Former President Trump's campaign announced Tuesday that it will accept donations in cryptocurrencies. This is the first time a presidential candidate has included digital currency in their fundraising efforts.
The campaign said donors will be allowed to donate to the Trump campaign through the Community Chest Committee using cryptocurrencies accepted through the Coinbase Commerce product.
These contributions are still subject to standard contribution limitations and disclosure requirements from the Federal Election Commission (FEC).
The announcement comes after the Trump campaign raised more money than the Biden campaign in April, but President Biden's campaign still has a cash advantage.
In announcing its cryptocurrency options, the Trump campaign touted the former president's emphasis on deregulation. However, during his time in office, Trump expressed skepticism towards cryptocurrencies.
President Trump said in 2019 that “Bitcoin and other cryptocurrencies are not money, and I'm not a fan of currencies that are highly volatile and have little value.” Unregulated cryptoassets can facilitate illegal activities, including drug trafficking and other illegal activities. ”
Earlier this year, President Trump said if elected, he would not allow the creation of a central bank digital currency, calling it a “dangerous threat to freedom.”
The Biden administration is taking a cautious approach to cryptocurrencies. In 2022, Biden signed an executive order requiring government agencies to investigate the risks and benefits of cryptocurrencies, focusing on consumer protection, financial stability, responsible innovation, and illegal activity.
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