- Known for his strict attitude towards Bitcoin, Joe Biden has a change of heart.
- Famous crypto personalities lash out at Joe Biden for contradicting stance.
- Trump already uses Coinbase Commerce, raising $12M in a fintech event.
In a shocking move to many, the current President of the United States is in talks about accepting cryptocurrency donations for his ongoing presidential campaign. Joe Biden made this step just two weeks after his main competitor, Donald Trump, officially started accepting Bitcoin (BTC) and popular altcoins like Ripple (XRP), Shiba Inu (SHIB), and Dogecoin (DOGE), among several others.
The discussions behind closed doors are likely sparked by the Biden campaign team’s motive to appeal to crypto enthusiasts. As the US Presidential showdown is expected to be decided by a razor-thin margin, Biden’s administration is now making an effort to communicate with the crypto community.
Joe Biden’s Contradicting Bitcoin Stance Explained
Commercial litigator and Bitcoin proponent Joe Carlasare said that Biden is asking for donations in crypto at the same time as the American Securities and Exchange Commission (SEC) is suing Coinbase in federal courts, “arguing it doesn’t have a right to exist as an exchange.”
The pro-Bitcoin litigator refers to the difference of opinion between Coinbase’s staff and Gary Gensler’s SEC, as the latter sees most of Coinbase-listed cryptocurrencies as securities. In response, Coinbase CEO Brian Armstrong has repeatedly stated that “we don’t list securities.” While this legal argument is ongoing, Coinbase remains arguably the most compliant cryptocurrency exchange operating in the United States.
Is the Crypto Community Siding with Trump?
The criticism around Biden’s attempt to capitalize on cryptocurrency-based donations didn’t end there. Several crypto personalities weighed in, lambasting the Biden Administration’s idea. Messari CEO Ryan Selkis remarked: “I will never be able to look at anyone who donates to this campaign using crypto – before ANY concessions or policy reversals – without spitting venom.”
A dedicated Trump fan, Selkis represents a widely shared opinion that Biden is trying to tone down blockchain’s adoption in the country. As if that wasn’t enough, Coin Metrics CEO Nic Carter posted a lengthy list of the Biden administration’s mishaps regarding crypto.
While highlights include bullying the American-regulated banks into dropping their crypto clients, making decentralized finance (DeFi) practically illegal, and blackballing the Bitcoin exchange-traded fund (ETF) breakthrough, the frustration is summarized in the conclusive rhetorical question: “And they have the absolute temerity to think we’re gonna donate crypto to the campaign?”
On the Flipside
- Despite considering accepting popular cryptocurrencies for presidential campaign donations, Joe Biden previously stated that “cryptocurrencies have no intrinsic value”.
- Joe Biden’s archnemesis, Donald Trump, has also switched his Bitcoin stance from negative to positive after initially declaring it “an enemy to the dollar.”
Why This Matters
Blockchain technology and crypto are becoming one of the hottest topics in this U.S. presidential election. Openly discussing crypto’s impact and adoption would smoother worldwide crypto adoption, as the United States usually sets global financial trends.
Sponsored
Explore DailyCoin’s trending cryptocurrency news:
MicroStrategy Seeks to Raise $500M for More Bitcoin Acquisition
FOMC’s Rate Cut U-Turn Sparks $200M Crypto Liquidation Spree
