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Trump Seeks Cryptocurrency Donations in Final 2024 Awareness Campaign for Digital Wallets
Donald Trump’s campaign announced Tuesday that it will now accept digital currency donations, the latest move by candidates in recent elections to embrace digital coins and votes from crypto enthusiasts.
The former president touted his program as the first cryptocurrency donation plan from a major party candidate.
The move also comes after a host of other political figures, from Robert F. Kennedy Jr. and Vivek Ramaswamy to Rand Paul and Andrew Yang, have all accepted digital currency donations in recent months and years.
Trump says adopting crypto is about freedom. In a statement, his campaign said digital currency would “reduce government control over Americans’ financial decision-making and is part of a seismic shift toward freedom.”
The move is part of a recent reversal of Trump’s long-standing skepticism of cryptocurrency. In 2017 he said he was “not a fan” and, as late as 2021, proposed that bitcoin “looks like a scam” in a television interview.
He recently changed his tune and presented himself as a champion of the industry.
Former President Donald Trump speaks to reporters during his trial for allegedly falsifying business records to conceal secret payments. (Curtis Means-Pool/Getty Images) (Pool via Getty Images)
Trump seeks crypto donations as he continues his sprint to try to close a fundraising gap with President Joe Biden after overtaking Biden in April.
Trump is still lagging behind in the money race and saw his gain last month increase largely because of a unique event featuring billionaires which raised more than $50 million.
This campaign development also comes as the crypto industry seeks victories in Washington this week.
The House of Representatives is expected to vote Wednesday afternoon on an industry-friendly bill that would elevate the Commodity Futures Trading Commission to the primary regulator of digital assets and limit some of the Securities and Exchange Commission’s (SEC) powers.
2 crypto advocates in the 2024 field
Funds donated to Trump in crypto will be reported as an in-kind contribution – often compared to donating stocks.
Either way, digital coins will likely be quickly converted to cash as the Trump campaign pledges to comply with federal election laws and regulations.
The campaign says eligible donors will be able to use Coinbase Commerce, who praises the ability to accept “hundreds of currencies”.
Trump’s decision is just his latest move in favor of the crypto sector during this campaign. A recent high-profile effort was the launch of Trump-themed NFT trading cards that people could purchase using cryptocurrency.
Trump’s effort to be the crypto nominee in 2024 is creating a rivalry with independent Robert F. Kennedy Jr. on the issue.
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Kennedy already accepts crypto donations and has often touted the sector. He launched a whole series of perhaps fanciful ideas, ranging from ask the US government to buy bitcoin itself has an idea for “put the entire US budget on the blockchain.”
Independent Candidate Makes Plea for Crypto Voting to the Level of organize bitcoin-themed community events – at least two are planned this week – to tout his projects.
Independent presidential candidate Robert F. Kennedy Jr. waves to the crowd at a rally in Colorado on May 19. (Helen H. Richardson/MediaNews Group/The Denver Post via Getty Images) (Helen H. Richardson/MediaNews Group/The Denver Post via Getty Images via Getty Images)
For his part, President Biden has adopted a more cautious approach, contenting himself with stingy comments on cryptocurrencies. The SEC led by Biden nominee Gary Gensler has been seen as an anti-crypto force by the industry in recent years after a multitude of coercive measures in 2023.
Trump has also often tried to portray Biden as an enemy of crypto. Politico recently reported that Trump hosted a dinner for his NFT supporters in Florida and told the crowd they “better vote” for him.
In Tuesday’s statement, the Trump campaign also linked Biden to Sen. Elizabeth Warren. It says the Democratic senator from Massachusetts aims to “restrict the right of Americans to make their own financial choices.”
Warren has become one of crypto’s leading critics, pushing for more oversight and citing the sector’s energy footprint.
Another voice – Anthony Scaramucci, founder and managing partner of SkyBridge – says it’s actually Biden who would be better for crypto if he were re-elected this fall.
Scaramucci briefly served as Trump’s communications director in 2017, but has since become a fierce critic.
He tried to argue this point in recent months and added a recent appearance on Yahoo Finance Livethat Biden is “for the rule of law,” which would ultimately be good for markets.
“I tell Bitcoiners that you are at risk if you encounter someone who wants to destroy the institutions of democracy,” Scaramucci says.
Ben Werschkul is Yahoo Finance’s Washington correspondent.
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