As a seasoned crypto investor with a keen interest in the political landscape of the industry, I’m closely monitoring the developments surrounding Donald Trump’s support for cryptocurrencies and his stance on regulation. The recent San Francisco fundraiser, which raised $12 million for Trump’s presidential campaign, was an intriguing event that highlighted Trump’s position as a “crypto president” and his strong backing of the industry.
At a charity event in San Francisco attended by tech investors David Sacks and Chamath Palihapitiya, Donald Trump, the former president, advocated for cryptocurrencies and voiced his disapproval towards the Democratic Party’s regulatory initiatives in this field.
Donald Trump Raises $12 Million In Race For White House
Based on Reuters’ report, the fundraising event for Trump’s presidential campaign took place at Sacks’ luxurious Pacific Heights home and generated a total of $12 million in donations. Guests shared that during the occasion, Trump referred to himself as the “crypto president,” emphasizing his strong backing for the cryptocurrency sector.
The cryptocurrency sector is ramping up its political efforts as it braces for intensified government oversight. According to Bitcoinist, this heightened engagement with US politicians is a strategic response ahead of the upcoming American elections.
Coinbase, a prominent US crypto exchange, has made a significant donation of $25 million worth of USDC to the Fairshake political action committee (PAC). This is the digital asset platform’s second substantial contribution to this group that champions pro-crypto candidates, including former President Donald Trump.
In the wake of significant crypto companies’ insolvencies in 2022, which uncovered fraudulent activities and caused financial harm to investors, there has been increased scrutiny from regulators. Players within the industry are actively engaging in dialogue with politicians to help craft legislation in response.
According to the findings from the report, at the San Francisco event, Trump highlighted the significance of cryptocurrencies and publicly voiced his firm backing for the sector.
According to reports, he declined to share precise information regarding his planned crypto policy. In contrast, President Joe Biden took action in 2022 by issuing an executive order that focused on the prudent advancement of digital assets.
The Biden government aims to work closely with Congress to create rules governing the use of cryptocurrencies within the US. In contrast, the Biden administration has voiced its disapproval towards H.R. 4763, a proposed bill that could alter the regulatory landscape for digital currencies in America.
Crypto Industry Leaders Join Forces With Trump
In the politically liberal heart of San Francisco, Trump has managed to gain backing from notable venture capitalists and cryptocurrency investors.
As a researcher studying the crypto industry, I’ve noticed that some people raise concerns over excessive regulation as a significant reason for their support. According to Reuters, this sentiment is widespread. For instance, Jacob Helberg, an advisor at Palantir, shared during an event that Donald Trump promised attendees that any anti-crypto efforts from the Biden-Gensler administration would be put on hold within an hour of a potential second Trump term. This implies that there’s a belief that overregulation could negatively impact the crypto market.
Prominent personalities from the cryptocurrency sector graced the fundraiser with their presence. Among them were executives hailing from Coinbase and the Winklevoss brothers, who are the founders of Gemini exchange.
In May, it was revealed that Donald Trump’s presidential campaign would be open to accepting donations in several cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Shiba Inu (SHIB), and Dogecoin (DOGE). These digital currencies are now valid methods for supporters to make their contributions.
Currently, Bitcoin (BTC), the dominant cryptocurrency, has undergone a price pullback and is now valued at $69,160 – representing a 2% decrease from its price the previous day.
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2024-06-08 08:12