Former President Donald Trump speaks during a campaign event at the Waukesha Expo Center in Waukesha, Wisconsin, USA, Wednesday, May 1, 2024.
Daniel Steinle | Bloomberg | Getty Images
The Trump campaign announced on Tuesday that it would begin accepting donations in cryptocurrencies, casting it as part of its solidarity with forces opposed to “socialist government control” of U.S. financial markets.
Supporters of former President Donald Trump can donate using “any cryptocurrency accepted through the Coinbase Commerce product,” the campaign said in a press release.
The announcement ties President Joe Biden, who is running for reelection against President Trump, and Sen. Elizabeth Warren (D-Massachusetts), a vocal critic of cryptocurrencies who has pushed for a clampdown on the nascent crypto industry.
“Biden surrogate Elizabeth Warren builds an ‘anti-crypto army’ to limit Americans’ right to make their own economic choices in attack on cryptocurrencies,” the campaign said in a re-election ad. He said he was doing so. Warren posted on X March 2023.
“With new crypto options available, MAGA supporters will form a crypto army that will lead the campaign to victory on November 5th!” the campaign said.
The move is a potential new source of cash for the Trump campaign, which still lags behind Biden in cash on hand despite outspending the Democratic incumbent in April.
Crypto donations are reported as in-kind donations, similar to stock gifts, and campaigns can then decide whether to liquidate the digital currency or hold onto it.
“Contribution limits and disclosure requirements for virtual currency donations are subject to Federal Election Commission regulations,” the Trump campaign said.
The acceptance of cryptocurrencies is just the latest in a series of efforts by President Trump to woo the often-skewed crypto community. Young and mostly maleaccording to an April 2023 poll from the Pew Research Center.
For example, in December, President Trump released a limited number of NFT trading cards that can be purchased with cryptocurrencies.
Earlier this month, he hosted a lavish dinner for NFT supporters at the Mar-a-Lago Club.
President Trump told crypto supporters: Politico reported that people should “vote” for the Biden administration because it is “opposed” to cryptocurrencies.
Meanwhile, Biden’s campaign reflects his administration’s skepticism toward cryptocurrencies and their leaders.
Hours before the Trump campaign began responding to crypto donors, the Biden campaign warned supporters that “cryptocurrency executives, oil tycoons and others are popping up on Trump’s behalf” at a fundraiser. sent a text message.
The Biden campaign did not immediately respond to CNBC’s request for its position on accepting cryptocurrency donations.
The Trump campaign announced Tuesday that he is the “first major party candidate” to accept cryptocurrency donations, but he won’t officially become a candidate until July.
And he’s not the first presidential candidate to accept crypto donations.
Robert F. Kennedy Jr., the leading independent presidential candidate, announced that his campaign will accept Bitcoin donations in May 2023. Sen. Rand Paul (R-Ky.) has accepted it. Bitcoin donation for his own presidential campaign in 2015.
