Tech
Trump Introduces Himself as ‘Cryptocurrency President’ at San Francisco Tech Fundraiser
- Trump raises $12 million
- Cryptocurrency Industry Seeks Influence Amid Regulatory Scrutiny
SAN FRANCISCO, June 7 (Reuters) – Republican presidential candidate Donald Trump He portrayed himself as a champion of cryptocurrencies and criticized Democrats’ attempts to regulate the sector at a fundraiser in San Francisco on Thursday, three sources at the event told Reuters.Trump raised $12 million from a fundraiser hosted by tech venture capitalists David Sacks and Chamath Palihapitiya at Sacks’ home in the tony Pacific Heights neighborhood.
“He said he was going to be the president of cryptocurrencies,” Trevor Traina, a San Francisco tech executive and Trump’s former ambassador to Austria, told Reuters.
The cryptocurrency industry is increasingly trying to influence US politicians as it faces increased scrutiny from regulators, especially since the 2022 bankruptcies of major cryptocurrency firms have spooked investors, exposed fraud and misconduct, and left millions of investors out of pocket.
Trump has promoted the importance of cryptocurrencies and emphasized his strong support for the sector, Republican National Committee member Harmeet Dhillon said.
Dhillon said Trump, who is running to unseat Democratic incumbent Joe Biden in the Nov. 5 election, has not provided specific details about his proposed cryptocurrency policy.
In 2022, Biden signed an executive order aimed at ensuring the responsible development of digital assets, which 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 ecosystem.
The White House, under Biden, has also said it is eager to work with Congress to develop a regulatory framework for cryptocurrencies.
In a statement to Reuters, White House spokeswoman Robyn Patterson said the Biden administration supported innovation in digital assets while seeking to protect consumers from “risks associated with new technologies.”
While San Francisco is fiercely progressive, a growing number of prominent local venture capitalists and cryptocurrency investors have expressed support for Trump, many citing what they believe to be excessive regulation as one of their reasons.
“President Trump has made it clear that the Biden-Gensler anti-crypto crusade will come to a halt within an hour of a second Trump administration,” said Jacob Helberg, a senior adviser to data analytics provider Palantir, referring to SEC Chairman Gary Gensler.
Cryptocurrency exchange Coinbase executives (COIN.O), opens a new tabcryptocurrency investor twins Tyler and Cameron Winklevoss and other industry leaders attended Thursday, Dhillon added.
A spokesperson for Gemini, the company founded by the Winklevoss twins, did not immediately comment.
Sacks and Palihapitiya have spoken publicly about their investments in cryptocurrencies, particularly bitcoin.
The founder of now-bankrupt cryptocurrency exchange FTX, Sam Bankman-Fried, was found guilty last year of stealing from customers. Prosecutors allege he used the funds to donate more than $100 million to U.S. political campaigns.
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Reporting by Alexandra Ulmer; additional reporting by Hannah Lang; editing by Rod Nickel and Deepa Babington
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