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06/08/2024

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Trump Promotes Himself as 'Crypto President' at SF Fundraiser

At a San Francisco fundraiser on Thursday, Republican presidential candidate Donald Trump portrayed himself as a strong supporter of cryptocurrency and criticized Democrats for trying to regulate the industry.

Trump Promotes Himself as 'Crypto President' at SF Fundraiser

At a San Francisco fundraiser on Thursday, Republican presidential candidate Donald Trump portrayed himself as a strong supporter of cryptocurrency and criticized Democrats for trying to regulate the industry.

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According to Republican National Committeewoman Harmeet Dhillon and three sources who spoke to Reuters, Trump emphasized the importance of crypto and expressed his strong backing for the sector.

Trump Raises $12 Million at San Francisco Fundraiser

Donald Trump raised $12 million at a 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 crypto president,” Trevor Traina, a San Francisco-based tech executive and former Trump ambassador to Austria, told Reuters.

Trump’s Support for Cryptocurrency: The crypto industry is increasingly trying to influence U.S. politicians as it faces heightened scrutiny from regulators, especially after major crypto firm bankruptcies in 2022. These events spooked investors, exposed fraud and misconduct, and left millions out of pocket. At the fundraiser, Trump emphasized the importance of cryptocurrency and expressed his strong support for the sector.

Lack of Specifics on Crypto Policy: Republican National Committeewoman Harmeet Dhillon noted that Trump, who is running to unseat Democratic incumbent Joe Biden in the November 5 election, did not offer specifics on his proposed crypto policy. However, he stressed that he was very supportive of the industry.

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Biden Administration’s Approach to Cryptocurrency Regulation

In 2022, President Biden signed an executive order aimed at ensuring the responsible development of digital assets. This order led to reports urging regulators, such as the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission, to issue guidance and rules addressing risks in the crypto ecosystem. The Biden administration has expressed eagerness to work with Congress to develop a regulatory framework for cryptocurrencies. White House spokesperson Robyn Patterson stated that the administration supports innovation in digital assets while seeking to protect consumers from the risks associated with new technologies.

Despite San Francisco’s liberal leanings, a growing number of high-profile local venture capitalists and crypto investors are supporting Trump. Many of these investors cite what they see as excessive regulation as a key reason for their support. Jacob Helberg, an adviser to data analytics provider Palantir, said, “President Trump made clear that the Biden-Gensler crusade against crypto will grind to a halt within one hour of a second Trump administration,” referring to SEC Chair Gary Gensler.

Key Figures in Cryptocurrency Attend Trump Fundraiser

Executives from crypto exchange Coinbase, crypto investor twins Tyler and Cameron Winklevoss, and other crypto leaders attended the fundraiser on Thursday, according to Republican National Committeewoman Harmeet Dhillon. A spokesperson for Gemini, the company founded by the Winklevoss twins, did not immediately comment.

Hosts David Sacks and Chamath Palihapitiya have publicly discussed their investments in cryptocurrency, particularly in bitcoin. Their support highlights the growing interest and involvement of major tech investors in the crypto space.

The crypto industry has faced significant legal challenges, most notably with the founder of the now-bankrupt FTX cryptocurrency exchange, Sam Bankman-Fried. Last year, Bankman-Fried was found guilty of stealing from customers, and prosecutors allege he used those funds to donate more than $100 million to U.S. political campaigns.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

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