Former President Donald Trump’s presidential campaign has announced that it will begin accepting donations in cryptocurrency in an effort to build a “crypto army” leading up to the next Election Day. The campaign has launched a fundraising page that allows donors to give using any crypto asset accepted through the Coinbase cryptocurrency exchange. This move is seen as an attempt to appeal to young male voters who are increasingly interested in digital assets. The campaign is accepting a range of popular cryptocurrencies, including Bitcoin, Ether, US Dollar Coin, as well as low-value coins like Shiba Inu Coin and Dogecoin.
It is unclear whether the Trump campaign plans to hold onto the cryptocurrency donations or sell them immediately, and what fees may be involved in liquidating them. While the campaign states that it will follow U.S. election laws, the anonymous nature of cryptocurrencies could make it difficult to verify the source of the funds. Billionaire Elon Musk, known for his support of cryptocurrencies like Dogecoin and Shiba Inu Coin, has been a prominent figure in the crypto space.
President Joe Biden’s campaign has not commented on whether they will also begin accepting cryptocurrency donations. While some states do not allow cryptocurrency donations under current campaign finance laws, the Federal Election Commission permits committees to receive bitcoin contributions. A 2014 advisory opinion from the commission stated that bitcoin is considered “money or anything of value” within the law, and contributions should be valued based on the market value of bitcoin at the time they are received. Independent candidate Robert F. Kennedy Jr.’s presidential campaign is currently accepting bitcoin donations.
In addition to accepting cryptocurrency donations, Trump has personally received millions in cryptocurrency through his Trump Digital Trading Cards non-fungible token projects and the release of his MAGA coin last August. A spokeswoman for Coinbase, the cryptocurrency exchange platform, emphasized that crypto is nonpartisan and can facilitate faster and cheaper transactions. The platform is open to all candidates for the upcoming election, offering them the opportunity to receive donations in cryptocurrency. In contrast, Biden and the Democratic National Committee recently reported raising over $51 million in April, falling short of the $76 million raised by Trump and the Republican Party for the same month.
Overall, the acceptance of cryptocurrency donations by political campaigns reflects a growing trend in the digital asset space. As more individuals and businesses adopt cryptocurrencies for transactions and investments, political candidates are also exploring the use of these assets for fundraising purposes. The potential benefits of cryptocurrency donations include faster processing times, lower fees, and access to a new demographic of donors who are familiar with and enthusiastic about digital assets. The landscape of political fundraising is evolving, and cryptocurrency is playing a significant role in shaping the future of campaign finance.
