Former President Donald Trump has reportedly positioned himself as the “crypto president” at a San Francisco fundraiser, raising $12 million in the process.
What Happened: On Thursday, Trump, a Republican presidential candidate, expressed his support for the cryptocurrency industry and criticized the Democratic Party’s efforts to regulate it at a fundraiser in San Francisco, reported Reuters.
He raised $12 million at the fundraiser hosted by tech venture capitalists David Sacks and Chamath Palihapitiya at Sacks’ residence in the upscale Pacific Heights neighborhood.
The former President who is vying to unseat Democratic incumbent Joe Biden in the upcoming election, did not provide specific details about his proposed crypto policy.
Despite San Francisco’s predominantly liberal environment, several prominent local venture capitalists and crypto investors have thrown their support behind Trump, citing what they perceive as excessive regulation as a key reason.
“He said he would be the crypto president,” said Trevor Traina, a San Francisco-based tech executive and former Trump ambassador to Austria.
Why It Matters: This comes in the wake of increased scrutiny of the crypto industry by regulators, following the collapse of major crypto firms in 2022. Last month, Biden vetoed a bipartisan resolution intended to overturn the Securities and Exchange Commission’s crypto custody guidance.
Trump’s stance on crypto has evolved significantly over the years. In 2021, he referred to it as a “disaster waiting to happen,” but by 2024, he had become a vocal supporter, even owning a crypto portfolio worth over $33 million at one point.
The 2024 presidential election is shaping up to be a close race, with Trump’s lead over Biden dropping to just one point. The former President’s strong support for the crypto industry could play an important role in his campaign strategy.
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