Donald Trump ‘s election campaign is now accepting cryptocurrency donations to build a “crypto army” in the lead-up to Election Day.
In the campaign’s push towards attracting digital-friendly donors, they have set up a fundraising page via the Coinbase cryptocurrency exchange platform. This allows “any federally permissible donor the ability to give” to its political committees using any crypto asset supported by Coinbase.
This move towards digital assets aligns with Trump‘s crypto-friendly stance and reaches out to a key demographic of young male voters, known for their increased interest in digital marketplaces. Notably, the announcement followed the conclusion of Trump’s defense in his hush-money case in New York.
Non-tangible digital exchanges on the internet define Cryptocurrencies, sidestepping dependence on the global banking system.
Among the cryptocurrencies accepted by Trump‘s campaign are the high-valued Bitcoin, Ether and US Dollar Coin, along with low-valued ones such as Shiba Inu Coin and Dogecoin, often associated with online influencers. The latter two, traded as DOGE and SHIB on markets, count billionaire Elon Musk among their fans.
What the Trump campaign plans to do with the crypto donations hold onto them or sell them immediately as well as potential fees incurred during liquidation is unclear. Though the campaign has voiced its intent to adhere to US election laws, the anonymity of cryptocurrency trading could complicate verifying the source of donations.
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Trump has raked in millions through his Trump Digital Trading Cards NFT projects and the MAGA coin, launched last August.
Coinbase spokesperson Julia Krieger said: “Crypto is nonpartisan and moves money forward because it’s cheaper and faster,” noting that Coinbase welcomes all candidates this election season.
President Joe Biden‘s campaign has not yet said if it will accept cryptocurrency donations.
Some states bar crypto donations in state races due to campaign finance laws, but the Federal Election Commission permits bitcoin contributions for committees.
The FEC’s 2014 advisory opinion deemed bitcoin as “money or anything of value” under the law, with political committees valuing contributions at bitcoin’s market value when received.
Independent candidate Robert F Kennedy Jr‘s presidential campaign is open to bitcoin donations. In traditional currency terms, Biden and the Democratic National Committee disclosed a $51 million April haul, trailing the $76 million reported by Trump and the Republican Party.
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