As a long-time crypto investor who has closely followed the regulatory landscape and industry developments, I find the news of President Biden’s potential acceptance of crypto donations through Coinbase quite intriguing, albeit with a heavy dose of skepticism. The irony of this situation is not lost on me or the broader crypto community, given the U.S. Securities and Exchange Commission (SEC) under the Biden Administration’s ongoing legal battle with Coinbase over unregistered securities.
As a crypto investor, I’m excited to hear about President Joe Biden’s potential acceptance of cryptocurrency donations through Coinbase. This could be a significant step forward in the recognition and integration of digital currencies in political fundraising. If this becomes a reality, it would make contributing to campaigns more accessible and convenient for crypto enthusiasts like myself.
On June 12th, The Block revealed that Biden’s campaign team was actively trying to reach out to supporters who are interested in cryptocurrencies. This was in reaction to Donald Trump expressing his support for the crypto industry and accepting digital currency donations as a candidate.
Based on the recent report, I’ve discovered that the Biden campaign team is currently engaging in talks with Coinbase Commerce – a payment platform that empowers merchants to process cryptocurrency transactions. Notably, this same service was utilized by the Trump campaign for crypto donations earlier.
As a crypto investor, I’ve heard from reliable sources that regulatory bodies are actively exploring ways to engage with the cryptocurrency sector. They’re keenly aware of the issues surrounding digital assets and are determined to find solutions that will demonstrate their support for this industry. Their ultimate goal is to allay any fears or misconceptions that may label them as adversaries.
Crypto Community Reacts
The lawsuit filed by the SEC under the Biden Administration against Coinbase in June 2023 has sparked significant discussion within crypto industry circles. The unexpected irony being that this action comes from an administration known for its pro-crypto stance.
I’ve spent years watching the Biden administration and the SEC take a hardline stance against cryptocurrencies, going so far as to sue companies like Coinbase. But now, it seems they’re trying to make a quick pivot and set up crypto donations through the very same platform they once tried to crush? It’s quite a turnaround.
“Wow, they really do think Americans are stupid.”
During this time, Ethereum instructor Anthony Sassano referred to it as a “Clown world” situation, expressing that “Biden encourages crypto donations, but the SEC is filing lawsuits against major US crypto companies like Coinbase, Kraken, and Uniswap Labs.”
On June 13, Nic Carter, a partner at Castle Island Ventures, published a rundown of the various moves made by the Biden administration in relation to their ongoing efforts against cryptocurrencies. He then went on to evaluate these actions.
“And they have the absolute temerity to think we’re gonna donate crypto to the campaign?”
During Biden’s administration, the government took a firm stance against cryptocurrencies. They pressured banks into terminating relationships with crypto clients. The legal department initiated numerous lawsuits against major cryptocurrency exchanges and token projects. Bitcoin miners were subjected to harassment, and efforts were made to intimidate utilities into discontinuing their services for the mining industry. Numerous high-quality projects and stablecoins faced forceful regulatory actions.
— nic carter | BIP-420 (@nic__carter) June 13, 2024
Expert: Joe Carlasare, a lawyer specializing in cryptocurrency, recognized the paradoxical situation. He commented that “The SEC under President Biden’s administration is filing a lawsuit against Coinbase in federal court, claiming it lacks the authority to operate as an exchange. Simultaneously, the Biden campaign is planning to receive crypto donations through Coinbase.”
Trump Building a Crypto Support Base
In the meantime, Donald Trump has been reinforcing his connections to the sector, employing it as a tool against his pro-crypto adversary.
On June 12th, he expressed his viewpoint by stating, “Bitcoin mining could be our final safeguard against Central Bank Digital Currencies (CBDCs).” He further commented, “The administration’s disdain for Bitcoin inadvertently benefits China, Russia, and the Radical Communist Left.”
“We want all the remaining Bitcoin to be made in the USA,” he declared.
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2024-06-13 21:45