Tech
At tech fundraiser in San Francisco, Trump introduces himself as the ‘president of cryptocurrencies’
At tech fundraiser in San Francisco, Trump introduces himself as the ‘president of cryptocurrencies’
At a rally in San Francisco on Thursday, Republican presidential contender Donald Trump criticized Democratic proposals to regulate the cryptocurrency industry, portraying himself as a supporter of the technology.
At an event in San Francisco on Thursday, Republican presidential candidate Donald Trump portrayed himself as a supporter of cryptocurrencies and attacked Democratic plans to regulate the industry.
Tech venture capitalists David Sacks and Chamath Palihapitiya hosted a fundraiser at Sacks’ opulent Pacific Heights mansion, where Trump raised $12 million.
Trevor Traina, a San Francisco-based technology executive and Trump’s former ambassador to Austria, said he “said he would be the president of cryptocurrencies.”
While coming under intense scrutiny from regulators, especially in light of the failures of major cryptocurrency companies in 2022, which have alarmed investors, exposed fraud and wrongdoing, and left millions of investors deep-pocketed, the industry is attempting to exert more and more influence on American legislators.
Republican National Committeewoman Harmeet Dhillon said Trump highlighted his strong support for the cryptocurrency industry and praised it as significant.
According to Dhillon, Trump did not provide any details about his planned crypto strategy. Trump is seeking to replace Democratic President Joe Biden in the election scheduled for November 5.
In order to ensure the responsible development of digital assets, Biden signed an executive order in 2022. This order prompted reports to ask regulators, including the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission, to issue guidelines and rules to address risks in the cryptocurrency ecosystem.
Additionally, the Biden-led White House has shown enthusiasm in working with Congress to create a cryptocurrency regulatory framework.
White House spokeswoman Robyn Patterson said the Biden administration has encouraged innovation in digital assets while working to protect customers from “risks associated with new technologies.”
Despite San Francisco’s strong liberal leanings, a growing number of prominent local venture capitalists and cryptocurrency investors have backed Trump; many of them have given their support because they believe the regulations are too burdensome.
Referring to SEC Chairman Gary Gensler, “President Trump has made it clear that the Biden-Gensler crusade against cryptocurrencies will stop within an hour of the second Trump administration,” reported Jacob Helberg, a consultant at data analytics firm Palantir.
The Winklevoss twins, Tyler and Cameron, are prominent cryptocurrency investors, and Coinbase (COIN.O) executives opened a new tab on Thursday, according to Dhillon.
Sacks and Palihapitiya have publicly discussed their cryptocurrency holdings, particularly bitcoin.
Sam Bankman-Fried, the creator of the now-defunct cryptocurrency exchange FTX, was found guilty of stealing from customers last year. According to the indictment, he donated more than $100 million of those funds to U.S. campaigns. .
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