Donald Trump, the Republican presidential candidate, declared himself the “crypto president” at a fundraiser in San Francisco. The event, hosted by tech venture capitalists David Sacks and Chamath Palihapitiya, raised $12 million.
Also Read: Donald Trump Will Build a Crypto Army To Fight Joe Biden
The event was held at Sacks’ home in the upscale Pacific Heights neighborhood. Trump criticized the Democrats’ efforts to cripple the industry, reiterating that he sees crypto as an essential tool for America and is highly supportive of it.
Crypto faces regulation challenges
The crypto industry is increasingly influencing U.S. politicians as it battles regulatory scrutiny. The bankruptcies of major crypto firms in 2022 frightened investors and exposed widespread fraud and misconduct, leading to huge financial losses for millions. Despite these issues, Trump still claims to love the industry. Keep in mind, however, that he has not provided any specific policy details.
In 2022, President Joe Biden signed an executive order to ensure the “responsible development of digital assets.” This led to reports urging regulators like the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission to create guidelines addressing risks in the crypto industry.
The White House, under Biden, has expressed a willingness to work with Congress to develop a regulatory framework for cryptocurrencies. White House spokesperson Robyn Patterson stated that the Biden administration supports innovation in digital assets while aiming to protect consumers from risks associated with new technologies. This position contrasts with Trump’s promise to halt what he calls the “Biden-Gensler crusade against crypto” if re-elected.
Crypto industry supports Trump
San Francisco, known for its liberal stance, had many venture capitalists and crypto investors show up to support Trump at the fundraiser. They cited Biden’s excessive regulation as a key reason. The fundraiser saw attendance from notable figures in the crypto industry, including executives from Coinbase and the Winklevoss twins, founders of Gemini.
David Sacks and Chamath Palihapitiya have been vocal about their crypto investments, particularly Bitcoin. The industry’s support for Trump comes despite recent turmoil in the market, such as the collapse of FTX and the Terra-Do Kwo debacle. Founder Sam Bankman-Fried was found guilty of stealing from customers and using the funds to donate over $100 million to U.S. political campaigns. And Do Kwon is in Montenegro awaiting his extradition to the U.S. or South Korea.
Also Read: Elon Musk Denies Crypto Talks With Trump
When Trump’s campaign announced it would accept cryptocurrency donations two weeks ago, it called it a stand against “socialistic government control” over U.S. financial markets. “Biden surrogate Elizabeth Warren said in an attack on cryptocurrency that she was building an ‘anti-crypto army’ to restrict Americans’ right to make their own financial choices,” said Trump.
Cryptopolitan reporting by Jai Hamid
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