Biden Camp Weighs Accepting Cryptocurrency Donations via Coinbase Commerce

Biden Camp Weighs Accepting Cryptocurrency Donations via Coinbase Commerce

Presidential candidate Joe Biden's campaign is considering accepting campaign donations in cryptocurrency via Coinbase Commerce, The Block reported. The Biden camp has reportedly been in "close contact" with crypto industry participants as it weighs the option. Former President Donald Trump, who previously added cryptocurrency to his list of campaign contribution options, is also using Coinbase Commerce. A source suggested that the Biden camp's move is "part of an effort to court crypto voters." Another source said that the Biden camp is "trying to be sensitive to crypto issues and show that they're not anti-crypto." The development appears to mark a change in tone from the Biden camp, which previously faced industry backlash over the administration's veto of congressional efforts to overturn accounting guidance (SAB 121) related to crypto custody by banks. Sources familiar with the matter also told The Block that there's a "sense within the campaign and outside the campaign that they're going to lose the election if they don't address crypto." If the Biden camp does decide to accept cryptocurrency donations, it would be a significant development for the crypto industry. It would signal that major political campaigns are taking cryptocurrency seriously and that the asset class is becoming more mainstream.