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Share to FacebookShare to TwitterShare to LinkedinTopline Former President Donald Trump began accepting cryptocurrency donations Tuesday, his campaign announced, continuing Trump’s embrace of digital currency after he expressed skepticism about the industry during his time as president.

Republican presidential candidate former President Donald Trump speaks to guests at the annual … [+] Lincoln Reagan Dinner hosted by the Minnesota Republican party on May 17, 2024 in St. Paul, Minnesota. (Photo by Scott Olson/Getty Images)

Getty Images Key Facts Trump’s campaign launched a website where donors can make contributions to his joint fundraising committees via Coinbase, announcing the new portal in a statement declaring he is the first “major party Presidential nominee” to accept digital currency.

Trump announced in May he would accept cryptocurrency donations and he has warmed to the industry after saying during his presidency he was “not a fan of Bitcoin and other Cryptocurrencies.”

The launch comes as Trump appears to be making gains on President Joe Biden’s fundraising lead—his campaign and the Republican National Committee reported Monday they raised $76 million in April, about $10 million more than their March fundraising totals and about $25 million more than the $51 million Biden and the Democratic National Committee reported raising last month, down from more than $90 million in March.

The Federal Election Commission signed off on political action committees accepting cryptocurrency as donations in 2014, determining they fell under a Federal Election Campaign Act provision that defines contributions as “anything of value made by any person for the purpose of influencing any election for Federal office.”

Key Background Trump has invested in crypto both politically and personally since his time in the White House. His $7 billion net worth is comprised of about $3 million in cryptocurrency, according to Forbes’ estimates, and he launched a set of NFT “trading cards” in December 2022. In recent months, he has courted the industry, hosting a dinner for crypto backers at Mar-A-Lago earlier this month, where he warned they “better vote” for him or face more regulations from the Biden administration, Politico reported.

What To Watch For The House is expected to vote this week on legislation that would shift a significant portion of regulatory oversight of digital currency from the Securities and Exchange Commission to the more industry-friendly Commodity Futures Trading Commission. Similar rollbacks to Biden SEC regulations on digital assets passed Congress last week, though Biden has vowed to veto the bill. The White House also said it “opposes” the broader House legislation set to be voted on this week, according to a statement released Wednesday that said the legislation “in its current form lacks sufficient protections for consumers and investors who engage in certain digital asset transactions.” The statement did not say whether Biden would veto the legislation.

Further Reading Donald Trump Is Invested In Cryptocurrency (Forbes)

Trump Releases Digital Trading Cards—Again—After First Batch Of NFTs Sells Out In One Day And Raises Eyebrows (Forbes)

Donald Trump Releases ‘Mugshot Edition’ Digital Trading Cards—Offers Pieces Of Suit From Fulton County Arrest (Forbes)

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