Published
1 week ago on
June 10, 2024
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Republican presidential candidate Donald Trump has called himself the “crypto president” as he looks to portray himself as a strong advocate for cryptocurrencies.
Trump made the comments during a fundraiser last week and also slammed efforts by the Democrats and the SEC to regulate the industry.
Trump Makes Crypto Pitch
The former president is looking to pitch himself as a strong cryptocurrency supporter. The former president was also highly critical of the Biden administration and its attempts to regulate the sector. Trump was able to raise $12 million from the fundraiser hosted by tech venture capitalists Chamath Palihapitiya and David Sacks at the latter’s residence. San Francisco-based tech executive and former Trump ambassador to Austria, Trevor Traina, stated,
“He said he would be the crypto president.”
Speaking at the fundraiser, Trump called crypto an important sector and stressed that he was and would continue to be extremely supportive of the sector. However, Trump has not yet offered any specifics about his crypto policy. The cryptocurrency industry is looking to influence US politicians as it continues to face heightened scrutiny from regulators. This scrutiny comes after a spate of bankruptcies at major crypto firms such as FTX. These bankruptcies had a detrimental effect on investors, exposed significant fraud and misconduct, and led to millions of investors facing significant losses.
Biden’s Crypto Policy
The Biden administration has been quite hostile towards the cryptocurrency sector. However, the stance has seen a shift in recent months. In 2022, President Biden signed an executive order to ensure the responsible development of digital assets. This led to several reports urging the United States Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) to issue guidelines, rules, and a clear regulatory framework to address risks in the crypto ecosystem.
The Biden Administration has also indicated a willingness to work with Congress and develop a regulatory framework for cryptocurrencies and the crypto ecosystem. White House spokesperson Robyn Patterson stated that the administration had always supported digital assets while also looking to protect consumers from risks associated with new technologies such as crypto.
Support For Trump Growing
San Francisco, a highly liberal city, is witnessing a growing number of high-profile venture capitalists and crypto investors coming out in support of Donald Trump, citing what they perceive as hostility and excessive crypto regulation as their reasons. Jacob Helberg, advisor to data analytics provider Palantir, stated,
“President Trump made clear that the Biden-Gensler crusade against crypto will grind to a halt within one hour of a second Trump administration.”
Among those who attended the fundraiser were executives from crypto exchange Coinbase, crypto investors Tyler and Cameron Winklevoss, and several prominent figures from the crypto ecosystem.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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