Trump Pledges to Be the ‘Crypto President’ at High-Profile Fundraiser

At a recent fundraiser, former US President and current Republican Presidential candidate Donald Trump declared himself the “crypto president,” according to attendees. Trump positioned himself as a robust advocate for cryptocurrency, taking a stance against Democratic regulatory efforts.

The event, which took place at the Pacific Heights home of tech venture capitalists David Sacks and Chamath Palihapitiya, generated $12 million in donations. Trevor Traina, a San Francisco-based tech executive and former Trump ambassador to Austria, relayed to Reuters, “He said he would be the crypto president.”

Facing increased regulatory pressure, the crypto industry is seeking allies in the political arena, particularly after a series of high-profile bankruptcies in 2022 that shook investor confidence and exposed widespread fraud and misconduct.

Harmeet Dhillon, a Republican National Committeewoman, reported that Trump emphasized the importance of the crypto sector and his support for it, although he did not detail specific policies. Trump is running against Democratic incumbent Joe Biden in the upcoming November 5 election.

In 2022, Biden issued an executive order to promote the responsible development of digital assets, prompting regulatory agencies like the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission to develop guidelines and rules to address risks within the crypto ecosystem. The Biden administration has also expressed its intention to collaborate with Congress to establish a comprehensive regulatory framework for cryptocurrencies.

Jacob Helberg, an adviser to data analytics provider Palantir, remarked, “President Trump made clear that the Biden-Gensler campaign against crypto will cease immediately if he returns to office.”

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