President Joe Biden’s re-election campaign is considering accepting cryptocurrency donations through Coinbase Commerce, according to The Block on June 12. This would mirror former President Donald Trump's recent adoption of the same platform for crypto donations. Trump’s campaign began accepting digital contributions last month and he has recently shown strong support for the crypto sector, promising to end the “Biden-Gensler crusade” against it.

Sources indicate that Biden’s team is evaluating this option to attract crypto-savvy voters and pro-crypto donors.

Changing Perspectives in Biden’s Camp

Sources close to the Biden campaign suggest that accepting crypto donations is part of a larger strategy to engage with the crypto community as the election nears. This follows criticism of Biden’s opposition to repealing SAB 121, which is seen as restrictive by crypto supporters.

One source stated:

“They’re looking for ways to demonstrate support for the crypto industry and to show they are not adversaries. This is about finding quick wins and gaining support from a significant voter base.”

The discussions are still exploratory, with advisors urging quick action due to the potential electoral benefits.

Crypto as a Key Voter Issue

Pro-crypto donors have become more active, with significant funds raised through crypto-backed super PACs. Public Citizen reported that these PACs have accumulated $100 million, potentially influencing the election outcome.

Recent research shows that crypto has become a key issue for over 20% of the US voter base in 2024. Surveys indicate that Americans who own crypto in swing states are more likely to vote for Trump because of his pro-crypto stance.

As both parties seek contributions from the cryptocurrency sector, campaign finance strategies may shift. The Biden campaign’s potential acceptance of crypto donations highlights the growing importance of digital currency in American politics and signifies a new era of engagement with tech-savvy voters.