US President Joe Biden is reportedly considering accepting crypto donations for his campaign. These donations will be received through Coinbase Commerce.
This move has attracted stiff criticism from some crypto community members who view it as hypocritical given the administration’s tough stance on crypto operations and regulation.
Some crypto industry stakeholders urge the entire community to desist from supporting Biden’s campaign. Legal practitioner and Bitcoin supporter Joe Carlasare labeled the move a contradiction since the SEC is suing Coinbase for operating an unregistered exchange.
Also, Pro-XRP attorney John Deaton, currently in a senatorial race with Senator Elizabeth Warren, shared Carlasare’s views. Deaton criticized the double standards in Washington, DC politics.
The pro-XRP lawyer referenced a proposed bill by Democrat Senator Elizabeth Warren written by the Banking industry.
Notably, this bill aimed to ban the self-custody of Bitcoin and other crypto assets, claiming they constitute illegal securities. However, Joe Biden, who is also a Democrat, seems willing to accept these illegal securities as political donations.
Reacting to John Deaton’s statement, another X user, Manny, said the US Congress could have replaced the SEC chairman Gary Gensler if it aimed to protect consumers. Manny believes they allowed Gensler’s stay to maintain financial control for the big banks and bleed cash from crypto.
More Reactions to Biden’s Crypto Update
Also, the CEO of Mesari, Ryan Selkis, shared his disapproval of the Biden team’s alleged attempt to accept crypto donations. According to Selkisi, anyone who donates to Biden’s campaign using crypto acts in cowardice and betrayal.
Selkis insisted that he cannot relate with anyone who donates to Biden using crypto.
Furthermore, the founder of Coin Metrics, Nic Carter shared a list of trespasses of the Biden administration’s handling of crypto. Carter stated that banks faced pressure to drop crypto clients under Biden, and every major exchange and project was scrutinized.
Also, the administration harassed Bitcoin miners and tried to convince utilities to drop them. Additionally, they forced many high-quality projects and stablecoins to move abroad.
Furthermore, Carter noted that the administration failed to define crypto laws clearly but kept enforcing them. They made decentralized finance (DeFi) and blockchain privacy nearly illegal in the US.
According to Carter, all these contradictions make it quite surprising that Biden would dare to imagine a crypto donation.
These speculations come when Biden’s Republican Rival, Donald Trump, has accepted crypto payments for his campaign. So, Biden’s team possibly targets crypto-focused voters ahead of the coming US elections.
Remarkably, most crypto lovers profile Biden’s administration as an anti-crypto unit due to its restrictive laws for crypto projects. Nevertheless, speculations of Biden’s consideration of crypto support are not yet confirmed.
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