U.S. President Joe Biden’s reelection campaign is reportedly in discussions with cryptocurrency industry leaders about accepting crypto donations via Coinbase Commerce. This move comes as Biden’s team seeks to engage crypto-focused voters and tap into the financial resources of pro-crypto donors, according to The Block.
Coinbase Commerce, a payment service enabling merchants to accept a variety of cryptocurrencies, is already facilitating crypto donations for Donald Trump’s campaign, the presumptive Republican candidate. Trump’s campaign began accepting digital currency contributions last month, setting a precedent that Biden’s campaign appears keen to follow.
The Biden campaign’s exploration of crypto donations is part of a broader strategy to court voters interested in digital currencies. According to sources who requested anonymity due to the sensitivity of the discussions, Biden’s team is looking at ways to show support for the crypto industry, which could prove crucial in an election expected to be tightly contested.
The move to consider crypto donations marks a significant shift in the Biden campaign’s approach to the digital currency sector. Last month, Biden’s team began ramping up efforts to engage with the crypto community, shortly after Trump made headlines for his pro-crypto stance.
This shift has intensified, particularly following President Biden’s controversial decision to strike down a bipartisan effort to repeal SAB 121, a legislative measure criticized for hindering crypto industry growth in the U.S. The backlash from this decision has pushed Biden’s advisors to reconsider their stance on crypto.
The attention of pro-crypto donors has not gone unnoticed by political candidates across the spectrum. Crypto-backed super PACs have amassed a $100 million war chest, according to a May report by the consumer rights advocacy group Public Citizen, citing Open Secrets data. How this substantial sum is distributed could significantly impact the election, as votes often align with the financial backing of wealthy donors.