Donald Trump has reportedly become the first presumptive Republican presidential nominee to accept cryptos for official campaign donations.
The former US President on Tuesday, launched a crypto fundraising page for eligible donors to contribute using the Coinbase Commerce product. The move comes weeks after he declared as the candidate for cryptocurrency at Mar-a-Lago gala that thrust crypto into the 2024 campaign.
Per the crypto donation portal, crypto assets including Bitcoin, (BTC), Ether (ETH), Solana (SOL), Dogecoin (DOGE), Shiba Inu (SHIB), Ripple (XRP), USD Coin (USDC) and Ox (ZRX) are accepted currently.
Crypto donations are subject to standard contribution disclosure requirements from the Federal Election Commission (FEC). That said, it isn’t clear whether the Trump campaign will hold onto the crypto or plans to sell it.
The statement further said that the move is a “part of a seismic shift toward freedom.” The announcement “reflects Trump’s commitment to an agenda that values freedom over socialistic government control,” it added.
Julia Krieger, a Coinbase spokeswoman, told The Associated Press that the platform is open to all candidates this election season. “Crypto is nonpartisan and moves money forward because it’s cheaper and faster,” she added.
Interestingly, the likely GOP flag bearer in the upcoming US elections, isn’t the first presidential candidate to accept cryptocurrency donations.
Robert F. Kennedy Jr. from ‘We The People,’ announced in May 2023 that his campaign would accept BTC donations. Republican Senator Rand Paul, accepted BTC donations in its 2015 campaign.
Building a ‘Crypto Army’
With the new crypto donation option, Trump supporters are planning to build a ‘crypto army’ to fight with the “anti-crypto army” that Massachusetts Senator Elizabeth Warren has campaigned on.
Although Trump is yet to propose any concrete pro-crypto policies, his supporters are already accepting the positive voices in favor of the nascent asset class. This is possibly due to Biden’s administration taking the anti-crypto stance in the past.
The Biden administration has taken a cautious approach to cryptos. For instance, in 2022, Biden signed an Executive Order, which aims to develop digital assets in a responsible manner. The Order called on government agencies to examine the risks and benefits of cryptocurrencies, with a focus on consumer protection, financial stability and CBDCs.
Trump’s Skepticism on Cryptos
Donald Trump, while in office, has expressed some skepticism about cryptos. In 2019, he said that he was “not a fan of Bitcoin and cryptocurrency.” He strongly supported the US Dollars, calling it the “only real currency” in the US.
“[Cryptos] are not money, and whose value is highly volatile and based on thin air. Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity.”
However, an official filing that circulated in October 2023 revealed that Trump holds between $250,000 to $500,000 in digital assets, and that he held a majority of assets in Ethereum.
Early this year, the former Prez said he would never allow the creation of a CBDC, calling it a “dangerous threat to freedom.”