Former President and presumptive Republican nominee Donald Trump is once again trying to rally the cryptocurrency community to support his take on President Joe Biden's campaign in the lead-up to the 2024 election.
This time, he's calling himself a “crypto president” if he wins on November 5th.
Trump made this statement during a Fundraising In the upscale neighborhood of Pacific Heights in the home of tech venture capitalists David Sachs and Chamath Palihapitiya.
The event attracted a variety of high-profile guests, including executives from cryptocurrency exchange Coinbase, the Winklevoss twins, and other leaders in the cryptocurrency space.
Trump's message may have struck a chord with influential figures in the technology industry, who are increasingly seeking to exert influence over US policymakers in response to increasing regulatory scrutiny of the Web3 sector.
After all, the twice-impeached and four-times indicted candidate raised $12 million for his campaign during the event.
Trump stressed the importance of Bitcoin (BTC) and other cryptocurrencies, but did not provide specific details about the proposed crypto policy.
The only promise he made was: to thwart Biden and any regulations on the cryptocurrency industry.
It should be noted that the Biden administration is not completely anti-cryptocurrencies. In 2022, it signed an executive order to promote responsible development within digital assets.
This guidance has led to calls for regulatory bodies such as the US Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission to provide guidance and set rules to address risks within the cryptocurrency ecosystem.
The Biden administration also expressed its intention to cooperate with Congress to formulate a regulatory framework for cryptocurrencies.
according to ReportsWhite House spokesman Robin Patterson insisted that the Biden administration is committed to promoting innovation in digital assets while protecting consumers from potential risks associated with emerging technologies.
While San Francisco is known for its liberal politics, local venture capitalists and cryptocurrency investors who are single-issue voters are warming to Trump, citing concerns about excessive regulation as a primary reason for their support.
a Reuters/Ipsos poll Results taken immediately after Trump's felony conviction on May 31 showed that one in 10 Republicans were less likely to vote for him after the guilty verdict.
Biden's nuanced approach to cryptocurrencies
As regulators increase their scrutiny, the cryptocurrency industry is stepping up its efforts to influence US politicians. These pressures for influence have grown since the bankruptcy of major cryptocurrency companies in 2022, which shook investors, exposed cases of fraud and misconduct, and caused significant financial losses to millions of investors.
Biden's stance on cryptocurrencies has sparked controversy recently, with some calling him anti-crypto. However, a closer examination of his actions and statements reveals a more nuanced perspective.
One pivotal development is Biden's executive order on cryptocurrencies, which aims to promote responsible innovation in digital assets.
The order underscores the importance of maintaining technological leadership in the field of digital assets. It supports responsible innovation while addressing risks to consumers, businesses and the broader financial system. This move underscores Biden's commitment to creating a regulatory environment that balances oversight with the potential benefits of cryptocurrencies.
The Financial Innovation and Technology for the 21st Century (FIT21) Act shows Biden's support for cryptocurrencies. Despite initial concerns expressed by the administration, it refrained from vetoing the bill, signaling its willingness to cooperate with Congress in crafting a comprehensive regulatory framework for digital assets.
Addressing regulatory oversight in the cryptocurrency space, the Securities and Exchange Commission (SEC) is actively shaping the regulatory landscape under the Biden administration. Although some criticize the agency's approach as overly restrictive, it underscores the administration's commitment to ensuring a strong and effective regulatory framework.
Additionally, the Biden administration has addressed environmental concerns associated with cryptocurrency mining.
Recognizing the negative impacts of cryptocurrency miners' high energy consumption on the environment and local communities, management recognizes the importance of engaging with industry on sustainability issues critical to the long-term viability of cryptocurrency.