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Biden, Trump’s crypto strategies: Election gimmicks or genuine support?

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Will Trump and Biden’s contrasting crypto stances sway voter preferences in the 2024 presidential election?

After Trump, Biden for crypto?

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  • Trump and Biden show contrasting crypto approaches to appeal to different voters.
  • Critics see candidates’ pro-crypto stances as political moves, not genuine endorsements.

As the US presidential elections draw near, both Donald Trump and Joe Biden are intensifying their campaign strategies.

While Trump has strongly advocated for policies that support cryptocurrency, Biden has been more reserved in his approach towards the industry. This divergence reflects the efforts of the presidential candidates to appeal to different voter demographics. 

Joe Biden’s bold move

Seeing the rise of crypto voters in the upcoming election, Biden’s campaign is reportedly engaging with leaders in the cryptocurrency industry to explore the possibility of accepting donations through Coinbase Commerce, according to a recent update from The Block.

This move sparked significant criticism from the cryptocurrency community, including Dan Gambardello, Founder of Crypto Capital Venture, who expressed, 

“So, the Biden administration and the SEC spend years trying to crush crypto and even sue Coinbase…But now, they’re scrambling to set up crypto donations through Coinbase? Wow, they really do think Americans are stupid.” 

Biden’s changing stance on crypto

This new move contrasts sharply with Biden’s SEC’s recent actions, where they filed a lawsuit against Coinbase in federal court, arguing it lacks the right to operate as an exchange. 

Additionally, some believe it’s merely a political maneuver to demonstrate Biden’s equivalence to Trump, especially since Trump was the first to engage in such actions.

According to The Block’s report, an anonymous source commented on the matter and stated, 

“They’re paying attention to issues around crypto and are trying to find quick wins to show that they’re supportive of the industry. They want to show that they’re not the enemy.”  

What about Donald Trump?

It’s worth noting that skepticism surrounded not only Biden’s crypto donation campaign but also Trump’s.

David Hoffman, co-founder of Bankless, emphasized this by stating that Trump’s pro-crypto stance is widely perceived as nothing more than a joke. He added, 

David Hoffman

Source: David Hoffman/X

 Now, an obvious question arises: Is this a political stunt, or are they genuinely interested in embracing and adopting crypto?

With Biden’s recent decision to veto the repeal of SAB 121 and the SEC’s moves against the crypto industry, it appears unlikely that he has softened his stance towards crypto.

In contrast, Trump’s consistent endorsement of crypto, including his recent proposal to mine all remaining Bitcoin in the U.S. could sway voter preferences in his favor. 

Interestingly, despite Biden’s pro-crypto actions, the Biden-inspired memecoin, Jeo Boden (BODEN), saw a decline of over 11%. At the same time, the Trump-inspired memecoin, Doland Tremp (TREMP), rose by 5.93% according to CoinMarketCap. 

 

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Ishika is a graduate of Political Science from the University of Delhi. From writing content as a hobby to now pursuing it as a professional career, she has been living and breathing content all her life. Her interests lie in making sure articles are very digestible to a common reader, despite all its technicalities and jargons.
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