Trump Enters The Crypto Market

Photo by Nick Chong on Unsplash

( – On Tuesday, former President Donald Trump’s campaign announced that people could now donate to his 2024 reelection campaign with cryptocurrency. This is the first time that a presidential nominee has made it possible for others to provide him with funds through a digital currency. 

Donors will have the chance to donate to the Trump campaign through joint fundraising committees via cryptocurrency through the Coinbase Commerce product. The Federal Election Commission (FEC) has set up restrictions regarding standard contributions and requirements for disclosures, and those are still applicable to cryptocurrency donations. 

Trump’s campaign had announced that they had raised more than the Biden campaign during April. However, President Biden’s campaign still has more cash on hand available. Trump’s campaign’s new cryptocurrency fundraising option has further boosted Trump’s position on deregulation. Still, during his first administration, Trump had also expressed some concerns relating to cryptocurrency. 

In 2019 Trump had argued that he was not a fan of cryptocurrencies and bitcoin as they were not real money and their value could be very volatile. He had also argued that these cryptocurrencies were based on “thin air” and that the unregulated Crypto Assets could essentially be used to facilitate unlawful activities, including facilitating the drug trade. Trump has also argued that if he wins back the Oval Office he would block the creation of a central bank digital currency. He has also referred to such a ban as a threat to freedom.

The Biden administration has also been cautious in how they handle cryptocurrency. 

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