Trump Campaign Embraces Crypto Donations as Election Approaches

By: Isha Das

Former President Donald Trump has initiated the acceptance of crypto donations for his re-election campaign, making history as the first major party presidential candidate to integrate digital assets into his fundraising efforts.

On May 21, Trump’s campaign website was updated to allow cryptocurrency users to donate using various digital assets, including Bitcoin, Ethereum, XRP, Cardano, Dogecoin, Shiba Inu, among others. This move positions crypto as a critical focal point in the political landscape, especially with Trump and President Joe Biden as the anticipated candidates for their respective parties in the upcoming November elections.

The US Securities and Exchange Commission (SEC) is reportedly considering the approval of spot Ethereum exchange-traded funds (ETFs), which could indicate a significant shift in US crypto policy. According to Bloomberg Intelligence Analyst Eric Balchunas, the SEC's approval might be politically motivated and could signal a major turnaround in governmental attitudes towards crypto.

Additionally, recent congressional activities highlight a potential shift towards favorable crypto legislation. A bipartisan initiative successfully overturned the SEC's contentious Staff Accounting Bulletin 121, a resolution that many crypto stakeholders found restrictive. Upcoming votes on the Financial Innovation and Technology for the 21st Century Act (FIT21) could further establish a comprehensive regulatory framework for digital assets, garnering support from major industry players like Coinbase, Kraken, and Andreessen Horowitz.