At a San Francisco fundraiser hosted by venture capitalists David Sacks and Chamath Palihapitiya, former President Donald Trump positioned himself as the champion of crypto and criticized the Democratic Party. regulatory efforts in the area.
Donald Trump raises $12 million for the White House
According to According to Reuters, the event took place at Sacks’ residence in the upscale Pacific Heights neighborhood and raised $12 million for Trump’s presidential campaign. Participants reported Donald Trump’s declaration that he was the “cryptocurrency president,” highlighting his support for the cryptocurrency industry.
As the cryptocurrency industry faces increased regulatory scrutiny, it has sought to influence American politicians. As a Bitcoinist reportedThe crypto industry is stepping up its political game as the upcoming US elections approach.
Leading the charge is US crypto exchange Coinbase, which has donate a whopping $25 million USDC to Fairshake’s political action committee (PAC). Notably, this is the digital asset platform’s second major contribution to the advocacy group, which aims to promote pro-crypto candidates such as former President Donald Trump.
The consequences of a major crypto company bankruptcies in 2022, which exposed fraud and malpractice while leaving investors facing losses, has attracted increased regulatory attention. Industry players are actively engaging with political figures to shape regulations in this context.
According to the report, during the fundraiser in San Francisco, Trump highlighted the importance of cryptocurrency and expressed his strong support for the industry.
Sources reported that it did not provide specific details on its proposed crypto policy. However, his position contrasted with that of President Joe Biden, who signed an executive order in 2022 targeting the responsible development of digital assets.
The Biden administration wants to work with Congress to establish a regulatory framework for cryptocurrencies. In a executive releaseThe Biden administration has opposed the passage of HR 4763, a bill that would impact the regulatory structure of digital assets in the United States.
Crypto Industry Leaders Join Forces With Trump
Despite San Francisco’s predominantly liberal landscape, Trump has garnered support from prominent local figures. venture capitalist and crypto investors.
According to Reuters, many cite concerns about excessive regulation as a key factor in their approval. Jacob Helberg, an advisor to data analytics provider Palantir, said Donald Trump assured attendees that the Biden-Gensler campaign against crypto would end within an hour of the second Trump administration, referring to the president of the SEC, Gary Gensler.
Notable figures from the cryptocurrency industry attended the fundraiser, including executives from Coinbase and Gemini Exchange founders Tyler and Cameron Winklevoss.
Former President Donald Trump as well announcement in May that his presidential campaign will accept donations in various cryptocurrencies. Trump campaign supporters can now contribute using Bitcoin (BTC), Ethereum (ETH), Shiba Inu (SHIB), and Dogecoin (DOGE), which are gaining acceptance.
At the time of writing, the market’s leading cryptocurrency, BTC, saw a price retracement to $69,160, reflecting a 2% decline from its price yesterday.
Featured image of DALL-E, chart by TradingView.com
