Trump’s Campaign to Start Accepting Cryptocurrency Donations

by | May 22, 2024 | Cryptocurrency, News | 0 comments


Donald Trump’s presidential campaign announced on Tuesday that it will begin accepting donations in cryptocurrency, aligning with his stance as a crypto-friendly candidate and aiming to build a “crypto army” ahead of Election Day. This move is targeted particularly at engaging young male voters, a demographic that has shown a growing interest in digital assets.

The campaign has set up a fundraising page in collaboration with the Coinbase cryptocurrency exchange, allowing contributions in various cryptocurrencies from any donor permitted under federal law. The types of digital currencies accepted include major ones like Bitcoin, Ether, and US Dollar Coin, as well as more niche coins popular among internet users, such as Shiba Inu Coin and Dogecoin, the latter of which has been famously endorsed by billionaire Elon Musk.

The initiative coincides with the conclusion of Trump’s defense in his hush money case in New York. Cryptocurrencies, which operate independently of the global banking system, provide a means of transaction that is fast and without the need for traditional banking.

However, the campaign has not clarified whether it plans to retain the received cryptocurrencies or convert them to fiat currency immediately, nor the fees associated with such transactions. Despite the anonymous nature of cryptocurrency transactions, the Trump campaign has stated its commitment to adhere to U.S. election laws, though the anonymity could complicate verification of donor identities.

Previously, Trump has engaged with cryptocurrencies through his Trump Digital Trading Cards non-fungible token projects and the launch of his MAGA coin in August. These ventures have already garnered him millions in cryptocurrency.

Julia Krieger, a spokeswoman for Coinbase, emphasized that cryptocurrency is nonpartisan and benefits monetary transactions by being cheaper and faster. She noted that the Coinbase platform is available to all candidates this election season.

The Federal Election Commission (FEC) allows political committees to receive cryptocurrencies like bitcoin as contributions. According to a 2014 FEC advisory opinion, bitcoin is considered “money or anything of value” under campaign finance law, and donations must be valued at the market price at the time of receipt.

Meanwhile, independent candidate Robert F. Kennedy Jr.’s campaign is also accepting bitcoin donations. This comes as President Joe Biden and the Democratic National Committee recently reported raising over $51 million in April, which is significantly less than the $76 million raised by Trump and the Republican Party during the same period.

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