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Biden Campaign Seeks Financial Aid to Combat Crypto-Backed Republicans
President Joe Biden’s election campaign team is reaching out for financial support to counter his Republican opponents, who are reportedly backed by the wealthy crypto industry.
Biden’s Concerns
In a recent communication, Biden’s team expressed alarm at the substantial donations flowing into the Trump campaign. The message highlighted the influx of funds from cryptocurrency executives and oil magnates supporting Trump, with donations as high as $800,000 at extravagant events.
Biden acknowledged being outpaced by Trump’s fundraising efforts, with the former President raising $76 million in April, including $50 million from a recent Florida gala.
Political Competition
Biden’s plea for support echoes similar calls made by Democratic Senator Elizabeth Warren, who is facing a Republican candidate with strong ties to the crypto industry in Massachusetts.
Recent figures from the Federal Election Commission revealed that John Deaton, known for representing XRP investors in a lawsuit against federal regulators, raised $1.36 million in Q1, surpassing Warren’s $1.1 million. Notable donors to Deaton’s campaign included Anthony Scaramucci and Brad Garlinghouse.
The Partisan Divide in Crypto Support
The cryptocurrency industry’s leaning towards Republicans comes after facing regulatory challenges from the Democrat-led Securities and Exchange Commission (SEC) and opposition from the White House towards Bitcoin mining.
Recent legislative actions, such as the potential repeal of SAB 121, have seen strong Republican backing, with limited support from Democrats in both the House and Senate.
Former President Donald Trump, who previously criticized Bitcoin, has now embraced the industry by accepting crypto donations for his campaign and aiming to counter Elizabeth Warren’s anti-crypto stance.
Trump’s personal crypto holdings, disclosed in October 2023, range between $250,000 and $500,000.
Upcoming Legislation
Today, the House of Representatives will vote on the Financial Innovation and Technology for the 21st Century Act (FIT21), a bill designed to provide comprehensive regulatory clarity for the cryptocurrency sector.
Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.
