US President Joe Biden is in talks with cryptocurrency industry players about accepting crypto donations via Coinbase Commerce, according to sources close to the matter.
Coinbase Commerce, a payment service that allows merchants to accept dozens of cryptocurrencies, is already handling crypto donations for presumptive Republican nominee Donald Trump's campaign, which began accepting digital currency contributions last month.
The discussions mark the latest efforts by the Biden campaign to explore ways to appeal to crypto-focused voters ahead of an election that some Capitol Hill experts believe will be decided by a very narrow margin. It also comes as Biden's team may look to bolster its coffers with funds from wealthy pro-crypto donors, a source told The Block.
The Biden campaign did not immediately respond to The Block's request for comment.
"They are paying attention to the issues around cryptocurrencies and trying to find quick solutions to show they support the industry," said a source working with politicians and cryptocurrency industry leaders. "[They want to] show that they are not the enemy."
As The Block reported last month, the Biden campaign began ramping up its efforts to engage the crypto community in recent weeks, shortly after political rival Trump made headlines for taking a pro-crypto stance.
Since then, the campaign's efforts to craft its crypto message have intensified, according to several sources. This is particularly true after President Biden was criticised for rejecting a bipartisan attempt to repeal SAB 121, a controversial piece of legislation that cryptocurrency supporters have criticised for stunting the industry's growth in the US.
"People in Biden's inner circle are now specifically saying to Biden's team, 'if you stay quiet on this cryptocurrency issue and don't get up to speed, you could lose the election'," said a source close to the matter, stressing that discussions about Biden's team accepting crypto donations are still ‘exploratory’.
Pro-crypto donors are also mobilising, attracting the attention of political candidates on both sides of the aisle. Crypto-currency-backed super PACs have raised a war chest of $100 million, according to consumer rights group Public Citizen, citing data from Open Secrets. It's certain that how this money is distributed - and who it's given to - will be significant, as votes often go in the same direction as wealthy donors' funds, sources told The Block.
"People are looking for money... and [they're] looking for every vote," one source said.
