
“They are focusing on cryptocurrency-related issues and trying to find a quick win to show that they support the industry,” said a source working with politicians and crypto industry leaders. “[They want to] show that they are not enemies.”
As first reported last month, Biden’s campaign has begun to ramp up engagement with the crypto community in recent weeks, after his political rival Trump made headlines for changing his stance in favor of cryptocurrencies.
The campaign has since strengthened its efforts to encrypt information delivery, according to multiple sources.This is especially true after President Biden was strongly opposed for overturning a bipartisan proposal to repeal SAB 121.SAB 121 is a controversial legislative measure that cryptocurrency supporters criticize hindering the industry’s growth in the U.S.
“People in Biden’s periphery now tell the Biden team clearly,‘If you keep silent about cryptocurrency and don’t keep up with the pace, you might lose the election,’“A person familiar with the matter said, stressingNegotiations for Biden’s camp to accept cryptocurrency donations are still in the “exploratory” stage.
Donors supporting cryptocurrencies are also mobilizing, attracting the attention of political candidates from both parties.Consumer advocacy group Public Citizen reported in May that the crypto-backed super-PAC has raised $100 million in funding.Sources pointed out that it is certain that how this money is distributed — and to whom — will be very important, as the flow of votes is often consistent with the flow of funds from wealthy donors.
“People are looking for money…and [they] are looking for every vote,” a source said.
