During a San Francisco fundraiser, Republican presidential candidate Donald Trump positioned himself as a staunch supporter of cryptocurrency and criticized Democratic efforts to regulate the sector, according to three sources who spoke to Reuters. The event, which took place in the upscale Pacific Heights neighborhood at the home of tech venture capitalist David Sacks, was co-hosted by Sacks and Chamath Palihapitiya and raised $12 million.

“He said he would be the crypto president,” stated Trevor Traina, a San Francisco-based tech executive and former Trump ambassador to Austria, to Reuters. The cryptocurrency industry, facing increased scrutiny from regulators following significant bankruptcies in 2022, is keen on influencing U.S. politicians.

Key Points:

Trump expressed strong support for the cryptocurrency sector, emphasizing its importance, as noted by Republican National Committeewoman Harmeet Dhillon.
The fundraiser highlighted a shift among some prominent San Francisco venture capitalists and crypto investors who support Trump, citing concerns over excessive regulation.
While Trump criticized the Biden administration’s regulatory stance, he did not provide specific details on his proposed crypto policy.

In contrast, President Joe Biden has taken steps to ensure the responsible development of digital assets, including an executive order in 2022 directing regulatory bodies like the SEC and CFTC to address risks in the crypto ecosystem. White House spokesperson Robyn Patterson stated that the Biden administration supports innovation in digital assets while aiming to protect consumers from associated risks. Despite San Francisco’s liberal leanings, Trump’s fundraiser underscores a growing local support base among high-profile venture capitalists and crypto investors critical of current regulations. President Trump made clear that the Biden-Gensler crusade against crypto will grind to a halt within one hour of a second Trump administration,” asserted Jacob Helberg, an adviser to data analytics provider Palantir, referring to SEC Chair Gary Gensler.

– Information by Reuters

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