WASHINGTON (AP) — Donald Trump’s presidential campaign said Tuesday it would begin accepting cryptocurrency donations as part of an effort to build a so-called “crypto army” ahead of Election Day.
The Trump campaign launched a fundraising page that offers “any federally permitted donor the opportunity to give” to his political committees using crypto assets accepted through the Coinbase cryptocurrency exchange.
The announcement furthers Trump’s message that he is a crypto-friendly candidate, and also appeals to a core group of young male voters who are increasingly concerned with digital assets. It came as Trump’s defense rested in his hush money case in New York.
Cryptocurrencies are digital assets that can be traded over the internet without relying on the global banking system.
Trump’s campaign accepts a range of popular cryptocurrencies, including Bitcoin, Ether and US Dollar Coin, as well as the low-value coins popular with internet personalities such as Shiba Inu Coin and Dogecoin.
Billionaire Elon Musk is particularly considered a fan of the latter two, traded on markets like DOGE and SHIB.
It’s not clear whether the Trump campaign will keep the crypto or sell it immediately, and what costs it might pay to liquidate. While the campaign says it plans to follow U.S. election laws, the anonymous nature of cryptocurrencies can make it difficult to confirm that the money comes from who they say they are.
Trump has already personally received millions in cryptocurrency through his Trump Digital Trading Cards non-fungible token projects and his MAGA coin, which was released last August.
Julia Krieger, a spokeswoman for Coinbase, told The Associated Press that “crypto is nonpartisan and advances money because it is cheaper and faster,” adding that the Coinbase platform is open to all candidates this election season.
A representative for President Joe Biden’s campaign did not respond to an Associated Press request for comment on whether it will begin accepting cryptocurrency donations.
While some states do not allow cryptocurrency donations in state races under existing campaign finance laws, the Federal Election Commission does allow committees to receive bitcoin as contributions.
A 2014 opinion from the committee concluded that bitcoin is “money or something of value” within the meaning of the law and that political committees should value the contribution based on the market value of bitcoin at the time the contribution is received.
The presidential campaign for independent candidate Robert F. Kennedy Jr. currently accepting bitcoin donations.
In conventional money, Biden and the Democratic National Committee said Monday they had raised more than $51 million in April, well below the $76 million Trump and the Republican Party reportedly raised for the month.
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Associated Press reporter Ken Sweet in New York contributed to this report.
