President Joe Biden’s campaign is exploring crypto donations. He and his team are engaging with industry players to gain support. Biden’s team plans to accept crypto donations through Coinbase Commerce. They aim to show their support for the crypto industry.
SEC Lawsuit Against Coinbase
However, the SEC sued Coinbase in June 2023, accusing it of operating as an unregistered broker since 2019. The SEC also alleged violations related to a staking program and unregistered trading services.
Biden’s Outreach to the Crypto Community
In late May, Biden began reaching out to the crypto community, seeking to understand the industry better. This engagement followed the recognition of crypto’s potential impact on the presidential election.
Community Skepticism
Despite these efforts, skepticism remains. Nic Carter from Castle Island Ventures criticized Biden’s administration for unfavorable actions toward crypto. Carter mentioned “bullying” banks to drop crypto clients and legal actions against major exchanges.
He also highlighted the administration’s “harassment” of Bitcoin miners and forcing projects and stablecoins abroad. Recently, Biden’s administration has softened its stance, passing crypto-focused bills and approving spot Ethereum ETFs.
Competition with Trump
This shift might be influenced by competition with Donald Trump, who has shown a more crypto-friendly approach. Trump supports crypto self-custody and has accepted donations in cryptocurrency using Coinbase Commerce.
On the prediction market platform Polymarket, Trump has a 56% chance of winning, while Biden trails with 35%.
