Former United States President Donald Trump positioned himself as crypto president at the event and raised $12 million.
As per the report, Donald Trump’s declaration of being the “crypto president,” occurred during a fundraiser event in San Francisco hosted by a general partner of Craft Ventures, David Sacks, and tech billionaire Chamath Palihapitiya at Sacks’ home in the swanky Pacific Heights neighborhood.
Donald Trump is boosting his cryptocurrency promotion as a part of his 2024 presidential campaign. Trump presented himself as a champion of cryptocurrency and criticized the Democratic Party’s regulatory efforts in the sector.
Trump repeatedly emphasized the importance of cryptocurrency and expressed his strong support for the industry. He also points out the Democratic Party’s intention to take the opposite approach with harsh regulations — which the crypto industry in the nation commonly refers to as regulation-by-enforcement.
Effect of increased regulatory attention in the crypto industry
US politicians might be influenced by the increase in regulatory examination of the crypto industry. The crypto industry is speeding its political game in the run-up to the upcoming elections in the United States.
In 2022, major crypto firms’ bankruptcies revealed fraud and misconduct which led to losses for investors. This causes an increase in regulatory examination of the crypto industry. Industry participants met political figures and regulatory agencies about regulations impacting business. Increased crypto industry regulations might be a reason for Trump’s support.
Donald Trump has gained support from prominent local venture capitalists and crypto investors. Trump’s supporters can now donate using Bitcoin, Ethereum, Shiba Inu, and Dogecoin cryptocurrency in the presidential campaign.
Biden’s Regulatory Stance Sparks Contrast as Trump Doubles Down on Cryptocurrency Support
Donald Trump’s proclamation contrasted with President Joe Biden, who signed an executive order in 2022 aimed at responsible development of digital assets. The Biden administration desires to collaborate with Congress to establish a regulatory framework for cryptocurrencies.
Donald Trump’s Crypto President announcement comes only a week after current U.S. President Joe Biden received crypto industry backlash. It was over a crypto resolution veto. This veto overruled the U.S. Securities and Exchange Commission (SEC) Staff Accounting Bulletin (SAB) No. 121. A controversial crypto accounting guidelines that require institutions to record crypto holdings as liabilities on their balance sheets.
Donald Trump: The U.S. must not settle for anything but the top place in the crypto industry.
Donald Trump, on May 25, declared on his social media platform Truth Social -“Our country must be the leader in the field, there is no second place,” further adding “I am very positive and open-minded to cryptocurrency companies, and all things related to this new and burgeoning industry. This statement shows the support of Trump for the crypto industry.
The San Francisco’s fundraiser event was attended by the Notable figures of the cryptocurrency industry including executives from Coinbase and Gemini exchange founders Tyler and Cameron Winklevoss.
US crypto exchange Coinbase has donated $25 million USDC to the Fairshake political action committee (PAC). It happened for the second time when the digital asset platform contributed to the advocacy group. US crypto exchange Coinbase aimed to promote pro-crypto candidates such as former president Donald Trump.
Crypto Community is in euphoria for Donald’s pro-crypto policies and certainly hoping for him to win.
Also Read: Joe Biden Veto: US Crypto Advocacy Group Crosses 1 Million Members
