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Former United States President Donald Trump is ramping up his support for cryptocurrency as part of his 2024 presidential campaign, declaring his ambition to be the “crypto president.” This announcement was made at a recent fundraising event in San Francisco, where Trump raised $12 million, according to a Reuters report.
On June 7, sources revealed that Trump stated his intention to be the “crypto president” at a high-profile event hosted by Craft Ventures’ general partner, David Sacks, and tech billionaire Chamath Palihapitiya. The event significantly bolstered Trump’s campaign funds, contributing $12 million toward his promotional efforts leading up to the November 5 U.S. presidential election.
During the event, Trump reiterated his strong support for the crypto industry and outlined his plans to advance the sector. He criticized the Democratic Party’s approach to cryptocurrency regulation, accusing them of implementing harsh regulations often referred to as “regulation by enforcement” by the U.S. crypto industry.
This renewed commitment to cryptocurrency comes just a week after President Joe Biden faced criticism from the crypto community for vetoing a resolution that would have overturned the U.S. Securities and Exchange Commission (SEC) Staff Accounting Bulletin (SAB) No. 121. The controversial guidelines require institutions that custody crypto assets to record these holdings as liabilities on their balance sheets.
Trump’s recent statements are part of a series of public declarations showing his support for the crypto industry. On May 26, Cointelegraph reported that Trump emphasized the need for the U.S. to lead the global crypto market. “Our country must be the leader in the field; there is no second place,” Trump declared in a May 25 post on Truth Social, a platform owned by Trump Media and Technology Group. He added, “I am very positive and open-minded to cryptocurrency companies and all things related to this new and burgeoning industry.”