U.S. President Joe Biden’s campaign is reportedly in discussions with cryptocurrency industry leaders about accepting crypto donations via Coinbase Commerce, according to sources familiar with the matter. Coinbase Commerce, a payment service facilitating merchant acceptance of various cryptocurrencies, is already supporting crypto donations for presumptive Republican candidate Donald Trump’s campaign, which began accepting digital currency contributions last month.

These discussions represent the Biden campaign's latest move to engage crypto-focused voters as the 2024 election approaches, an election anticipated to be decided by a narrow margin according to Capitol Hill experts. Additionally, the campaign may be seeking to bolster its fundraising efforts with contributions from pro-crypto donors, sources indicated.

The Biden campaign has not responded to The Block’s request for comment on the matter. However, an insider working with politicians and crypto industry leaders mentioned, “They’re paying attention to issues around crypto and are trying to find quick wins to show that they're supportive of the industry. [They want] to show that they're not the enemy.”

As The Block reported last month, Biden’s campaign has been ramping up efforts to connect with the crypto community, especially after Trump publicly embraced a pro-crypto stance. The Biden campaign's focus on crypto issues has intensified following backlash over President Biden’s rejection of a bipartisan initiative to repeal SAB 121, a controversial legislative measure criticized for hindering the crypto industry’s growth in the U.S.

“People in [Biden’s] outer inner circle are now specifically telling the Biden team, ‘if you're quiet on this crypto thing and you don't get up to speed, you could lose the election,’” another source close to the discussions explained. However, the talks about Biden’s campaign accepting crypto donations remain exploratory at this stage.

The surge in mobilization among pro-crypto donors has also captured the attention of political candidates from both major parties. Crypto-backed super PACs have amassed a $100 million war chest, as reported by consumer rights advocacy group Public Citizen, citing Open Secrets data. The distribution of these funds will be significant, potentially influencing the direction of votes in line with wealthy donors' contributions.

“People are looking for money… and [they’re] looking for every vote,” a source remarked, highlighting the high stakes and strategic considerations in courting crypto-savvy voters and donors.