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Cryptocurrency enthusiasts criticize US President Joe Biden for considering donations in Bitcoin and cryptocurrencies
US President Joe Biden is reportedly considering accepting crypto donations for his campaign. These donations will be received via Coinbase Commerce.
This move has drawn harsh criticism from some members of the crypto community who view it as hypocritical given the administration’s tough stance on cryptocurrency operations and regulation.
Some cryptocurrency industry stakeholders urge the entire community to desist from supporting Biden’s campaign. Legal professional and Bitcoin advocate Joe Carlosare called the move a contradiction as the SEC is suing Coinbase for operating an unregistered exchange.
Also, Pro-XRP advocate John Deaton, currently running for senator with Senator Elizabeth Warren, shared Carlasare’s views. Deaton criticized the double standards in Washington DC politics.
The pro-XRP advocate referenced a bill from Democratic Senator Elizabeth Warren written by the banking industry.
Notably, this bill aimed to ban self-custody of Bitcoin and others cryptographic resources, claiming that they constitute illegal securities. However, Joe Biden, who is also a Democrat, seems willing to accept these illegal securities as political donations.
Reacting to the statement of John Deaton, another X user, Manny, argued that the US Congress could have replaced SEC Chairman Gary Gensler if it had aimed to protect consumers. Manny believes they allowed Gensler to remain in order to maintain financial control for big banks and siphon money away from cryptocurrencies.
More reactions to Biden’s crypto update
Furthermore, the CEO of Mesari, Ryan Selkis, shared his disapproval of the Biden team’s alleged attempt to accept cryptocurrency donations. According to Selkisi, anyone who donates to Biden’s campaign using cryptocurrencies is acting with cowardice and betrayal.
Selkis insisted that he can’t relate to anyone donating to Biden using cryptocurrencies.
Furthermore, the founder of Coin Metrics, Nic Carter shared a list of violations in the Biden administration’s handling of cryptocurrencies. Carter said banks have faced pressure to abandon crypto clients under Biden and that all major exchanges and projects were being scrutinized.
Additionally, the administration has harassed Bitcoin miners and tried to convince utilities to abandon them. Furthermore, they have forced many high-quality projects and stablecoins to move abroad.
Also, Carter noticed that the administration failed to clearly define cryptocurrency laws but continued to enforce them. They have made decentralized finance (DeFi) and blockchain privacy almost illegal in the United States.
According to Carter, all these contradictions make it quite surprising that Biden dared to imagine a cryptocurrency donation.
These speculations come as Biden’s Republican rival, Donald Trump, accepted cryptocurrency payments for his campaign. Hence, Biden’s team may target cryptocurrency-focused voters ahead of the upcoming US elections.
Surprisingly, most crypto lovers term the Biden administration as an anti-crypto unit due to its restrictive laws for crypto projects. However, speculations about Biden’s consideration of crypto support are not yet confirmed.
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