Biden Campaign to Accept Crypto Donations Amid SEC Lawsuits Against Coinbase, Kraken, Uniswap

Jun 12, 2024, 11:52 PM

The Biden administration is facing criticism for its contradictory stance on cryptocurrency. While the Biden campaign is preparing to accept crypto donations via Coinbase, the administration's Securities and Exchange Commission (SEC) is simultaneously suing major cryptocurrency exchanges including Coinbase, Kraken, and Uniswap for allegedly operating as unregistered securities brokers. The lawsuits, filed in federal court, claim these companies do not have the right to exist as exchanges. Additionally, there are concerns that crypto donations to the Biden campaign may trigger an automatic audit by the IRS. This dual approach has led to accusations of inconsistency and hypocrisy, as the administration seeks to both regulate and benefit from the cryptocurrency sector.