Tech
Donald Trump calls himself “crypto president”
Former US president and current Republican presidential candidate Donald Trump called himself the “cryptocurrency president” at a fundraiser last week, according to sources at the event. Trump reportedly presented himself as a staunch supporter of cryptocurrency at the event, while criticizing Democratic efforts to regulate the industry.
Trump raised $12 million from the fundraiser hosted by tech venture capitalists David Sacks and Chamath Palihapitiya at Sacks’ home in the upscale Pacific Heights neighborhood. “He said he would be the president of cryptocurrencies,” Trevor Traina, a San Francisco-based technology executive and Trump’s former ambassador to Austria, told Reuters.
The cryptocurrency industry is increasingly trying to influence US politicians as it faces increasing scrutiny from regulators, especially since the failures of major cryptocurrency companies in 2022 have spooked investors, they put exposed fraud and misconduct and left millions of investors out of money.
Trump has considered cryptocurrencies important and has emphasized that he is very supportive of the industry, said Harmeet Dhillon, a member of the Republican National Committee. Dhillon said Trump, who is running to unseat Democratic incumbent President Joe Biden in the Nov. 5 election, offered no details on his proposed crypto policy.
Biden signed an executive order in 2022 aimed at ensuring the responsible development of digital assets, which has led to reports urging regulators such as the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission to issue guidelines and rules to address risks in the cryptocurrency industry. ecosystem. The White House under Biden has also said it is eager to work with Congress to develop a regulatory framework for cryptocurrencies.
“President Trump has made it clear that the Biden-Gensler crusade against cryptocurrencies will stop within an hour of the second Trump administration,” said Jacob Helberg, a consultant at data analytics provider Palantir.