Regulation
Trump introduces himself as “cryptocurrency president” at San Francisco tech fundraiser
Former President Donald Trump recently positioned himself as a strong advocate for cryptocurrency at a high-profile fundraiser in San Francisco.
The event, hosted by tech venture capitalists David Sacks and Chamath Palihapitiya in the affluent Pacific Heights neighborhood, raised an impressive $12 million for his campaign. Trump has criticized Democratic efforts to regulate the industry, billing himself as the “cryptocurrency president” and promising a more favorable attitude towards digital assets.
Trump’s position on cryptocurrencies and the industry’s response
Trump’s statement of support for cryptocurrency It comes as the industry faces increased regulatory scrutiny. Last year saw several high-profile failures among major cryptocurrency companies, resulting in significant losses for investors and uncovering numerous cases of fraud and misconduct. Despite these challenges, Trump highlighted the importance of the cryptocurrency industry and expressed strong support for it, but did not provide specific details on proposed policies.
The cryptocurrency industry, eager to influence US political discourse, welcomed Trump’s statements. Republican National Committeewoman Harmeet Dhillon highlighted Trump’s commitment to stopping what she called the “Biden-Gensler crusade against cryptocurrencies.” This refers to SEC Chairman Gary Gensler’s efforts under the Biden administration to implement tougher regulations in the industry.
Biden’s high-profile support and regulatory approach
The fundraiser attracted major figures from the cryptocurrency world, including CoinBase prominent executives and investors like Tyler and Cameron Winklevoss. Their presence highlights a growing trend among Silicon Valley venture capitalists and cryptocurrency investors who prefer Trump’s less regulatory approach. This support contrasts sharply with San Francisco’s predominantly liberal tendencies.
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 that address risks in the crypto ecosystem. White House spokeswoman Robyn Patterson said the administration supports innovation while aiming to protect consumers from potential dangers associated with new technologies.
Trump’s promise to rein in regulatory efforts resonates with industry leaders concerned about what they perceive as excessive regulation. Figures like Jacob Helberg, an advisor to Palantir, have expressed strong support for Trump’s pledge to quickly end tough regulatory measures.