Bitcoin
Joe Biden Faces Backlash for Accepting Bitcoin and Crypto Donation
In a surprising move, President Joe Biden is exploring the possibility of accepting crypto donations through Coin base Business. This sparked a wave of criticism from various corners of the crypto community. Additionally, industry stakeholders have urged the crypto community to refrain from supporting Biden’s campaign.
Crypto community criticizes Joe Biden
Joe Carlasare, a commercial litigator known for his support of Bitcoin, turned to X to highlight what he sees as a contradiction in the Biden administration’s stance. “Biden’s SEC is suing @coinbase in federal court, arguing that it has no right to exist as an exchange. At the same time, the Biden campaign is preparing to accept crypto donations via Coinbase,” Carlasare wrote.
Pro-XRP lawyer John Deaton, who is running against Senator Elizabeth Warren, amplified Carlasare’s concerns. He criticized discontinuity in Washington DC politics. Deaton wrote: “Joe’s post highlights the utter dysfunction of Washington DC politics. Senator Elizabeth Warren has proposed a bill written by the banking industry that prohibits self-custody of Bitcoin
and other cryptographic assets.”
He also highlighted the difference in Biden and Gensler’s stance on encryption. Deaton added: “Gary Gensler claims that these same crypto assets constitute illegal securities. But in the meantime, President Joe Biden will accept these illegal bonds as political donations,” Deaton said.
Furthermore, Ryan Selkis, CEO of Messari, a crypto analytics company, expressed his dismay in strong terms. “I will never be able to look at anyone donating to this campaign using crypto – before ANY concessions or policy reversals – without spitting venom. It would be an act of complete cowardice, betrayal and demonstration of negative self-esteem,” wrote Selkis.
Additionally, Nic Carter, founder of Coin Metrics, detailed a list of complaints against the Biden administration’s handling of crypto. He accused the administration of intimidating banks into abandoning crypto customers. Furthermore, he highlighted the government’s involvement in legal battles against large grants and symbolic projects.
Furthermore, he criticized them for harassing Bitcoin miners and conducting many high-quality projects abroad. “They have the absolute audacity to think that we are going to donate cryptocurrencies to the campaign?” Carter questioned in a furious tone.
Read too: US Presidential Candidate Donald Trump Meets Bitcoin Miners, What’s Happening?
Crypto Donation Acceptance Reports
Sources close to the Biden campaign revealed that the campaign is in discussions with crypto industry participants about accepting crypto donations through Coinbase Commerce. This service allows merchants to accept dozens of cryptocurrencies. Furthermore, it is already used by the presumptive Republican candidate donald trumpcampaign for contributions in digital currency.
The move is part of the Biden campaign’s efforts to woo cryptocurrency-focused voters ahead of a hotly contested election. An anonymous source said the campaign seeks to show that it is not anti-crypto. “They are paying attention to crypto-related issues and trying to find quick wins to show they support the industry,” the source said, according to The Block report.
Additionally, another source indicated that the campaign’s focus on crypto has intensified following backlash for overturning a bipartisan push to repeal SAB 121. The SEC’s SAB 121 is a legislative measure seen as a hindrance to the growth of the crypto industry in the US. USA.
Critics argue that this attempt to attract crypto donations is “hypocritical” given the government’s previous stance on cryptocurrencies. However, the Biden campaign’s engagement with the crypto community appears to be part of a broader strategy to secure every vote possible.
Cryptocurrency-backed super PACs have raised significant funds and their influence is being felt on both sides of the political aisle. According to a Public Citizen report, citing data from Open Secrets, these super PACs have amassed a $100 million war chest.
Despite the backlash, the Biden campaign continues to explore its options. Sources say discussions about accepting crypto donations are still in an “exploratory” phase. They underscored the importance of this demographic in what is expected to be a close election.
Read too: Zimbabwe joins global race with new push towards crypto regulations