May 24, 2024
By Anjali Kochhar
Donald Trump’s presidential campaign has declared that it will accept bitcoin payments, intending to build a “crypto army” ahead of the 2017 elections. The campaign launched a dedicated fundraising page where supporters could donate using a variety of digital assets, including Bitcoin, Ether, US Dollar Coin, Shiba Inu Coin, and Dogecoin.
This landmark decision underscores the growing mainstream acceptance of cryptocurrencies, with Trump’s team leveraging the Coinbase platform to facilitate donations. While the move promises greater accessibility and efficiency in fundraising, questions linger regarding the handling of crypto assets and compliance with election laws.
Notably, the campaign’s embrace of cryptocurrencies extends beyond fundraising, as Trump himself has garnered millions through personal crypto ventures, including Trump Digital Trading Cards and the MAGA coin. Despite the decentralized and pseudonymous nature of cryptocurrencies posing verification challenges, the campaign asserts its commitment to adhere to US election regulations.
While Trump’s campaign blazes a trail in crypto fundraising, it’s not alone in this endeavor. Independent candidate Robert F. Kennedy Jr.’s presidential campaign is also embracing Bitcoin donations, signaling a broader trend in political fundraising innovation.
However, this initiative isn’t without its hurdles. Some states prohibit cryptocurrency donations in state elections, highlighting the patchwork regulatory landscape surrounding digital assets. Yet, at the federal level, the acceptance of Bitcoin as a valid contribution by the Federal Election Commission paves the way for political committees to navigate these complexities.
According to a 2014 advisory opinion from the Federal Election Commission, political organizations should appropriately determine the market worth of cryptocurrency contributions at the time of receipt when navigating this unexplored region.
As the 2024 elections approach, Trump’s move into cryptocurrency fundraising marks a new age in political finance, with digital assets playing an increasingly important role in creating electoral landscapes.
About the author
Anjali Kochhar covers cryptocurrency stories in India as well as globally. Having been in the field of media and journalism for over three years now, she has developed a sharp news sense and works hard to present information that goes beyond the obvious. She is an avid reader and loves writing on a wide range of subjects.
