cryptoglobe.com
President Donald Trump’s campaign has launched a fundraising page that allows federally permissible donors to contribute using cryptocurrency via the Coinbase Commerce platform. This development is being touted as the first instance of a major party Presidential nominee accepting cryptocurrency donations, expanding the campaign’s digital fundraising methods.
The campaign has indicated that contributions will comply with Federal Election Commission regulations, including contribution limits and disclosure requirements. Supporters can now make federally permissible cryptocurrency donations at Trump Campaign Crypto Donations.
As you can see from the above screenshot, the cryptocurrencies that are being accepted for donations include Bitcoin, Ethereum, XRP, Dogecoin, Shiba Inu, USD Coin, Solana, and 0x.
According to the campaign’s blog post, Trump has focused on reducing regulations and promoting innovation in financial technology during his presidency. The campaign contrasts this with the views of Democratic leaders such as Joe Biden and Senator Elizabeth Warren, who are portrayed as favoring increased government control over financial systems.
The campaign suggests that this move reflects a broader effort to enhance individual financial freedom and minimize governmental oversight. They argue that this announcement underscores Trump’s commitment to an agenda prioritizing personal liberty over what is described as “government control.”
Elizabeth Warren has been vocal about her concerns regarding cryptocurrency, reportedly stating her intent to build an “anti-crypto army” to impose stricter regulations on digital currencies. In contrast, the Trump campaign is calling on its supporters to form a “crypto army” to bolster the campaign’s efforts leading up to the election on 5 November 2024.
According to CNBC, this new approach could potentially provide a fresh stream of funds for Trump’s campaign, which, despite raising more money than Biden’s in April, still trails in terms of cash reserves. Per the CNBC article, Biden’s campaign maintains a skeptical stance toward cryptocurrency, reflecting the administration’s cautious approach. Just hours before Trump’s campaign began targeting crypto donors, Biden’s team apparently issued a fundraising message warning that “cryptocurrency executives and oil barons are coming out of the woodwork for Trump.”
CNBC also points out that while Trump’s campaign claims he is the “first major party nominee” to embrace crypto donations, he is not yet the official nominee. Moreover, he is not the first presidential candidate to accept cryptocurrency; Robert F. Kennedy Jr., running as an independent, announced in May 2023 that his campaign would take bitcoin donations, and Sen. Rand Paul accepted bitcoin during his 2015 presidential bid.