Bitcoin
Trump Is Seeking Crypto Donations in Latest 2024 Campaign for Digital Wallets
Donald Trump’s campaign announced on Tuesday that it would now accept digital currency donations, the latest move by candidates in the recent election to embrace digital currencies and votes from crypto enthusiasts.
The former president touted his program as the first cryptocurrency donation plan by a major party candidate.
The move also comes after a number of other political figures, from Robert F. Kennedy Jr. to Vivek Ramaswamy, Rand Paul and Andrew Yang, have 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 an American’s financial decision-making and is part of a seismic shift toward freedom.”
The move is part of a recent reversal of Trump’s long-expressed skepticism toward cryptocurrencies. In 2017 he said he was “not a fan” and as recently as 2021 suggested that bitcoin “looked like a scam” in a television interview.
He changed his tune more recently and presented himself as an industry champion.
Former President Donald Trump speaks to reporters during his trial for allegedly falsifying business records to cover up hush money payments. (Curtis Means-Pool/Getty Images) (Pool via Getty Images)
Trump is seeking crypto donations as he continues to race to try to fill a fundraising gap with President Joe Biden after surpassing Biden in April.
Trump is still behind in the general currency race and saw his profit last month rise largely because of a single event with billionaires which raised more than US$50 million.
The development of this campaign also comes at a time when the crypto sector is looking 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 a major digital asset regulator and limit some of the Securities and Exchange Commission’s (SEC) powers.
Two Crypto Advocates in the Field of 2024
Funds donated to Trump in cryptocurrencies will be reported as an in-kind contribution – often compared to a stock donation.
In any case, digital currencies are likely to be quickly converted into cash, with the Trump campaign pledging to comply with federal election laws and regulations.
The campaign says eligible donors will be able to use Coinbase Commerce, which proclaims the ability to accept “hundreds of coins”.
Trump’s move is just his latest outreach to the crypto sector during this campaign. One well-publicized recent effort was the launch of Trump-themed NFT trading cards that could be purchased with cryptocurrency.
Trump’s efforts to be the 2024 crypto nominee sets up a rivalry with independent Robert F. Kennedy Jr.
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Kennedy already accepts donations in cryptocurrencies and has always praised the sector. He floated a series of perhaps fanciful ideas, from get the US government itself to buy bitcoin for a suggestion for “put the entire US budget on blockchain.”
The independent candidate is still hosting bitcoin-themed community events – at least two are scheduled for this week – to publicize their plans.
Independent presidential candidate Robert F. Kennedy Jr. waves to the crowd during 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)
President Biden has taken a more cautious approach, making only moderate comments about cryptocurrency. The SEC under Biden appointee Gary Gensler has been seen as an anti-crypto force by the industry in recent years after a series of inspection actions in 2023.
Trump has also frequently tried to present Biden as an enemy of encryption. Politico recently reported that Trump held 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 Senator Elizabeth Warren. She said the Democratic senator from Massachusetts intends to “restrict Americans’ right to make their own financial choices.”
Warren has emerged as a leading critic of crypto, pushing for more oversight and citing the sector’s energy footprint.
Another voice – SkyBridge founder Anthony Scaramucci – says that it is 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 emerged as a fierce critic.
He has tried to argue this point in recent months and added a recent appearance on Yahoo Finance that Biden is “for the rule of law,” which would ultimately be beneficial for markets.
“I say to bitcoiners: you are at risk if you find someone who wants to destroy the institutions of democracy,” Scaramucci said.
Ben Werschkul is the Washington correspondent for Yahoo Finance.
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