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crypthub

1/24/2025, 11:54:00 AM

Donald Trump Accepts Cryptocurrencies as Campaign Donations

Donald Trump has made history by becoming the first presumptive Republican presidential nominee to accept cryptocurrencies as official campaign donations. On Tuesday, he launched a crypto fundraising page through Coinbase Commerce, enabling eligible donors to contribute using various digital assets. This move follows his public declaration at the Mar-a-Lago gala, where he positioned himself as a candidate favorable to cryptocurrency in the 2024 campaign.

Crypto Donation Portal and Compliance

The crypto donation portal accepts several popular cryptocurrencies, including Bitcoin (BTC), Ether (ETH), Solana (SOL), Dogecoin (DOGE), Shiba Inu (SHIB), Ripple (XRP), USD Coin (USDC), and Ox (ZRX). These donations are subject to the standard contribution disclosure requirements set by the Federal Election Commission (FEC). The Trump campaign has not yet disclosed whether they intend to hold onto the crypto assets or sell them.

Promoting Freedom and Nonpartisan Crypto Adoption

The announcement aligns with Trump's broader agenda of promoting freedom and opposing government control. Coinbase spokeswoman Julia Krieger emphasized the nonpartisan nature of cryptocurrencies, stating that the platform is open to all candidates this election season. While Trump has expressed skepticism about cryptocurrencies in the past, his supporters are enthusiastic about this new development, partly due to the perceived contrast with the Biden administration's cautious stance towards crypto.

Biden Administration's Cautious Approach to Cryptocurrencies

The Biden administration's approach is evident in measures like the 2022 Executive Order, which emphasized responsible development of digital assets. During his presidency, Trump expressed doubts about cryptocurrencies, calling them unreliable and volatile. He favored the US Dollar and criticized unregulated crypto assets for facilitating illegal activities. However, recent filings reveal that Trump currently holds between $250,000 and $500,000 in digital assets, with a majority invested in Ethereum.