FameEX Hot Topics | Donald Trump Announces Campaign Will Accept Cryptocurrency

Former United States President Donald Trump, currently facing criminal charges in four jurisdictions, has announced that his 2024 presidential campaign will accept cryptocurrency donations. On May 21, the Trump 2024 campaign launched a fundraising page allowing eligible supporters to contribute using crypto.

During a dinner on May 8 for supporters who had purchased a nonfungible token (NFT) featuring his mugshot from his surrender at a Georgia jail, Trump assured attendees they could donate to his campaign in cryptocurrency. With less than six months until Election Day, Trump is the presumptive Republican nominee for the 2024 U.S. presidential election, likely to face President Biden, the presumptive Democratic nominee.

On May 15, Trump accepted a challenge from President Biden to participate in televised debates on CNN and ABC, scheduled for June 27 and September 10, respectively. Although the terms have not been finalized, these debates could mark the first in-person confrontation between Trump and Biden since the 2020 election, which Biden won. Despite accepting crypto donations, Trump's campaign website did not specifically mention digital assets or blockchain technology at the time of publication. President Biden, while rarely commenting publicly on crypto, signed an executive order in 2022 to establish a regulatory framework for digital assets.

Trump’s announcement regarding crypto donations coincided with the jury in his New York criminal trial preparing for deliberations. He is required to appear in a Manhattan courtroom for charges related to allegedly falsifying business documents to cover up a $130,000 payment to adult film star Stormy Daniels. Additionally, Trump faces charges in Georgia and the District of Columbia for attempting to overturn the 2020 election results, and in Florida for allegedly mishandling classified documents.

In 2021, after leaving office, Trump described Bitcoin as a "scam" and expressed a preference for the U.S. dollar as the "currency of the world." However, as he emerges as the likely Republican candidate, his stance on digital assets seems to have evolved, especially with rivals like Vivek Ramaswamy and Ron DeSantis vocal about central bank digital currencies (CBDCs). Trump stated in a January 2024 campaign event that he would oppose the creation of a CBDC in the United States.

Trump’s acceptance of crypto donations comes as political action committees (PACs) supporting him reportedly cover some of his legal expenses. In February, a judge ordered $355 million in disgorgement against Trump and his companies for fraud. In January, a New York judge ordered Trump to pay over $83 million related to a defamation lawsuit brought by author E. Jean Carroll. In May 2023, a jury also found Trump liable for sexual assault and defamation against Carroll, awarding $5 million in damages.

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