Donald Trump's campaign announced on Tuesday that it would accept donations in digital currency, the latest move by candidates in recent elections to court the votes of digital coins and cryptocurrency enthusiasts.
The former president touted his program as the first cryptocurrency donation scheme by a major party candidate.
The move follows a number of other politicians who have accepted digital currency donations in recent months and years, from Robert F. Kennedy Jr. to Vivek Ramaswamy to Rand Paul to Andrew Yang. It was also done in response to this.
President Trump said accepting virtual currencies means freedom. In a release, his campaign said digital currencies would “reduce government control over Americans' financial decisions” and are “part of a seismic shift toward freedom.”
The move is part of President Trump's recent reversal of his long-expressed skepticism toward cryptocurrencies. In 2017 he said: Although he is “not a fan,” he said in a television interview in 2021 that Bitcoin “seems like a scam.”
He has recently changed his tune and positioned himself as a champion in this field.
President Trump is seeking donations in cryptocurrencies as he continues his mad dash to close the fundraising gap with President Joe Biden after surpassing Biden in April.
Trump still lags in the overall fundraising race, but his funding rose last month largely due to events in which the billionaire raised more than $50 million.
The campaign development comes as the crypto sector seeks victory in Washington this week.
The House of Representatives is scheduled to vote Wednesday afternoon on an industry-friendly bill that would elevate the Commodity Futures Trading Commission to become the primary regulator of digital assets and limit some of the powers of the Securities and Exchange Commission (SEC).
Two Cryptocurrency Advocates in the Space in 2024
Funds donated to Trump in virtual currency are reported as in-kind donations and are often compared to stock donations.
In any case, the digital coins are likely to be converted into cash soon, with the Trump campaign pledging to abide by federal election laws and regulations.
The campaign says eligible donors can take advantage of Coinbase Commerce, which touts the ability to accept “hundreds of currencies.”
Trump's move is just the latest push into the crypto sector during the campaign. One of his more well-known recent efforts was the launch of his playing card-themed NFT trading cards that people can purchase using cryptocurrencies.
President Trump's efforts to become the 2024 crypto nominee will put him at odds with independent Robert F. Kennedy Jr. over the issue.
President Kennedy already accepts donations in cryptocurrencies and frequently promotes this area. He has proposed a series of supposedly fanciful ideas, from having the U.S. government itself buy Bitcoin to the idea of ”putting the entire U.S. budget on the blockchain.”
The independent candidate has gone so far as to tout the crypto vote as he hosts Bitcoin-themed community events to promote his plan, with at least two scheduled for this week.
Meanwhile, President Biden has taken a more cautious approach, refraining from commenting solely on cryptocurrencies. The SEC, led by Biden candidate Gary Gensler, has been viewed by the industry as an anti-crypto force in recent years following a number of enforcement actions taken in 2023.
Trump has also often tried to paint Biden as an enemy of cryptocurrencies. Politico recently reported that President Trump held a dinner in Florida for NFT supporters and told the crowd they should “vote” for him.
In Tuesday's announcement, the Trump campaign also linked Biden to Sen. Elizabeth Warren. The paper said the Democratic senator from Massachusetts aims to “restrict the right of Americans to make their own economic choices.”
Warren has emerged as a cryptocurrency critic, calling for greater oversight and pointing out the industry's energy footprint.
Another voice, SkyBridge founder and managing partner Anthony Scaramucci, argues that Biden would actually be better for crypto if re-elected this fall.
Scaramucci briefly served as President Trump's communications director in 2017, but has since emerged as a fierce critic.
He has been trying to make this point in recent months, adding in a recent appearance on Yahoo Finance Live that Biden “supports the rule of law,” which ultimately benefits markets. He said it would be.
“I want to say to Bitcoiners, when you get someone who is trying to subvert the institutions of democracy, you are at risk,” Scaramucci said.
Ben Warshkull is Yahoo Finance's Washington correspondent.
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