President Joe Biden's campaign team is reportedly considering accepting cryptocurrency donations through Coinbase Commerce ahead of the 2024 U.S. presidential election.
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The move follows a similar initiative by presumptive Republican candidate Donald Trump, who has already started accepting crypto contributions.
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Biden's campaign aims to appeal to crypto-focused voters and potentially boost financial resources by engaging with the cryptocurrency industry.
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Sources suggest the campaign wants to demonstrate support for the crypto industry and dispel perceptions of being opposed to it.
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Biden's increased engagement with the crypto community began after Trump's pro-crypto stance gained attention.
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The campaign's efforts intensified after President Biden upheld SAB 121, a legislative measure criticized by crypto proponents for hindering industry growth.
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Accepting crypto donations is still under consideration and described as being in the "exploratory" phase by sources close to the campaign.
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Pro-crypto donors have mobilized significantly, with crypto-backed super PACs amassing a substantial war chest of $100 million as of May 2024.
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The distribution of these funds and their impact on candidates from both parties is expected to influence the election's outcome.
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Financial support and voter appeal from wealthy pro-crypto donors are crucial factors in the competitive landscape of the upcoming election.
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