- 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 teamโs motive to appeal to crypto enthusiasts. As the US Presidential showdown is expected to be decided by a razor-thin margin, Bidenโs administration is now making an effort to communicate with the crypto community.
Joe Bidenโs 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, โarguing it doesnโt have a right to exist as an exchange.โ
The pro-Bitcoin litigator refers to the difference of opinion between Coinbaseโs staff and Gary Genslerโs SEC, as the latter sees most of Coinbase-listed cryptocurrencies as securities. In response, Coinbase CEO Brian Armstrong has repeatedly stated that โwe donโt list securities.โ 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 Bidenโs attempt to capitalize on cryptocurrency-based donations didnโt end there. Several crypto personalities weighed in, lambasting the Biden Administrationโs idea. Messari CEO Ryan Selkis remarked: โI will never be able to look at anyone who donates to this campaign using crypto – before ANY concessions or policy reversals – without spitting venom.โ
A dedicated Trump fan, Selkis represents a widely shared opinion that Biden is trying to tone down blockchainโs adoption in the country. As if that wasnโt enough, Coin Metrics CEO Nic Carter posted a lengthy list of the Biden administrationโs 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: โAnd they have the absolute temerity to think we’re gonna donate crypto to the campaign?โ
On the Flipside
- Despite considering accepting popular cryptocurrencies for presidential campaign donations, Joe Biden previously stated that โcryptocurrencies have no intrinsic valueโ.
- Joe Bidenโs archnemesis, Donald Trump, has also switched his Bitcoin stance from negative to positive after initially declaring it โan enemy to the dollar.โ
Why This Matters
Blockchain technology and crypto are becoming one of the hottest topics in this U.S. presidential election. Openly discussing cryptoโs impact and adoption would smoother worldwide crypto adoption, as the United States usually sets global financial trends.
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