Insiders confirmed that Joe Biden’s administration is currently in talks with some crypto experts to accept crypto donations.
President Joe Biden’s stance on cryptocurrencies is cautious and focused on strict regulation. Through rules & laws approval, the Biden administration emphasizes strict rules are necessary to protect consumers, prevent illicit activities, and ensure financial stability. Biden supports efforts to regulate the crypto market through measures like taxation, anti-money laundering regulations, and monitoring of stablecoins, reflecting a broader aim to integrate digital assets into the existing financial system responsibly.
The majority of crypto enthusiasts see Biden as a crypto hater, as his administration passed many bills that were against the crypto sector & adoption of this innovative sector under the US jurisdiction.
On 12 June 2024, TheBlock reported that a person close to the Biden Administration’s re-election team disclosed that the election campaign team for U.S. President Joe Biden is currently in talks with cryptocurrency industry representatives to explore the possibility of accepting crypto donations via Coinbase Commerce.
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Coinbase Commerce is a popular crypto payment service by the popular American Nasdaq-listed crypto exchange Coinbase. Many merchants use Coinbase’s crypto payment service to access crypto payments from customers. Currently, Biden’s biggest rival & former US president Donald Trump’s election campaign team accepts crypto donations via Coinbase Commerce.
The anonymous source noted that President Biden’s campaign aims to attract funds from wealthy pro-crypto donors and show that the campaign is supportive of the crypto industry, not against it. The source suggests that Biden’s team is looking for ways to quickly show their positive stance on crypto issues.
Following this news, the trade price of $Biden token, a meme Cryptocurrency inspired by Joe Biden, surged 22% within 24 hours.
Read also: Infamous bankrupt crypto firm TerraForm labs agrees to settle the case with the US SEC
American president Joe Biden in talks to accept Bitcoin & Crypto donation
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