The presidential campaign of Donald Trump has announced that it will start accepting crypto donations as part of its strategy to create a “cryptocurrency army” in the lead-up to election day. The campaign has set up a fundraising platform that enables any legally permissible donor to contribute to its political committees using a variety of cryptocurrencies accepted by the Coinbase exchange.
This move not only emphasizes Trump’s position as a crypto-supportive candidate but also aims to attract a key demographic of young male voters that is increasingly engaged with digital currencies. The announcement coincided with the conclusion of Trump’s defense in his New York hush-money trial.
Cryptos are digital currencies that can be traded online without the need for traditional banking systems. The Trump campaign is open to donations in several well-known cryptocurrencies, including USDC, Bitcoin and Ether, as well as in less-valuable but popular tokens such as Dogecoin and Shiba Inu Coin.
It remains uncertain whether Trump’s campaign will retain the cryptocurrency contributions or convert them to cash immediately or what fees might be involved in such transactions. Although the campaign asserts it will adhere to American election laws, the anonymous nature of cryptocurrencies can make it difficult to verify the source of the funds.
Trump had previously accumulated millions of dollars in cryptocurrencies through his business endeavors, including the introduction of his MAGA coin last August and Trump Digital Trading Cards, which are non-fungible tokens.
Coinbase spokesperson Julia Krieger told the Associated Press that cryptocurrency is cheaper and faster than traditional banking and that any politician can use the Coinbase platform during the election period.
A representative from President Joe Biden’s campaign did not respond to an inquiry from the Associated Press regarding whether the Biden organization would also accept cryptocurrency donations.
While certain states prohibit crypto donations for state elections under their campaign finance regulations, the Federal Election Commission (FEC) allows political committees to accept Bitcoin as a contribution. According to a 2014 FEC advisory opinion, political committees should evaluate Bitcoin contributions based on their market value at the time of receipt because Bitcoin is legally regarded as money or anything of value.
Robert F. Kennedy Jr., an independent presidential candidate, also accepts Bitcoin for his campaign.
In terms of conventional funding, Biden and the Democratic National Committee recently reported that they had collected more than $51 million in April. This sum is a less than the $76 million disclosed for the same month by Trump and the Republican Party.
As more prominent politicians embrace crypto, industry companies such as Bit Mining Ltd. (NYSE: BTCM) can look forward to a future of greater adoption of digital currencies and higher demand for their services.
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