Donald Trump calls himself the crypto president at a fundraiser

Politicians will say anything for some extra votes and money. While Donald Trump abhorred crypto, and Bitcoin in particular, during his term as president, he introduced himself as crypto president yesterday during a fundraiser.

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Trump raises $12 million

At a fundraiser in San Francisco organized by venture capitalists David Sacks and Chamath Palihapitiya, former President Donald Trump positioned himself as the champion of cryptocurrency. He criticized the Democratic Party’s regulatory efforts in the industry.

According to Reuters the event took place at Sacks’ residence in the upscale Pacific Heights neighborhood. $12 million was raised for Trump’s presidential campaign. Trump declared himself the “crypto president” and emphasized his support for the cryptocurrency industry.

Political influence of crypto

The US crypto industry has used a lot of money to lobby. For example, crypto exchange Coinbase has donated 25 million USDC to the Fairshake Political Action Committee (PAC). This is the platform’s second major contribution to the group, which supports pro-crypto candidates like Trump.

During the fundraiser, Trump emphasized the importance of cryptocurrency and expressed his support. He did not provide specific details about his crypto policy, but his stance contrasted with that of President Joe Biden.

What does Joe Biden want?

The Biden administration wants to work with Congress to create a regulatory framework for cryptocurrencies. In an official statement, the Biden administration opposed HR 4763, a bill that would affect the regulatory structure for digital assets.

Despite San Francisco’s predominantly liberal climate, Trump received support from prominent local venture capitalists and crypto investors. According to Reuters, concerns about excessive regulation are a major reason for their support.

Jacob Helberg, an advisor to Palantir, stated that Trump assured attendees that Biden and SEC Chairman Gary Gensler’s campaign against crypto would end within an hour of the second Trump administration.

Notable figures from the cryptocurrency industry, such as executives from Coinbase and Gemini Exchange, attended the fundraiser.

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