Former US President Trump speaks during a campaign event at the Expo Center in Waukesha, Wisconsin, USA, Wednesday, May 1, 2024.
Daniel Steinle | Bloomberg | Getty Images
The Trump campaign announced on Tuesday that it would begin accepting cryptocurrency donations in support of opponents of “socialist government control” of U.S. financial markets.
Former President Trump’s campaign said in a press release that his supporters can donate using “any cryptocurrency accepted by Coinbase Commerce products.”
The announcement links President Trump, who is running for re-election, to Sen. Elizabeth Warren, D-Mass., an outspoken critic of cryptocurrencies who has campaigned to clamp down on the nascent industry.
“Biden surrogate Elizabeth Warren, amid attacks on cryptocurrencies, says she is building an ‘anti-crypto army’ to limit Americans’ right to make their own financial choices,” the campaign said in reference to the reelection ad time indicates. Posted by Warren on X March 2023.
“MAGA supporters now have a new cryptocurrency option and they will build a crypto army to drive the campaign to victory on November 5th!” the campaign said.
The move opens up new potential funding sources for the Trump campaign, which still lags behind Biden in cash on hand despite surpassing the Democratic incumbent in April.
Cryptocurrency donations will be reported as in-kind donations, just like stock gifts. The campaign can then decide to either liquidate the digital currency or continue to hold it.
“Contribution limits and disclosure requirements for cryptocurrency donations will follow Federal Election Commission regulations,” the Trump campaign said.
Cryptocurrency acceptance is just the latest in a series of efforts by Trump to curry favor with the cryptocurrency community, which tends to be skewed Younger and more masculineaccording to an April 2023 Pew Research Center poll.
For example, in December, Trump sold limited-edition NFT trading cards that could be purchased with cryptocurrency.
Earlier this month, he hosted a lavish dinner for NFT supporters at the Mar-a-Lago club.
There, Trump tells cryptocurrency supporters According to Politico, they “better vote” for him because the Biden administration is “against” cryptocurrencies.
Meanwhile, Biden’s campaign reflects his administration’s skepticism toward cryptocurrencies and their leaders.
Hours before the Trump campaign began catering to cryptocurrency donors, Biden’s team sent a fundraising text message warning supporters that “crypto executives and oil tycoons are stepping up for Trump.”
The Biden campaign did not immediately respond when asked by CNBC for its views on accepting cryptocurrency donations.
The Trump campaign announced on Tuesday that it called Trump “the first major party candidate to accept cryptocurrency donations.” But Trump didn’t become the official nominee until July.
He is not the first presidential candidate to accept cryptocurrency donations.
Robert F. Kennedy Jr., who is launching a long-shot independent presidential bid, announced in May 2023 that his campaign would accept Bitcoin donations. Sen. Rand Paul, R-Ky., accepted Bitcoin donation His own presidential campaign in 2015.
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