Trump Reiterates Crypto Support at Fundraiser, Vows to Become “Crypto President”

Former US President Donald Trump has made a strong statement about his support for cryptocurrency during a recent fundraising event, declaring his intention to become the “crypto president” as part of his 2024 presidential campaign.

The event, which raised $12 million, was organized by Craft Ventures’ managing partner David Sacks and tech billionaire Chamath Palihapitiya in San Francisco.

Significant Fundraising for Crypto Advocacy

The fundraising event was a major success, bringing in $12 million to support Trump’s promotional efforts ahead of the November 5 election. According to sources familiar with the event, Trump emphasized his commitment to advancing the cryptocurrency industry in the United States. He contrasted his stance with that of the Democratic Party, which he accused of pursuing stringent regulations that the crypto community views as “regulation-by-enforcement.”

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Contrasting Visions on Crypto Regulation

Trump’s strong endorsement of cryptocurrency comes in the wake of a controversial decision by current US President Joe Biden. Just a week prior, Biden faced backlash from the crypto industry for vetoing a resolution aimed at overturning US Securities and Exchange Commission (SEC) Staff Accounting Bulletin (SAB) No. 121.

This bulletin requires institutions that custody crypto assets to record these holdings as liabilities on their balance sheets. The crypto community criticized this move, arguing that it stifles innovation and imposes undue burdens on the industry.

Trump’s Vision for US Leadership in Crypto

Trump has consistently voiced his support for the cryptocurrency sector, making several public statements advocating for the US to lead in this burgeoning field. On May 26, Cointelegraph reported Trump’s declaration that the United States should strive to be the global leader in the cryptocurrency industry.

“Our country must be the leader in the field; there is no second place,” Trump asserted in a May 25 post on Truth Social, a social media platform owned by Trump Media and Technology Group.

He further stated, “I am very positive and open-minded toward cryptocurrency companies and all things related to this new and burgeoning industry.”

Trump’s commitment to promoting cryptocurrency is seen as a significant part of his campaign strategy. By aligning himself with the rapidly growing crypto sector, he aims to garner support from the tech community and younger voters who are more likely to be involved in or supportive of digital currencies. His stance marks a clear departure from the current administration’s more cautious approach to crypto regulation.

Conclusion

As Trump campaigns for the 2024 presidential election, his strong advocacy for cryptocurrency positions him as a unique candidate in the political landscape. By pledging to become the “crypto president,” Trump is setting the stage for a significant shift in how the US government interacts with and regulates the cryptocurrency industry.

The $12 million raised at the recent fundraiser underscores the substantial support and resources being funneled into his campaign, highlighting the importance of cryptocurrency in the upcoming election.