Republican presidential candidate Donald Trump pitched himself as a cryptocurrency advocate and criticized Democratic efforts to regulate the industry during a fundraiser in San Francisco.
"He said he would be the crypto president," Trevor Traina, a San Francisco-based tech executive and former Trump ambassador to Austria, told Reuters.
Trump emphasized the importance of cryptocurrency and highlighted his strong support for the sector, according to Republican National Committeewoman Harmeet Dhillon. Dhillon mentioned that while Trump is campaigning to unseat Democratic incumbent Joe Biden in the November 5 election, he did not provide specific details on his proposed crypto policies.
"President Trump made clear that the Biden-Gensler crusade against crypto will grind to a halt within one hour of a second Trump administration," said Jacob Helberg, an adviser to data analytics provider Palantir, referring to SEC Chair Gary Gensler.
Executives from crypto exchange Coinbase, crypto investor twins Tyler and Cameron Winklevoss, and other crypto leaders attended the event.
According to CNBC, Trump raised $12 million from the fundraiser hosted by tech venture capitalists David Sacks and Chamath Palihapitiya at Sacks' home in the swanky Pacific Heights neighborhood.
Tickets were sold for $50,000 a head, with a $300,000 tier that included perks like a photo with Trump. The crypto industry is increasingly attempting to sway U.S. politicians as it confronts intensified scrutiny from regulators. This surge in attention comes particularly after bankruptcies at major crypto firms in 2022, which alarmed investors, uncovered fraud and misconduct, and left millions of investors with significant losses.
In 2022, Biden signed an executive order aimed at ensuring the responsible development of digital assets. This order led to reports urging regulators, including the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission, to issue guidance and rules to address risks within the crypto ecosystem.
In a statement to Reuters, White House spokesperson Robyn Patterson said the Biden administration has supported innovation in digital assets while aiming to protect consumers from the "risks associated with new technologies." Despite San Francisco's liberal-leaning, a growing number of prominent local venture capitalists and crypto investors are backing Trump, with many citing what they consider excessive regulation as a primary reason.
While San Francisco is heavily liberal - Democrat Joe Biden won 85% of the city's vote in the 2020 election against then-President Trump - a growing number of high-profile local venture capitalists and crypto investors have thrown their support behind Trump ahead of his November rematch against Biden.
The San Francisco event showed that Trump has not slowed down his fundraising efforts despite his conviction in the recent hush-money trial in New York.
