Tech
Trump promotes himself as “Crypto President” at tech fundraiser in San Francisco
Republican presidential candidate Donald Trump cast himself as a supporter of cryptocurrency and criticized Democratic efforts to regulate the industry at a fundraiser in San Francisco.
“He said he would be the president of cryptocurrency,” said Trevor Traina, a San Francisco-based technology executive and former Trump ambassador to Austria. Reuters.
Trump has emphasized the importance of cryptocurrency and emphasized his strong support for the industry, according to Republican National Committeewoman Harmeet Dhillon. Dhillon said that although Trump is campaigning to unseat Democratic incumbent President Joe Biden in the Nov. 5 election, he did not provide specific details about his proposed crypto policies.
“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, referring to SEC Chairman Gary Gensler.
The event was attended by executives of cryptocurrency exchange Coinbase, twin cryptocurrency investors Tyler and Cameron Winklevoss, and other industry leaders.
Second CNBCTrump 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.
Tickets were selling for $50,000 apiece, with a $300,000 range that included perks such as a photo with Trump. The cryptocurrency industry is increasingly trying to influence U.S. politicians as it faces heightened scrutiny from regulators. This increase in attention comes especially after the failures of major cryptocurrency companies in 2022, which alarmed investors, exposed fraud and misconduct, and left millions of investors with significant losses.
In 2022, Biden signed an executive order aimed at ensuring the responsible development of digital assets. This order has led to reports urging regulators, including the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission, to issue guidelines and rules to address risks within the crypto ecosystem.
In a statement to Reuters, White House spokeswoman Robyn Patterson said the Biden administration supported innovation in digital assets while aiming to protect consumers from “risks associated with new technologies.” Despite San Francisco’s liberal orientation, a growing number of prominent local venture capitalists and cryptocurrency investors are supporting Trump, with many citing what they see as excessive regulation as the main reason.
Although San Francisco is heavily liberal (Democrat Joe Biden won 85% of the city’s vote in the 2020 election against then-President Trump), a growing number of high-profile local venture capitalists and cryptocurrency investors have offered the their support for Trump before his November meeting. rematch against Biden.
The San Francisco event demonstrated that Trump has not slowed down his fundraising efforts despite his conviction in the recent secret trial in New York.