U.S. President Joe Biden’s campaign is in discussions with cryptocurrency industry players about accepting crypto donations through Coinbase Commerce, sources familiar with the matter told The Block.
Coinbase Commerce, a payments service that allows merchants to accept dozens of cryptocurrencies, already powers crypto donations to presumptive Republican candidate Donald Trump’s campaign, which began accepting digital currency contributions last month.
The discussions mark the Biden campaign’s latest efforts to explore ways to court crypto-focused voters in the run-up to an election that some experts on Capitol Hill believe will be decided by a razor-thin margin, according to sources who asked to remain anonymous, citing the sensitivity of the discussions. It also comes as Biden’s team may be looking to bolster its coffers with funds from cash-flush pro-crypto donors, one source told The Block.
The Biden campaign did not immediately respond to The Block’s request for comment.
“They’re paying attention to issues around crypto and are trying to find quick wins to show that they’re supportive of the industry,” said one source, who works with politicians and crypto industry leaders. “[They want] to show that they’re not the enemy.”
As The Block first reported last month, Biden’s campaign has begun ramping up its efforts to engage with the crypto community in recent weeks, shortly after his political rival Trump made headlines for embracing a pro-crypto stance in his own about-face.
Since then, the campaign’s efforts to craft its crypto messaging have intensified, according to several sources. That’s particularly true after President Biden received backlash for striking down a bipartisan push to repeal SAB 121, a controversial legislative measure that proponents of crypto have criticized for stymying the industry’s growth in the U.S.
“People in [Biden’s] outer inner circle are now specifically telling the Biden team, ‘if you’re quiet on this crypto thing and you don’t get up to speed, you could lose the election,’” one source close to the matter said, stressing that the talks about Biden’s camp accepting crypto donations are still “exploratory.”
Pro-crypto donors have also been mobilizing, capturing the attention of political candidates on both sides of the aisle. Crypto-backed super PACs have raised a $100 million war chest, consumer rights advocacy group Public Citizen reported in May, citing Open Secrets data. To be sure, how that money is distributed — and to whom it’s given — will be significant, as votes often go in the same direction that wealthy donors’ funds flow, sources told The Block.
“People are looking for money… and [they’re] looking for every vote,” a source said.
