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On May 21, former US President Donald Trump’s presidential campaign launched a fundraising page allowing federally permissible donors to contribute using cryptocurrency via Coinbase Commerce.
Trump’s embrace of crypto signals a sharp contrast with the current administration’s stance on digital assets.
Trump’s Campaign Accepts Up to 8 Cryptocurrencies
According to the campaign’s announcement, supporters can visit the designated website to make donations to the Trump campaign with crypto. All contribution limits and disclosure requirements for crypto donations will adhere to Federal Election Commission regulations.
In the announcement, Trump’s campaign emphasized that he aims “to reduce government control over Americans’ financial decision-making. He also sees accepting crypto donations reflects his “commitment to an agenda that values individual freedom over increased socialistic government control.”
“Biden surrogate Elizabeth Warren said in an attack on cryptocurrency that she was building an ‘anti-crypto army’ to restrict Americans’ right to make their own financial choices. MAGA supporters, now with a new cryptocurrency option, will build a crypto army, moving the campaign to victory on November 5!” The announcement reads.
The statement citing MAGA is particularly interesting, given that MAGA is a Trump-themed meme coin. It seems that Trump wants to symbolize the campaign’s embrace of crypto through this asset.
The campaign accepts several cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Solana (SOL), USDC, XRP, Dogecoin (DOGE), 0x (ZRX), and Shiba Inu (SHIBA). Supporters can donate in custom amounts or select from predefined options such as $20.24, $2,024, $45, $47, and $4547. The 45 and 47 numbers represent Trump’s presidential campaign message that he was the 45th president of the US and aims to be the 47th president.
Read more: How To Donate Crypto Using The Giving Block
However, it is important to note that while the announcement claimed Trump as the “first major party nominee” to accept crypto donations, he is not the official nominee until July. Additionally, in 2015, Senator Rand Paul from the Republican Party accepted Bitcoin donations for his presidential campaign.
This move follows Trump’s promise at a recent event at Mar-a-Lago, where he assured supporters they could donate in crypto. He also pledged a more welcoming approach to the crypto industry, criticizing current US regulatory measures as “hostility.”
His current crypto-focused political move comes when President Joe Biden’s administration shows a tougher stance toward the digital assets industry. This shift is notable, considering Trump was a crypto skeptic during his first presidency from 2017 to 2021.
Nonetheless, many believe that Trump’s presidency could bring a positive outlook for the crypto industry. BeInCrypto previously reported that Standard Chartered’s researcher Geoffrey Kendrick noted that Trump’s administration might adopt less stringent regulatory measures for crypto than the current Biden administration.
Read more: Crypto Regulation: What Are the Benefits and Drawbacks?
This potential policy shift could encourage foreign official buyers of US treasuries to explore alternative financial assets like Bitcoin. Such exploration could potentially drive its price upwards.