Bitcoin
Crypto Enthusiasts Criticize US President Joe Biden for Considering Bitcoin and Crypto Donations
US President Joe Biden is supposedly considering accepting crypto donations for your campaign. These donations will be received through Coinbase Commerce.
This move has drawn harsh criticism from some members of the crypto community, who consider it hypocritical given the government’s tough stance on crypto operations and regulation.
Some crypto industry stakeholders urge the entire community to desist from supporting Biden’s campaign. Bitcoin lawyer and supporter Joe Carlasare called the move a contradiction as the SEC is suing Coinbase for operating an unregistered exchange.
Additionally, Pro-XRP Advocate John Deaton, currently in the Senate race with Senator Elizabeth Warren, shared Carlasare’s views. Deaton criticized the double standards in Washington, DC politics.
The pro-XRP lawyer referenced a bill proposed by Democratic Senator Elizabeth Warren, written by the banking industry.
Notably, this bill aimed to prohibit self-custody of Bitcoin and other crypto assets, claiming that they constitute illegal titles. However, Joe Biden, who is also a Democrat, appears willing to accept these illegal bonds as political donations.
Reacting to John Deaton’s statement another X user Manny, said the US Congress could have replaced SEC Chairman Gary Gensler if it wanted to protect consumers. Manny believes they allowed Gensler to stay to maintain financial control of the big banks and bleed money from crypto.
More reactions to Biden’s crypto upgrade
Furthermore, the CEO of Mesari, Ryan Selkis, shared his disapproval of the Biden team’s alleged attempt to accept crypto donations. According to Selkisi, anyone donating to Biden’s campaign using crypto acts as cowardice and treason.
Selkis insisted he cannot have a relationship with anyone who donates to Biden using crypto.
Furthermore, the founder of Coin Metrics, Nico Carter shared a list of transgressions in the Biden administration’s handling of encryption. Carter stated that banks faced pressure to abandon crypto clients under Biden, and all major exchanges and projects were scrutinized.
Furthermore, the administration harassed Bitcoin miners and tried to convince utilities to abandon them. Furthermore, they have forced many high-quality projects and stablecoins to move abroad.
Additionally, Carter observed that the administration failed to clearly define cryptographic laws but continued to enforce them. They have made decentralized finance (DeFi) and blockchain privacy almost illegal in the US.
According to Carter, all these contradictions make it quite surprising that Biden dares to imagine an encrypted donation.
These speculations come as Biden’s Republican rival, donald trump, accepted crypto payments for his campaign. Therefore, the Biden team is possibly targeting crypto-focused voters ahead of the upcoming US elections.
Surprisingly, most crypto lovers classify the Biden administration as an anti-crypto unit due to its restrictive laws for crypto projects. However, speculation about Biden’s consideration of crypto support is yet to be confirmed.
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