Regulation
Trump declares himself ‘Crypto President’ after raising $12M at VC-hosted San Francisco fundraiser, criticizes Democrats for trying to regulate it
June 7, 2024 10:56 pm | 2 minute read
Former president Donald Trump he reported he positioned himself as “Crypto President” at a fundraiser in San Francisco, raising $12 million.
What happened: Trump, the Republican presidential candidate, expressed his opinion on Thursday cryptocurrency support industry and criticized the Democratic Party’s efforts to regulate it during a fundraiser in San Francisco, Reuters reported.
It raised $12 million at a fundraising event hosted by tech venture capitalists David Sacchi AND Chamath Palihapitiya at the Sacks residence in the upscale Pacific Heights neighborhood.
The former president who is trying to unseat the incumbent Democrat Joe Biden in the upcoming election, he did not provide specific details about his proposed crypto policy.
Despite San Francisco’s predominantly liberal environment, several prominent local venture capitalists and cryptocurrency investors have expressed their support for Trump, citing what they perceive as excessive regulation as the main reason.
“He said he would be the president of cryptocurrency,” said Trevor Traina, a San Francisco-based technology executive and Trump’s former ambassador to Austria.
Because matter: This comes in the wake of greater scrutiny of the cryptocurrency industry by regulators, following the collapse of major cryptocurrency companies in 2022. Last month, Biden vetoed a bipartisan resolution intended to reverse the situation Securities and Exchange Commission cryptocurrency custody guide.
Trump’s stance on cryptocurrencies has evolved significantly over the years. In 2021 he called it a “disaster waiting to happen,” but by 2024 he had become a vocal supporter, even owning a cryptocurrency portfolio worth over $33 million at a certain point.
The 2024 presidential election is shaping up to be a close race Trump’s lead over Biden is decreasing at a single point. The former president’s strong support for the cryptocurrency industry could play an important role in his election strategy.
Read next: Here’s how much just $100 in Bitcoin will be worth if Cathie Wood’s BTC prediction is correct
Disclaimer: This content was partially produced with the help of Benzinga Neuro and has been reviewed and published by Benzinga Editors.
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