President Joe Biden’s re-election campaign is exploring the possibility of accepting cryptocurrency donations through Coinbase Commerce, according to sources familiar with the matter as reported by The Block on June 12.

This move mirrors former President Donald Trump’s recent decision to accept crypto contributions via the same platform. Coinbase Commerce facilitates payments in various cryptocurrencies and has already been utilized by Trump’s campaign, which began accepting digital donations last month.

Trump has recently shown strong support for cryptocurrencies and criticized what he perceives as the Biden administration’s hostile stance towards the sector, dubbing it the “Biden-Gensler crusade” against crypto.

Sources disclosed that Biden’s team is now evaluating this option as a means to appeal to voters knowledgeable about cryptocurrencies and to secure contributions from pro-crypto supporters.

Within the Biden camp, sources indicated that accepting crypto donations is part of a broader strategy to engage with the crypto community as the election approaches. The campaign has been actively seeking ways to demonstrate support for the cryptocurrency industry, particularly following criticism for not supporting the repeal of SAB 121, a regulation seen as restrictive by crypto advocates.

One source told The Block:

"They're looking to show support for the crypto industry and to demonstrate that they are not adversaries. This effort is about achieving quick wins and gaining backing from a significant base of voters."

It's emphasized that discussions regarding crypto donations are still in the preliminary stages. Advisors are reportedly encouraging the campaign to act swiftly on this front, highlighting its potential impact on the election.

The issue of cryptocurrencies has gained prominence in the election cycle, with significant funds being raised through crypto-backed super PACs. A recent report by Public Citizen revealed that these PACs have amassed a war chest of $100 million.

The distribution of these funds could potentially sway the outcome of the election, making the cultivation of crypto donors a strategic priority for both campaigns. Surveys indicate that crypto has become a critical issue for more than 20% of the US voter base in 2024, influencing their voting decisions.

As both parties intensify efforts to secure contributions from the crypto sector, the landscape of campaign finance strategies is poised for transformation. Biden's potential acceptance of crypto donations underscores the increasing significance of digital currencies in American politics, signaling a new phase of engagement with tech-savvy voters.