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Donald Trump says his campaign will accept cryptocurrencies

by SuperiorInvest

Former US President Donald Trump, who is currently facing criminal charges in four jurisdictions in the country, announced that his campaign to run for president in 2024 would accept cryptocurrency donations.

In a May 21 notice, the Trump 2024 campaign said it had launched a fundraising page for eligible people to donate in cryptocurrency using the Coinbase Commerce product. The website featured logos of Bitcoin (BTC), Ether (ETH), Dogecoin (DOGE), Shiba Inu (SHIB), XRP, USD Coin (USDC), Solana (SOL), and 0x (ZRX). The ad cited Senator Elizabeth Warren's attacks on cryptocurrencies, claiming without evidence that she was acting as US President Joe Biden's “official surrogate” in Congress.

During a May 8 dinner for supporters who purchased a non-fungible token with a mugshot of his surrender at a Georgia jail, Trump said he would ensure attendees could donate to his campaign in cryptocurrency. With less than six months until Election Day, Trump is the Republican Party's presumptive nominee for president of the United States in 2024. He will likely face President Biden, the Democratic Party's presumptive nominee.

On May 15, Trump responded to a challenge from President Biden and agreed to meet on June 27 and September 10 for televised debates on CNN and ABC, respectively. Although terms have not yet been finalized, the debates could mark the first time the two candidates face off in person since 2020, when Trump lost the election to Biden.

Source: Joe Biden

Despite accepting crypto donations, Trump's “issues” page on his campaign website did not specifically mention digital assets or blockchain at the time of publication. President Biden has rarely issued public statements on cryptocurrencies, but he signed an executive order to establish a regulatory framework for digital assets in 2022.

Related: Neither Joe Biden nor Donald Trump are champions of cryptocurrencies

The announcement of Trump's cryptocurrency donation came as the jury in his criminal trial in New York prepared for deliberations, scheduled for next week. The former president has had to appear in person in a Manhattan court for allegedly falsifying business documents for a $130,000 payment to adult film star Stormy Daniels. He also faces charges in Georgia and the District of Columbia for allegedly trying to overturn the results of the 2020 election and in Florida for allegedly mishandling classified documents.

In 2021, after leaving office, Trump said that Bitcoin “just seems like a scam” and he preferred the US dollar to be the “currency of the world.” However, before Trump became the likely Republican nominee, digital asset policies sometimes took center stage when his rivals Vivek Ramaswamy and Ron DeSantis issued statements on central bank digital currencies (CBDCs). Trump said at a campaign event in January 2024 that he would never allow the creation of a CBDC in the United States.

The crypto donations come as political action committees (PACs) supporting Trump have reportedly been footing the bills for some of his criminal and civil cases.

In February, a judge ordered the return of $355 million against Trump and his companies, holding them responsible for fraud. In January, a New York judge ordered the former president to pay more than $83 million related to a defamation lawsuit brought by author E. Jean Carroll. In May 2023, a jury also found Trump liable for sexual assault and defamation against Carroll and ordered $5 million in damages.

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