At a high-profile fundraiser in San Francisco on Thursday, Republican presidential candidate Donald Trump made a strong case for his support of the cryptocurrency industry while criticizing Democratic regulatory approaches. The event, held at the Pacific Heights home of tech investors David Sacks and Chamath Palihapitiya, successfully raised $12 million, as reported by attendees to Reuters.
According to a report by Alexandra Ulmer for Reuters, during the event, Trump positioned himself as a fervent advocate for cryptocurrencies. Trevor Traina, a tech executive and former U.S. ambassador, noted that Trump described himself as the future “crypto president.” This declaration comes as the cryptocurrency sector seeks to influence political figures amid increased scrutiny following significant industry bankruptcies in 2022, which exposed fraudulent activities and resulted in substantial investor losses.
Republican National Committeewoman Harmeet Dhillon conveyed that Trump emphasized the importance of cryptocurrency and expressed his robust support for the industry. However, Trump did not provide detailed plans regarding his approach to crypto policy.
Trump’s remarks contrast with President Joe Biden’s 2022 executive order aimed at ensuring the responsible development of digital assets. This order prompted agencies like the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission to develop regulatory guidelines to mitigate risks associated with cryptocurrencies. The Biden administration has also indicated a willingness to work with Congress on a regulatory framework for digital assets.
Robyn Patterson, a spokesperson for the White House, reiterated the administration’s stance, highlighting efforts to balance innovation in digital assets with consumer protection against the risks of new technologies.
The Reuters report went to mention that despite San Francisco’s predominantly liberal leaning, Trump has found support among a growing number of venture capitalists and crypto investors in the area. These supporters, including several prominent figures, are concerned about what they perceive as overregulation under the current administration. Jacob Helberg, a Palantir adviser, mentioned that Trump vowed to halt what he described as the “Biden-Gensler crusade against crypto” within an hour of taking office, referring to SEC Chair Gary Gensler.
The event attracted notable attendees from the crypto industry, including executives from Coinbase and the Winklevoss twins, Tyler and Cameron, well-known for their significant crypto investments.
David Sacks and Chamath Palihapitiya, who have been vocal about their crypto investments, especially in Bitcoin, hosted the fundraiser in the Pacific Heights neighborhood. The alignment of the crypto community with Trump signals a strategic move driven by concerns over regulatory pressures seen as detrimental to industry growth and innovation.
Last month, Trump endorsed cryptocurrency during a special event for Trump NFT holders at his Mar-a-Lago resort in Florida. He voiced concern over the departure of crypto companies from the U.S., citing a perceived hostility towards digital assets. “If we’re going to embrace it, we have to let them be here,” he stated.
At the event, Trump engaged with the crypto-savvy audience, expressing his openness to accepting campaign donations in Bitcoin and other tokens. He also criticized the current administration, accusing President Biden and SEC Chair Gary Gensler of being both ignorant and hostile towards cryptocurrency.
Additionally, Trump claimed credit for revitalizing the popularity of NFTs:
Featured Image via Pixabay
