Former President Trump’s campaign announced Tuesday that it is accepting donations via cryptocurrency — marking the first time a presidential nominee has expanded its fundraising to include digital currency.
Donors will be allowed to give to the Trump campaign through its joint fundraising committees using any cryptocurrency accepted through the Coinbase Commerce product, the campaign said.
Standard contribution limits and disclosure requirements from the Federal Election Commission (FEC) will still apply to those donations.
The announcement came after Trump’s campaign raised more than the Biden campaign in April, though President Biden’s campaign still has an advantage in cash on hand.
Trump’s campaign, in announcing the cryptocurrency option, touted the former president’s emphasis on deregulation. However, while in office, Trump expressed some skepticism about cryptocurrency.
Trump, in 2019, said he was “not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air. Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity.”
Earlier this year, Trump said he would not allow the creation of a central bank digital currency if elected, calling it a “dangerous threat to freedom.”
The Biden administration has taken a cautious approach to cryptocurrency. In 2022, Biden signed an executive order calling on government agencies to examine the risks and benefits of cryptocurrencies, with a focus on consumer protection, financial stability, responsible innovation, and illicit activity.