{"id":81164,"date":"2024-06-13T05:40:04","date_gmt":"2024-06-13T09:40:04","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=81164"},"modified":"2024-06-13T05:40:48","modified_gmt":"2024-06-13T09:40:48","slug":"joe-bidens-bitcoin-and-crypto-donations-draw-criticism","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/joe-bidens-bitcoin-and-crypto-donations-draw-criticism\/","title":{"rendered":"Joe Biden’s Bitcoin And Crypto Donations Draw Criticism"},"content":{"rendered":"\n

Reportedly, President Joe Biden is contemplating the possibility of accepting crypto donations for his campaign via Coinbase Commerce. The Biden administration<\/a>‘s ‘hypocritical' position has sparked tremendous crypto community outrage.<\/p>\n\n\n\n

\"Joe<\/figure>\n\n\n\n

In a surprising development, President Joe Biden is exploring the feasibility of accepting crypto donations through Coinbase Commerce.<\/p>\n\n\n\n

This has elicited a torrent of criticism from a variety of sectors within the crypto community.<\/p>\n\n\n\n

Additionally, industry stakeholders encouraged the crypto community to refrain from endorsing Biden's campaign.<\/p>\n\n\n\n

Crypto Community Criticizes Joe Biden<\/h2>\n\n\n\n

Joe Carlasare, a commercial litigator who is renowned for his advocacy of Bitcoin, addressed X to emphasize the contradiction in the Biden administration's posture\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>.<\/p>\n\n\n\n

\u201cBiden\u2019s SEC is suing @coinbase in federal court arguing it doesn\u2019t have a right to exist as an exchange. At the same time, the Biden campaign is preparing to accept crypto donations via Coinbase,\u201d Carlasare wrote.<\/p>\n\n\n\n

Pro-XRP lawyer John Deaton, who is opposing Senator Elizabeth Warren, echoed Carlasare's concerns.<\/p>\n\n\n\n

He criticized the discontinuity in Washington DC politics. Deaton wrote, \u201cJoe\u2019s post highlights the utter dysfunction of Washington DC politics. Senator Elizabeth Warren has proposed a bill written by the Banking Industry that bans the self-custody of Bitcoin and other crypto assets.\u201d<\/p>\n\n\n\n

Additionally, he highlighted the disparity between Gensler and Biden's stance on crypto.<\/p>\n\n\n\n

Deaton further stated, \u201cGary Gensler claims that those same crypto assets constitute illegal securities. But in the meantime, President Joe Biden will accept those illegal securities as political donations.\u201d<\/p>\n\n\n\n

Moreover, Ryan Selkis, CEO of Messari, a crypto analytics firm, expressed his dismay in strong terms. \u201cI will never be able to look at anyone who donates to this campaign using crypto \u2013 before ANY concessions or policy reversals \u2013 without spitting venom. Would be an act of complete cowardice, betrayal, and show negative self-worth,\u201d Selkis wrote.<\/p>\n\n\n\n

Additionally, Nic Carter, founder of Coin Metrics, provided an in-depth list of complaints against the Biden administration's handling of crypto.<\/p>\n\n\n\n

He accused the administration of coercing banks into dropping crypto clients.<\/p>\n\n\n\n

Moreover, he emphasized the administration's involvement in legal disputes with significant exchanges and token projects.<\/p>\n\n\n\n

Furthermore, he criticized them for their actions in harassing Bitcoin miners and directing several high-quality projects to other countries.<\/p>\n\n\n\n

\u201cThey have the absolute temerity to think we\u2019re gonna donate crypto to the campaign?\u201d Carter inquired in an agitated manner.<\/p>\n\n\n\n

Reports Of Accepting Crypto Donations<\/h2>\n\n\n\n

The Biden campaign is currently in discussions with crypto industry players about the possibility of accepting crypto donations through Coinbase Commerce, according to sources close to the campaign.<\/p>\n\n\n\n

This service enables merchants to accept a variety of cryptocurrencies.<\/p>\n\n\n\n

Additionally,\u00a0presumptive Republican candidate Donald Trump's campaign<\/a>\u00a0is currently employing it to accept digital currency contributions.<\/p>\n\n\n\n

The action is part of the Biden campaign's endeavors to attract crypto-focused voters in anticipation of a closely contested election.<\/p>\n\n\n\n

According to an anonymous source, the campaign is attempting to demonstrate that it is not anti-crypto.<\/p>\n\n\n\n

\u201cThey\u2019re paying attention to issues around crypto and are trying to find quick wins to show that they\u2019re supportive of the industry,\u201d the source said, according to The Block report.<\/p>\n\n\n\n

Furthermore, an additional source reported that the campaign's emphasis on cryptocurrency has been heightened in response to the censure it received for defeating a bipartisan effort to repeal SAB 121.<\/p>\n\n\n\n

The SEC's SAB 121<\/a> is a legislative measure that is perceived as impeding the development of the crypto industry in the United States.<\/p>\n\n\n\n

Critics contend that this endeavor to solicit cryptocurrency donations is “hypocritical” in light of the administration's prior stance on cryptocurrencies.<\/p>\n\n\n\n

However, the Biden campaign's interaction with the crypto community seems to be a part of a broader strategy to secure every possible vote.<\/p>\n\n\n\n

Crypto-backed super PACs have amassed substantial funds and are exerting a significant impact on both sides of the political spectrum.<\/p>\n\n\n\n

Based on data from Open Secrets, these super PACs have accrued a $100 million war chest, as per a report by Public Citizen.<\/p>\n\n\n\n

The Biden campaign persists in its pursuit of alternatives, despite the opposition.<\/p>\n\n\n\n

According to sources, the discussions regarding the acceptance of crypto donations are currently in the “exploratory” phase.<\/p>\n\n\n\n

In what is anticipated to be a closely contested election, they emphasized the significance of this demographic.<\/p>\n","protected":false},"excerpt":{"rendered":"

Reportedly, President Joe Biden is contemplating the possibility of accepting crypto donations for his campaign via Coinbase Commerce. The Biden administration‘s ‘hypocritical’ position has sparked tremendous crypto community outrage. In a surprising development, President Joe Biden is exploring the feasibility of accepting crypto donations through Coinbase Commerce. This has elicited a torrent of criticism from […]<\/p>\n","protected":false},"author":56,"featured_media":81166,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[5392,152,150,7851,19485,19486],"class_list":["post-81164","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-cryptocurrency-2","tag-bitcoin","tag-coinbase","tag-crypto-donations-2","tag-donald-trump-crypto","tag-president-joe-biden"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2024\/06\/Joe-Bidens-Bitcoin-And-Crypto-Donations-Draw-Criticism.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/81164","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/56"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=81164"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/81164\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/81166"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=81164"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=81164"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=81164"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}