Regulation
Trump introduces himself as ‘president of crypto’ at tech fundraiser in San Francisco
Former President Donald Trump recently positioned itself as a strong advocate for cryptocurrency during a high-profile fundraiser in San Francisco.
The event, hosted by venture capitalists David Sacks and Chamath Palihapitiya in the affluent Pacific Heights neighborhood, raised an impressive $12 million for his campaign. Trump has criticized Democrats’ efforts to regulate the industry, calling himself the “president of crypto” and promising a more favorable stance toward digital assets.
Trump’s Crypto Stance and Industry Response
Trump’s statement of support for cryptocurrency comes as the industry faces increased regulatory scrutiny. Last year saw several high-profile bankruptcies among major crypto companies, which resulted in significant losses for investors and exposed numerous cases of fraud and misconduct. Despite these challenges, Trump has emphasized the importance of the crypto sector and expressed strong support, although he has not provided specific details on the policies he is proposing.
The crypto industry, eager to influence American political discourse, welcomed Trump’s statements. Republican National Committee member Harmeet Dhillon highlighted Trump’s commitment to ending what he called the “Biden-Gensler anti-crypto crusade.” This refers to efforts by SEC Chairman Gary Gensler under the Biden administration to implement stricter regulations on the industry.
Biden’s high-level support and regulatory approach
The fundraiser attracted notable figures from the crypto world, including Coinbase prominent executives and investors like Tyler and Cameron Winklevoss. Their presence underscores a growing trend among Silicon Valley venture capitalists and crypto investors who favor Trump’s less regulatory approach. This support stands in stark contrast to San Francisco’s predominantly liberal leanings.
Under President Joe Biden, the White House has taken steps to ensure the responsible development of digital assets. An executive order signed in 2022 directed agencies such as the SEC and the Commodity Futures Trading Commission to develop rules addressing risks in the crypto ecosystem. White House spokeswoman Robyn Patterson said the administration supports innovation while also aiming to protect consumers from potential dangers associated with new technologies.
Trump’s promise to rein in regulatory efforts resonates with industry executives who worry about what they perceive as excessive regulation. Figures like Palantir advisor Jacob Helberg have expressed strong support for Trump’s pledge to quickly end the strict regulatory measures.