- During a recent fundraiser in San Francisco hosted by tech venture capitalists David Sacks and Chamath Palihapitiya, former President Donald Trump positioned himself as a staunch advocate of cryptocurrency while critiquing the Democratic party’s regulatory stance on the sector.
- The event was significant not just for Trump’s pro-crypto declarations but also for the considerable funds it managed to raise for his presidential campaign.
- “I am your crypto president,” Trump reportedly proclaimed, emphasizing his support for the burgeoning industry.
Donald Trump vows to champion cryptocurrency in presidential campaign with substantial backing from industry leaders.
Trump’s Fundraiser Garners $12 Million for Campaign
Hosted at David Sacks’ residence in San Francisco’s affluent Pacific Heights area, the fundraiser successfully raised an impressive $12 million for former President Donald Trump’s campaign for the White House. Participants emphasized Trump’s open endorsement of the cryptocurrency industry, designating him as the “crypto president”.
Heightened Regulatory Scrutiny Sparks Political Engagement
Amid intensifying regulatory examination, the cryptocurrency sector has ramped up its political lobbying, particularly as the U.S. heads into another election cycle. Leading this movement is U.S. crypto exchange Coinbase, contributing $25 million USDC to the Fairshake PAC, aimed at backing pro-crypto candidates such as Trump. The drive for influence follows last year’s significant crypto firm bankruptcies, which unveiled fraud and substantial investor losses, thereby drawing the attention of regulators.
Crypto Enthusiasts Rally Behind Trump
Despite the liberal leanings of San Francisco, Trump has won support from notable local venture capitalists and cryptocurrency investors. Concerns over stringent regulation were frequently mentioned as motivations for their support. Advisor to Palantir, Jacob Helberg, noted that Trump assured attendees that the stringent regulatory regime under Biden and SEC Chair Gary Gensler would cease almost immediately if he were re-elected.
Key figures from the crypto world, including top executives from Coinbase and the founders of Gemini exchange, Tyler and Cameron Winklevoss, were in attendance, showing broad industry support.
Cryptocurrency Donations for Campaign
Further solidifying his commitment, Trump’s campaign announced in May that it would accept donations in various cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Shiba Inu (SHIB), and Dogecoin (DOGE). This move signifies a notable shift towards embracing digital assets in political fundraising.
Conclusion
The recent fundraiser in San Francisco not only highlights Trump’s significant support from the cryptocurrency community but also underscores his commitment to fostering a crypto-friendly regulatory environment. As the political landscape evolves, Trump’s promise of deregulation contrasts sharply with the current administration’s approach, presenting a pivotal moment for the future of cryptocurrency regulation in the United States.
