Republican presidential candidate Donald Trump positioned himself as a cryptocurrency champion while slamming Democrats’ attempts to regulate the sector. During a San Francisco event on Thursday, Trump said he would be the crypto president.
Trump received $12 million from an event held by internet venture capitalists David Sacks and Chamath Palihapitiya at Sacks’ home in the upscale Pacific Heights neighborhood.
The crypto lobbyists are increasingly attempting to influence US politicians as they confront increased attention from regulators, particularly after bankruptcies at big crypto firms in 2022 frightened investors, exposed fraud and malfeasance, and left millions of investors out of pocket.
Republican Committeewoman Harmeet Dhillon stated that Trump, running against Biden in the Nov. 5 election, emphasized the importance of cryptocurrency and expressed strong support for the sector but did not detail his planned cryptocurrency legislation.
Biden signed an executive order in 2022 to ensure the responsible development of digital assets, prompting reports that regulators such as the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission should issue guidance and rules to address risks in the crypto ecosystem.
The Biden White House intends to cooperate with Congress on cryptocurrency regulation. Despite San Francisco’s leftist leanings, many local startup capitalists and cryptocurrency investors back Trump, citing heavy regulation as a primary cause.
“President Trump made clear that the Biden-Gensler crusade against crypto will grind to a halt within one hour of a second Trump administration,” said Jacob Helberg, an adviser to data analytics provider Palantir, referring to SEC Chair Gary Gensler.
