Joe Biden Faces Backlash For Accepting Bitcoin And Crypto Donations

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As an analyst with a background in finance and experience following the crypto industry, I find the situation surrounding President Joe Biden’s potential acceptance of crypto donations through Coinbase Commerce intriguing yet concerning. The crypto community’s response has been swift and critical, highlighting what they see as a contradiction and discontinuity in the Biden administration’s stance towards the crypto sector.

President Joe Biden is considering an unexpected step: accepting cryptocurrency donations via Coinbase Commerce. This announcement has ignited strong opposition from different sectors of the crypto world. Notably, industry players have advised the crypto community against backing Biden’s campaign in this manner.

Crypto Community Slams Joe Biden

Joe Carlasare, a commercial litigator with a strong affiliation to Bitcoin, utilized X as a platform to point out the apparent inconsistency in the Biden administration’s position. “The SEC under Biden’s administration is filing lawsuits against Coinbase in federal court, claiming it lacks the authority to operate as an exchange,” Carlasare stated. “Simultaneously, the Biden campaign intends to receive cryptocurrency donations through Coinbase.”

Expert: John Deaton, a legal advocate for XRP, echoed Carlasare’s apprehensions in a critical post. He pointed out the inconsistency within the political sphere in Washington D.C. Deaton stated, “Joe’s post brings attention to the significant dysfunction in Washington D.C. politics. Senator Elizabeth Warren has introduced a bill drafted by banks that forbids individuals from self-custodizing Bitcoin and other digital currencies.”

As a researcher, I’ve noticed an intriguing distinction between the views of Gary Gensler and President Joe Biden regarding cryptocurrencies. Gensler, the chairman of the Securities and Exchange Commission (SEC), maintains that certain crypto assets fall under the category of illegal securities. Conversely, President Biden apparently accepts these supposedly illicit securities as political donations.

Additionally, the CEO of Messari, Ryan Selkis, voiced his disappointment in harsh terms. “I will never be able to regard anyone who donated to this campaign using crypto prior to any concessions or policy changes as anything other than a coward, a betrayer, and someone with a low self-worth,” Selkis stated.

As an analyst, I’ve taken note of Nic Carter’s criticisms against the Biden administration regarding their approach to cryptocurrencies. He specifically pointed out that banks have been pressured into terminating relationships with crypto clients by the administration. Furthermore, he brought up the administration’s involvement in lawsuits targeting prominent crypto exchanges and token projects.

Additionally, he criticized them for targeting Bitcoin miners and causing several top-notch initiatives to leave the country. In disbelief, Carter exclaimed, “Is it really so presumptuous of them to assume we’ll contribute crypto to their campaign?”

Reports Of Accepting Crypto Donations

According to reliable sources, the Biden campaign is reportedly holding talks with representatives from the crypto industry regarding the acceptance of donations in the form of cryptocurrencies via Coinbase Commerce. This platform enables merchants to process transactions using over forty different cryptocurrencies. Notably, the Trump campaign has already adopted this method for their digital currency contributions.

The Biden campaign is taking steps to win over voters with an interest in cryptocurrency as the upcoming election heats up. According to a confidential source speaking with The Block, the campaign aims to demonstrate its pro-crypto stance by addressing industry concerns promptly.

An alternate report reveals that the intensity of the campaign’s concentration on cryptocurrencies has increased significantly in response to criticism over the SEC’s decision to scrap a bipartisan initiative aiming to repeal SAB 121. The Securities and Exchange Commission’s SAB 121 is viewed as an obstacle to the expansion of the crypto sector within the United States.

Some critics have expressed skepticism towards the Biden campaign’s solicitation of cryptocurrency donations, viewing it as inconsistent with their past anti-cryptocurrency positions. However, this move may be seen as an element of a larger effort by the campaign to court every potential voter demographic.

Super PACs funded by cryptocurrency have collected a substantial amount of money, reaching over $100 million as of recent reports from Public Citizen, based on Open Secrets data. Their impact is noticeable in the political sphere, affecting parties across the political divide.

In spite of facing opposition, the Biden campaign team remains open to considering various possibilities. Reports indicate that deliberations regarding accepting cryptocurrency donations are ongoing and exploratory in nature. The significance of this group of donors is emphasized as analysts anticipate a tight electoral race.

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2024-06-13 10:22