Bitcoin
Donald Trump’s campaign says it will begin accepting contributions via cryptocurrency
WASHINGTON (AP) – donald trump Trump’s presidential campaign said Tuesday it would begin accepting cryptocurrency donations as part of an effort to build what it calls a “crypto army” before Election Day.
The Trump campaign has launched a fundraising page that allows “any federally permitted donor the ability to donate” to his political committees using any crypto asset accepted through the Coinbase cryptocurrency exchange.
The ad promotes Trump’s message that he is a cryptocurrency-friendly candidate and also appeals to a core group of young male voters who are increasingly likely to engage in digital assets. Came like Trump the defense rested in its hush money case In New York.
Cryptocurrencies they are a digital asset that can be traded over the Internet without relying on the global banking system.
The Trump campaign is accepting a number of popular cryptocurrencies that include Bitcoin, Ether and US Dollar Coin, and also includes low-value coins that tend to be popular with internet personalities like Shiba Inu Coin and Dogecoin.
Billionaire Elon Muskmainly, he is considered a fan of the last two, traded on markets such as DOGE and SHIB.
It is unclear whether the Trump campaign will hold the crypto or sell it outright, and what kind of fees it might pay to liquidate it. While the campaign says it plans to follow U.S. election laws, the anonymous nature of cryptocurrencies can make it difficult to confirm whether the funds are coming from who they say they are.
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Trump has already received millions in cryptocurrencies personally through his Trump Digital Trading Cards non-fungible token projects and his MAGA coin, launched last August.
Julia Krieger, a spokeswoman for Coinbase, told the Associated Press that “crypto is nonpartisan and moves money because it is cheaper and faster,” adding that the Coinbase platform is open to all candidates this election season.
A representative for President Joe Biden’s campaign did not respond to a request from The Associated Press for comment on whether it would begin accepting cryptocurrency donations.
While some states do not allow cryptocurrency donations in state races under existing campaign finance laws, the Federal Election Commission allows committees to receive bitcoins as contributions.
One 2014 advisory opinion issued by the commission concluded that bitcoin is “money or anything of value” within the meaning of the law and political committees should evaluate the contribution based on the market value of bitcoin at the time the contribution is received.
The presidential campaign for an independent candidate Robert F. Kennedy Jr. currently accepts bitcoin donations.
In conventional money, Biden and the Democratic National Committee said Monday which raised more than $51 million in April, falling well short of the $76 million that Trump and the Republican Party reported raising that month.
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Associated Press reporter Ken Sweet in New York contributed to this report.