Donald Trump the ex-American president is running again for this term’s presidential elections. Trump has topped headlines many times for his election strategies and related actions.
In the recent news, it came out that Trump in his election campaigns will accept crypto as a form of payment. If you want to contribute to Trump’s election fundraising through crypto, you can do it.
Surely, this has found a place in the election news. What is Trump attempting to do? Is he embracing cryptocurrency once again?
However, this has become a huge topic of discussion in the crypto circles because it is big that someone running for the presidential election supports cryptocurrency.
This action from Trump adds to the increased dominance that crypto has in the financial infrastructure of the United States.
Why is Trump’s campaign accepting crypto?
The news of crypto acceptance was made by Trump’s election campaign on Tuesday. The announcement stated that it would start to accept crypto donations.
The aim of such a decision was to create a crypto army as the elections are around the corner in the US and also that the digital asset has the potential to be traded over the internet without having to rely on the traditional banking system.
As of the latest resorts, you can contribute to campaigns through a variety of crypto coins like Bitcoin, Ether US dollar Coin, and meme coins such as Dogecoin and Shiba Inu.
The Trump campaign already has a fundraising page that accepts funds from any federally permissible donor.
Anyone who comes under this category can contribute to the political committees through any crypto asset.
It states that the crypto asset should be supported by the key cryptocurrency exchange platform Coinbase.
How will Trump’s campaign use cryptocurrency?
The campaign has already made it clear that they are accepting crypto donations as they can be easily traded over the internet. As of now, you can use Bitcoin and other coins including meme coins.
We do not have exact information on what the campaign intends to do with the cryptocurrency.
They may retain the cryptocurrency donation and rely on the funds donated using fiat currency and other traditional methods. Or, the campaign may immediately sell the crypto donations and use the money.
Also, one thing to be noted is the unforeseeable price fluctuations that cryptocurrency is notorious for.
Cryptocurrency in US Election Funds: Is it legal?
Another cooking thought is about the legal compliance of crypto donations in the presidential election campaign.
The existing law in the US mandates that all fund sources should be verified. The uncompromisable anonymity of the crypto transactions may complicate this.
If the Trump campaign receives a huge fund or lets it be a small amount, it may turn difficult to identify the source of the fund.
The campaign may not be able to answer who sent the amount and where the funds came from.
However, so far the Trump campaign has only intended to comply with the election laws in the United States.
The news on crypto acceptance came out a few hours ago. So far, we do not have any comments from the financial enforcement bodies or the election law enforcement bodies.
We are looking forward to witnessing whether this historic decision by the Trump election campaign ends up landing in trouble.
Donald Trump, A Huge Fan of Cryptocurrency
Trump has many times proved that he is a huge fan of cryptocurrencies. and it is not the first time that he has received cryptic funds.
As of the latest verified reports, Trump has already been credited with cryptocurrency worth millions on his Trump Digital Trading Cards. It is a NFT project and he has also received money through his MAGA coin.
Is Trump the only presidential candidate who accepts crypto?
No, Trump is trending right now. However, it seems that he is not the sole prudential candidate who accepts cryptocurrency donations.
Robert F Kennedy Jr, another presidential election candidate who is running independently is also accepting crypto donations. He accepts donations as Bitcoin.
How does the crypto world welcome this news?
Julia Krieger, a spokesperson from Coinbase has earlier said that crypto was non-partisan and moves money forward because it is cheaper and faster.
She added that the platform of Coinbase was open to all candidates in the current election season.
