- Trump pledges to be the “crypto president” and support the industry against excessive regulation.
- He promises to halt Biden’s regulatory efforts and shorten Ross Ulbricht’s sentence if re-elected.
At a San Francisco fundraising event, Republican presidential contender Donald Trump portrayed himself as a champion for cryptocurrency, criticizing Democratic attempts to control the industry.
At the fundraiser held in the upscale Pacific Heights neighborhood by tech venture capitalists David Sacks and Chamath Palihapitiya, people present at the event claim that Trump raised $12 million.
“Crypto President” Commitment
“He declared he will be the crypto president,” claimed former ambassador to Austria and IT executive Trevor Traina, who is based in San Francisco. In the face of intensified regulatory scrutiny, the cryptocurrency sector is trying harder to sway American politicians, and Trump’s statement demonstrates its support.
JUST IN: 🇺🇸 Donald Trump just called himself the "crypto president" at San Francisco tech fundraiser. pic.twitter.com/9T2i6rFMq4
— Radar🚨 (@RadarHits) June 7, 2024
Since the 2022 bankruptcies of several cryptocurrency companies revealed fraud and caused millions of investors to suffer large losses, this scrutiny has grown.
Trump has backed the cryptocurrency industry and underlined its significance. However, Republican National Committeewoman Harmeet Dhillon pointed out that while Trump runs to defeat Democratic incumbent Joe Biden in the next November election, he did not provide details on his suggested cryptocurrency policy.
Biden’s Regulatory Efforts
2022 saw the signature of an executive order by Biden to guarantee the ethical development of digital stuff.
Reports following this directive called for regulatory agencies such as the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) to publish regulations and guidance to handle concerns in the cryptocurrency ecosystem.
The Biden administration has indicated that it would be happy to cooperate with Congress to create a thorough regulatory structure for cryptocurrencies.
The Biden administration, according to White House spokesman Robyn Patterson, encourages innovation in digital assets while working to shield users from the hazards of new technology.
Though San Francisco has a liberal bent, an increasing number of well-known local venture capitalists and cryptocurrency investors are endorsing Trump, pointing to one of their main concerns as too much regulation.
Halting Regulatory Crusades
Referring to SEC Chair Gary Gensler, Palantir adviser Jacob Helberg remarked, “President Trump made clear that the Biden-Gensler crusade against crypto will grind to a halt within one hour of a second Trump administration.”
ETHNews also reported that Trump’s pledge to halt Joe Biden’s attempts to destroy the cryptocurrency industry and to commute the sentence of Silk Road founder Ross Ulbricht should he win reelection.