News

Biden’s campaign calls for donations to compete with Trump-supporting crypto industry executives

Published

on

Last updated: May 22, 2024 2:03 pm EDT | 1 minute read

President Joe Biden’s campaign team is calling for financial aid to keep up with Republican competition, which it says is backed by the wealthy cryptocurrency industry.

Biden calls for support to fight cryptocurrencies

In a Widely circulated screenshot On Wednesday, Biden’s campaign team appeared to send messages to followers warning them of the sheer size of donations the Trump campaign had received.

“Guys, the situation couldn’t be more serious,” Biden’s message read. “Cryptocurrency executives and oil barons are coming out for Trump. They are writing out $800,000 checks at glitzy events.”

Biden admitted that Trump’s campaign was outpacing his own, raising $76 million in April, including $50 million raised solely from the former president’s $50 million gala in Florida last month.

Biden’s request mimics those of Democratic Senator Elizabeth Warren months earlier, who is now in direct competition with a pro-crypto Republican lawyer for her seat in Massachusetts.

Federal Election Commission data last month showed that John Deaton, who represented 75,000 XRP investors in a lawsuit with federal regulators last year, raised $1.36 million in the first quarter, up from $1. Warren’s $1 million. Some of Deaton’s donors included Skybridge Capital co-founder Anthony Scaramucci and Ripple CEO Brad Garlinghouse, among others.

The partisan nature of cryptocurrencies

The lopsided support of cryptocurrencies for Republicans follows years of hostile actions against the industry by the Democrat-led Securities and Exchange Commission (SEC) and direct efforts by the White House to stymie the Bitcoin mining industry.

Earlier this month, the White House vowed to veto legislation that would repeal SAB 121, an SEC rule widely criticized for preventing regulated banks from offering cryptocurrency custody services.

Both the House and Senate have now passed the resolutions, with total Republican support along with small Democratic support in both chambers.

Meanwhile, Donald Trump – who once derided Bitcoin as a scam – is now closing in on the sector. After a February interview Saying he would be tolerant of Bitcoin, the candidate has now started accepting donations for cryptocurrency-based campaigns, with the intention of build a “crypto army” defying the hostile efforts of Elizabeth Warren.

An official document from October 2023 showed that Trump personally owned between $250,000 and $500,000 in cryptocurrency.

Later, the House of Representatives will vote on the Financial Innovation and Technology for the 21st Century Act (FIT21), which is intended to promote broad regulatory clarity for cryptocurrencies in general.



Fuente

Leave a Reply

Your email address will not be published. Required fields are marked *

Información básica sobre protección de datos Ver más

  • Responsable: Miguel Mamador.
  • Finalidad:  Moderar los comentarios.
  • Legitimación:  Por consentimiento del interesado.
  • Destinatarios y encargados de tratamiento:  No se ceden o comunican datos a terceros para prestar este servicio. El Titular ha contratado los servicios de alojamiento web a Banahosting que actúa como encargado de tratamiento.
  • Derechos: Acceder, rectificar y suprimir los datos.
  • Información Adicional: Puede consultar la información detallada en la Política de Privacidad.

Trending

Exit mobile version