On May 21, former US President Donald Trump's presidential campaign launched a fundraising page where federally recognized donors can donate using cryptocurrency through Coinbase Commerce.
President Trump's embrace of cryptocurrencies presents a stark contrast to the current administration's stance on digital assets.
Trump campaign accepts up to 8 cryptocurrencies
According to a campaign announcement, supporters can donate to the Trump campaign in cryptocurrency by visiting a designated website, with all donation limits and disclosure requirements subject to Federal Election Commission regulations.
In its announcement, the Trump campaign said it aims to “reduce government control over Americans' financial decisions.” He also believes that accepting crypto donations reflects “a commitment to an agenda that values individual freedom over increased socialist government control.”
“Biden surrogate Elizabeth Warren, in her attack on crypto, said they are building an 'anti-crypto army' to limit the right of Americans to make their own financial choices. MAGA supporters will have new crypto options to form their own crypto armies and campaign for victory on November 5th,” the announcement read.
The statement citing MAGA is particularly interesting given that MAGA is a Trump-themed meme coin. President Trump appears to want to use this asset to symbolize his campaign's support for cryptocurrencies.
The campaign accepts several cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Solana (SOL), USDC, XRP, Dogecoin (DOGE), 0x (ZRX), and Shiba Inu (SHIBA). Supporters can donate a custom amount or choose from predefined options such as $20.24, $2,024, $45, $47, and $4,547. The numbers 45 and 47 represent the presidential campaign's message that President Trump is the 45th president and is aiming to become the 47th president.
Read more: How to donate cryptocurrency using Giving Block
However, it is important to note that while the announcement claimed that Trump was the “first major party candidate” to accept cryptocurrency donations, he will not be officially a candidate until July. . Additionally, in 2015, Republican Sen. Rand Paul accepted Bitcoin donations for his presidential campaign.
The move follows President Trump's promise at a recent event at Mar-a-Lago that supporters could donate in cryptocurrency. He also criticized current US regulatory measures as “hostile” and promised a more welcoming approach to the crypto industry.
His current cryptocurrency-focused political move comes as President Joe Biden's administration is taking a tougher stance on the digital asset industry. This shift is notable considering that Trump was a crypto skeptic during his first presidential term, from 2017 to 2021.
Nevertheless, many believe that President Trump's inauguration could bring positive prospects to the crypto industry. BeInCrypto previously reported that Standard Chartered researcher Jeffrey Kendrick indicated that the Trump administration may adopt less stringent crypto regulatory measures than the current Biden administration.
Read more: Cryptocurrency regulation: What are the advantages and disadvantages?
This potential policy shift could encourage foreign buyers of U.S. government bonds to explore alternative financial assets like Bitcoin. Such exploration could drive prices higher.
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