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Biden campaign in panic mode as Trump accepts crypto donations

Biden campaign in panic mode as Trump accepts crypto donations

Not long after declaring his support for the cryptocurrency sector and making it one of the defining points of his presidential bid, the former United States President Donald Trump is now officially accepting donations for his campaign in the form of crypto assets, creating concerns for his opponent’s team.

Specifically, in a historic decision, the Trump campaign has announced it would start accepting donations in digital assets and has launched a fundraising page allowing them, making the former President the first major party nominee in the US to do this, according to a press release on May 21.

Trump crypto fundraising page. Source: Donald J. Trump campaign
Trump crypto fundraising page. Source: Donald J. Trump campaign

As per the press release, the fundraising page provides “any federally permissible donor the ability to give – through its joint fundraising committees – using any cryptocurrency accepted through the Coinbase Commerce product,” referring to the popular crypto exchange.

Indeed, the presidential hopeful’s campaign is now accepting a range of popular assets from the crypto sector, including the flagship decentralized finance (DeFi) asset Bitcoin (BTC), as well as altcoins Ethereum (ETH), Solana (SOL), XRP (XRP), Dogecoin (DOGE), Shiba Inu (SHIB), and stablecoin USD Coin (USDC). 

Trump vs. Biden crypto issue

Furthermore, the announcement reads that this makes Trump different from his rival, the incumbent US President Joe Biden, “and his official surrogate Elizabeth Warren,” the Democrat Senator from Massachusetts, as the former president “has reduced regulations and championed innovation in financial technology.”

“The effort to reduce the control of government on an American’s financial decision-making is part of a seismic shift toward freedom. Today’s announcement reflects President Trump’s commitment to an agenda that values freedom over socialistic government control.”

On the other hand, Trump’s campaign argues that his opponents “believe only government has the answers to how our nation leads the world,” also addressing Warren’s March 2023 reelection ad, accusing her of “building an ‘anti-crypto army’ to restrict Americans’ right to make their own financial choices.”

Biden campaign in panic mode

Meanwhile, Biden’s team has sent a fundraising text warning donors that “cryptocurrency executives and oil barons are coming out of the woodwork for Trump,” around the same time as the Trump campaign made the above announcement, according to a widely circulated screenshot.

Biden campaign fundraising text. Source: Bitcoin Magazine
Biden campaign fundraising text. Source: Bitcoin Magazine

As a reminder, Trump recently said he was “fine with crypto,” that he was planning to reduce regulatory “hostility” towards it and keep crypto businesses in America, as well as making it possible for his supporters to donate to his campaign using crypto assets, as Finbold reported on May 9.

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