President Joe Biden is mulling on accepting crypto donations for his campaign via Coinbase Commerce. This has attracted backlash from the crypto community.
President Joe Biden is investigating the feasibility of accepting crypto donations through Coinbase Commerce in an unexpected move. This has elicited criticism from various sectors within the crypto community. Additionally, industry stakeholders encouraged the crypto community to refrain from endorsing Biden’s campaign.
The crypto community criticizes Joe Biden.
Joe Carlasare, a commercial litigator renowned for his advocacy of Bitcoin, addressed X to emphasize the contradiction in the Biden administration’s posture.
“The Securities and Exchange Commission (SEC) of Biden is pursuing a lawsuit against Coinbase in federal court, contending that it lacks the legal right to operate as an exchange.” Carlasare wrote, “Concurrently, the Biden campaign is preparing to accept crypto donations through Coinbase.”
Carlasare’s concerns were further exacerbated by John Deaton, a pro-XRP lawyer competing against Senator Elizabeth Warren. He expressed his dissatisfaction with the political inconsistency in Washington, DC.
“The complete dysfunction of Washington, DC politics is underscored by Joe’s post,” Deaton wrote. The Banking Industry has authored a bill that Senator Elizabeth Warren has proposed, which prohibits the self-custody of Bitcoin and other crypto assets.
Additionally, he underscored the disparity between Gensler’s and Biden’s perspectives on cryptocurrency. Deaton stated, “Gary Gensler asserts that those same crypto assets are illegal securities.” However, Deaton said President Joe Biden will receive those illegal securities as political donations in the interim.
Additionally, Ryan Selkis, CEO of Messari, a crypto analytics firm, expressed his disappointment forcefully. “I will never be able to look at anyone who donates to this campaign using crypto without spitting venom, even before any concessions or policy reversals.” Selkis wrote, “It would be a display of negative self-worth, betrayal, and cowardice.”
Additionally, Nic Carter, the founder of Coin Metrics, provided a comprehensive catalog of complaints regarding the Biden administration’s cryptocurrency management. He accused the administration of coercing banks into terminating their crypto clientele.
Additionally, he emphasized the administration’s involvement in legal disputes with significant exchanges and token initiatives.
Furthermore, he criticized them for harassing Bitcoin producers and directing numerous high-quality projects to other countries. “They dare to believe we will contribute cryptocurrency to the campaign.” Carter inquired in an agitated manner.
Reports Regarding the Acceptance of Crypto Donations
According to sources close to the campaign, the Biden campaign is currently in discussions with crypto industry actors regarding the possibility of accepting crypto donations through Coinbase Commerce.
This service enables merchants to take a variety of cryptocurrencies. Additionally, the campaign of presumptive Republican candidate Donald Trump is currently employing it to accept digital currency contributions.
The action is a component of the Biden campaign’s endeavors to attract electors interested in cryptocurrency in anticipation of a closely contested election. According to an anonymous source, the campaign attempts to demonstrate that it is not anti-crypto.
The source stated, “They are demonstrating their support for the industry by focusing on crypto-related issues and pursuing quick wins.” The Block reported this information.
Furthermore, an additional source reported that the campaign’s emphasis on cryptocurrency has been heightened in response to the censure it received for defeating a bipartisan effort to repeal SAB 121. The SEC’s SAB 121 is a legislative measure perceived as impeding the development of the crypto industry in the United States.
Critics contend that this endeavor to solicit cryptocurrency donations is “hypocritical” in light of the administration’s prior stance on cryptocurrencies. Nevertheless, the Biden campaign’s interaction with the crypto community is a component of a more comprehensive strategy to secure every conceivable vote.
The influence of crypto-backed super PACs is felt on both sides of the political spectrum, as they have raised substantial funds. As per a report by Public Citizen, these super PACs have accrued a $100 million war chest, as evidenced by Open Secrets data.
The Biden campaign persists in its pursuit of alternatives despite the opposition. According to sources, the discussions regarding accepting crypto donations are currently in the “exploratory” phase. In what is anticipated to be a closely contested election, they emphasized the significance of this demographic.