Biden Uses Coinbase For Cryptocurrency Donations, Trump Industry Rally Continues

President Joe Biden’s campaign for reelection has announced a collaboration with Coinbase to enable Bitcoin donations for his reelection campaign. This calculated move coincides with former President Donald Trump’s ongoing efforts to energize his base of supporters in the Bitcoin community.

The Biden campaign’s choice to accept Bitcoin contributions represents a dramatic change in its approach to fundraising. The campaign hopes to reach the growing cryptocurrency community, which has demonstrated rising political activity in recent years, by collaborating with Coinbase.  Campaign manager Jennifer O’Malley Dillon announced, stressing the significance of updating the campaign’s fundraising strategies to consider shifting economic conditions.

In her speech, Dillon states, “We acknowledge the revolutionary possibilities of cryptocurrencies and the thriving ecosystem that encircles them. We’re making it easier for our supporters to contribute and participate in the democratic process using the financial tools they value by integrating Coinbase into our donation platform.”

Trump Already Established Himself to Pro-cryptocurrency Projects, Promotes Government Participation 

This project is anticipated to draw younger, tech-savvy voters and those more inclined to use virtual currencies. Trump has consistently expressed his support for Bitcoin amid prior critiques of the cryptocurrency industry. Speeches promoting Bitcoin’s ability to change established banking systems and transform the financial system are a regular element of his campaign rallies.

Trump said, “Bitcoin represents freedom and financial independence,” during a recent rally in Florida. Trump’s speech promotes a more libertarian viewpoint, calling for less government involvement and more financial independence for each individual. Political experts contend that these tactics aim to increase voter participation and funding.

Political expert Sarah Kendzior stated, “By embracing crypto donations, Biden is signalling a willingness to innovate and adapt to new financial realities. Trump, however, is capitalizing on the anti-establishment feelings that many Bitcoin backers hold.”

 Francis Suarez and Vivek Ramaswamy of the Republican party, during the 2023 party primaries accepted donations in cryptocurrency. The same goes for Democratic party Robert Kennedy Jr. after contesting as an independent candidate.

Mega Cryptocurrency Political Sponsors Yet to Pick Sides, Coinbase Assures Transparency

Coinbase has promised that all donations will be carefully examined to guarantee compliance with federal laws and to address these worries. The company said strict identity verification procedures will be implemented to guard against unauthorized contributions and ensure transparency.

The Super PACs: the United States independent expenditure list created for only political committees. And licensed to be beneficiaries of public or corporate donations, this year, benefitted immensity from cryptocurrency companies and individual major players like Coinbase, Ripple, the Winklevoss twins, and others.

These individuals and companies have normalized the act of attacking political candidates they don’t like and funding those they believe will favour their operations with tens of millions of dollars. The report states that these parties have yet to develop a preferred candidate for the presidential elections.

Odds Moves Against Biden, As SEC’s Anti-cryptocurrency Activities Backfires 

Amid the uncertainty in the choice of these major sponsors, some whispers from the circle may translate to President Biden having few friends in the cryptocurrency industry. This was ascertained from the most recent public comments from Brad Garlinghouse, the Ripple boss, and Brian Armstrong, the Coinbase CEO.

Story making rounds in the industry showed that Trump may have all the big leagues’ endorsements this time. According to some industry analysts, the appointee chairman of the Securities and Exchange Commission (SEC), Garry Gensler, has visibly made himself a public cryptocurrency industry enemy, a big red flag to Biden’s campaign performance.

This is happening though the Democrats and Republicans were collectively scolding the SEC during the height of the cryptocurrency crackdown. However, Biden had to intervene by applying veto power, which produced the SAB 121 Repeal Bill, the best pro-cryptocurrency move from the Biden administration.

Recently, Biden has received little support from the cryptocurrency community while Trump has continued to claim to be pro-cryptocurrency community candidate. Investigating the political activities shows that President Biden is trying hard to change the past narrative of being anti-cryptocurrency industry. His closeness with the cryptocurrency industry’s big leagues shows this development.

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