During a fundraiser in San Francisco hosted by tech venture capitalists David Sachs and Chamath Palihapitiya, former President Donald Trump presented himself as a champion of cryptocurrencies and criticized Democratic Party policies. Organizational efforts In this sector.
Donald Trump raises $12 million in his race for the White House
According to According to Reuters, the event was held at Sachs' residence in the upscale Pacific Heights neighborhood and raised $12 million for Trump's presidential campaign. Attendees reported Donald Trump being declared the “Crypto President,” highlighting his support for the cryptocurrency industry.
As the cryptocurrency industry faces increasing regulatory scrutiny, it has sought to influence US politicians. As reported by Bitcoinist, the cryptocurrency industry is stepping up its political game in the run-up to the upcoming elections in the United States.
Leading the charge is US cryptocurrency exchange Coinbase, which has done so Donated A whopping $25 million to the Fairshake Political Action Committee (PAC). Notably, this is the digital asset platform's second major contribution to the advocacy group, which aims to promote pro-crypto candidates like former President Donald Trump.
Impacts of a major crypto company Bankruptcies In 2022, which exposed fraud and misconduct while leaving investors facing losses, led to increased regulatory attention. Industry participants are actively interacting with political figures to formulate regulations in this context.
According to the report, during a fundraiser in San Francisco, Trump emphasized the importance of cryptocurrency and expressed his strong support for the industry.
The sources stated that he did not provide specific details about the proposed cryptocurrency policy. However, his position contrasts with that of President Joe Biden, who signed an executive order in 2022 aimed at the responsible development of digital assets.
The Biden administration wants to cooperate with Congress to create a regulatory framework for cryptocurrencies. in Executive releaseThe Biden administration opposed the passage of HR 4763, a bill that would affect the regulatory structure of digital assets in the United States.
Cryptocurrency Industry Leaders Unite with Trump
Despite San Francisco's predominantly liberal scene, Trump has drawn support from prominent local figures Capital owners And crypto investors.
According to Reuters, many cite concerns about over-regulation as a major factor behind their support. Jacob Helberg, a consultant for data analytics firm Palantir, said that Donald Trump assured attendees that the Biden-Gensler campaign against cryptocurrencies would stop within an hour of the second Trump administration, referring to SEC Chairman Gary Gensler.
Prominent figures in the cryptocurrency industry attended the fundraiser, including executives from the founders of Coinbase and Gemini Exchange, Tyler and Cameron Winklevoss.
Former President Donald Trump too Announce in May announced that his presidential campaign would accept donations in various cryptocurrencies. Trump campaign supporters can now contribute using Bitcoin (BTC), Ethereum (ETH), Shiba Inu (SHIB), and Dogecoin (DOGE), which have become accepted.
At the time of writing, the market leading cryptocurrency, BTC, has seen its price fall to $69,160, reflecting a 2% decline compared to its price yesterday.
Featured image of DALL-E, chart from TradingView.com