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Donald Trump's campaign to accept crypto donations, including Dogecoin and Shiba Inu, as SEC's Ethereum ETF pivot raises political questions.
Trump Campaign to Accept Bitcoin, Ether, Solana, Dogecoin, and Shiba Inu Donations Through Coinbase Commerce
According to Trump's website (via The Block), the former president's campaign would accept cryptocurrencies such as Bitcoin, Ether, Solana, Dogecoin, and Shiba Inu.
"President Trump's campaign has launched a fundraising page that provides any federally permissible donor the ability to give — through its joint fundraising committees — using any cryptocurrency accepted through the Coinbase Commerce product," according to an online statement. "This addition to President Trump's already groundbreaking digital fundraising operation marks the first time a major party Presidential nominee has embraced cryptocurrency for donations."
As cryptocurrency is becoming an increasingly major political issue in the run-up to this year's presidential election, Trump has attempted to position himself as a more vigorous supporter of digital currencies than his opponent, President Joe Biden.
"Trump has reduced regulations and championed innovation in financial technology, while Democrats, like Biden and his official surrogate Elizabeth Warren, continue to believe only government has the answers to how our nation leads the world," the statement said.
SEC’s Sudden Pivot on Ethereum ETFs Sparks Political Speculation and Internal Discord
Corporations are facing a critical period as they respond to the Securities and Exchange Commission's (SEC) unexpected pivot toward potentially allowing spot ether exchange-traded funds (ETFs). According to a person familiar with the matter, the SEC's trading and markets division called exchanges on May 20 to inform them that 19b-4 forms would be approved this week. This news follows a report from Barron's that SEC staff had informed exchanges on Monday of their inclination toward approval, citing sources familiar with the situation.
This development marks a significant reversal from the SEC's position two weeks prior, when the agency expressed no interest in the filings, according to a source familiar with the matter.
"It is a completely unprecedented situation, which means it's entirely political," the source commented.
Issuers who were managing S-1 forms began contacting the SEC. However, it appeared that the SEC's corporate finance examiners were at odds with those in the trading and markets division, a source familiar with the matter reported.
Notably, the SEC's division of trading and markets is responsible for approving 19b-4 forms, while the division of corporation finance handles S-1 forms.
"They're not even internally coordinated yet, which is why this is most likely a political decision," a person familiar with the situation remarked.
Some sources believe the SEC's change of heart is politically motivated, given the upcoming elections. Former President Donald Trump has recently expressed support for cryptocurrency. He told a gathering that had purchased his NFTs that President Joe Biden does not understand crypto and stated, "If you like crypto in any form, and it comes in a lot of different forms, if you are in favor of crypto, you better vote for Trump."
An insider suggested that this issue could become a campaign topic
"The issue is that the Democrats desperately need young people to go out and vote for them. And the main positioning, if you look at what Biden is doing from a campaign perspective, is to position himself as a forward-looking octogenarian," the source said. The source added that President Joe Biden could win via the SEC's approval of spot ether ETFs.
The SEC did not immediately respond to a request for comment.
"Lawmakers are hearing from their constituents that crypto not only matters but is important and that they want regulation in this space," Crypto Council for Innovation Chief Legal and Policy Officer Ji Kim told The Block.
Kim further mentioned that a national poll conducted by the council "shows unusual ticket-splitting between the presidential ballot and Congress, meaning the crypto voter could be a key swing voting bloc."
The next step involves revising 19b-4 forms in response to SEC comments. The insider noted that feedback on 19b-4 forms would be limited due to tight deadlines.
"They're [SEC] doing the equivalent of writing the term paper the night before," the source said regarding the agency's efforts to receive feedback on 19b-4 filings.
