Trump positions himself as ‘crypto president’ at San Francisco fundraiser

The crypto industry is seeking influence amidst regulatory scrutiny.

Closeup shot of cryptocurrency coins. Crypto regulation,

At a San Francisco fundraiser, Republican presidential candidate Donald Trump positioned himself as a strong supporter of cryptocurrency and criticised Democrats’ regulatory efforts. The event, held at tech venture capitalist David Sacks’ home, raised $12 million. Trump declared he would be the ‘crypto president,’ according to tech executive Trevor Traina, but did not detail his policy plans.

President Joe Biden’s administration has been working on regulating digital assets to protect consumers, with an executive order in 2022 prompting agencies like the SEC to address crypto risks. White House spokesperson Robyn Patterson stated the administration supports innovation while aiming to safeguard consumers.

Jacob Helberg, an adviser to Palantir, mentioned Trump promised to halt regulatory actions against crypto if he was re-elected as US president. The fundraiser saw attendance from notable crypto figures, including executives from Coinbase and the Winklevoss twins, though representatives from their company, Gemini, did not comment. Sacks and Palihapitiya have been vocal about their crypto investments, particularly in Bitcoin. The event also highlighted the fallout from the FTX exchange scandal, where founder Sam Bankman-Fried was convicted of stealing customer funds to donate over $100 million to political campaigns.

Why does it matter?

The crypto industry is increasingly seeking political influence due to heightened regulatory scrutiny, following major firm bankruptcies in 2022. Despite San Francisco’s liberal leaning, many local venture capitalists and crypto investors back Trump, criticizing what they see as excessive regulation.