TL;DR
- Trump’s Crypto Ambitions: Former US President Donald Trump has declared his intention to become the “crypto president,” advocating for the growth of the cryptocurrency industry and criticizing the Democratic Party’s approach to regulation.
- Fundraising Success: Trump raised $12 million at a San Francisco fundraiser hosted by tech venture capitalists David Sacks and Chamath Palihapitiya, with several high-profile crypto investors and executives in attendance.
- Contrast to Biden’s Approach: Trump’s stance on crypto is in stark contrast to President Joe Biden’s recent actions, including vetoing a resolution to overturn the SEC’s Staff Accounting Bulletin No. 121, which requires institutions to record crypto assets as liabilities.
In a recent fundraising event in San Francisco, former U.S. President Donald Trump declared his intention to become the “crypto president,” advocating for the advancement of the cryptocurrency industry.
The event, co-hosted by Craft Ventures’ David Sacks and tech billionaire Chamath Palihapitiya, saw Trump criticize the Democratic Party’s approach to crypto regulation and express his readiness to support the industry’s growth.
Trump’s commitment to cryptocurrency comes as a stark contrast to President Joe Biden’s recent actions, which have been met with disapproval from the crypto community. Biden’s veto of a resolution to overturn the SEC’s Staff Accounting Bulletin No. 121, which requires institutions to record crypto assets as liabilities, has sparked controversy among industry stakeholders.
In 2022, President Biden enacted an executive order focused on the prudent evolution of digital assets. This directive prompted recommendations for regulatory bodies, including the SEC and the CFTC, to formulate guidelines and regulations to mitigate the crypto ecosystem’s inherent risks.
Trump’s ‘Crypto President’ Stance Goes Back Years
The former president’s support for crypto is not a new development. Trump has consistently voiced his belief that the U.S. must lead in the blockchain and crypto sector, emphasizing the importance of being at the forefront of this field.
His campaign’s acceptance of cryptocurrency donations and the promise to pardon Silk Road founder Ross Ulbricht if re-elected further solidify his pro-crypto stance. As the November 5 U.S. presidential election approaches, Trump’s advocacy for cryptocurrency could play a pivotal role in swaying voters.
Former President Trump has stated that the Biden-Gensler attack on crypto will come to a swift end within the first hour of a potential second Trump administration, according to Jacob Helberg, an adviser to Palantir.
Surveys indicate that a candidate’s position on cryptocurrencies is an important consideration for many voters, with Trump enjoying substantial support from the crypto community.
The upcoming election is poised to be influenced by the growing number of crypto owners, particularly in states like California. As the political landscape evolves, the intersection of cryptocurrency and politics continues to gain significance, shaping the future of regulation and innovation in the industry.
