Republican presidential candidate Donald Trump declared his support for cryptocurrency and criticized Democratic regulatory efforts at a fundraiser in San Francisco on Thursday.
As reported by multiple outlets, the event, hosted by tech venture capitalists David Sacks and Chamath Palihapitiya at Sacks' home in Pacific Heights, raised $12 million.
Trevor Traina, a tech executive and former Trump ambassador to Austria stated that "he said he would be the crypto president."
Meanwhile, Republican National Committee member Harmeet Dhillon said that Trump emphasised the importance of cryptocurrency and his strong support for the sector.
However, Trump did not provide specifics on his proposed crypto policies.
On the other hand, US President Joe Biden signed an executive order in 2022 to ensure the responsible development of digital assets, leading regulators like the SEC and CFTC to issue guidance to address risks in the crypto ecosystem.
While, the Biden administration has expressed a desire to work with Congress on developing a regulatory framework for cryptocurrencies.
Meanwhile, Jacob Helberg, an adviser to Palantir said, "President Trump made clear that the Biden-Gensler crusade against crypto will grind to a halt within one hour of a second Trump administration."
Moreover, executives from Coinbase, the Winklevoss twins of Gemini, and other crypto leaders attended the fundraiser.
A Gemini spokesperson did not immediately comment. Sacks and Palihapitiya have publicly discussed their crypto investments, particularly in bitcoin.
The event also comes in the wake of the conviction of Sam Bankman-Fried, founder of the bankrupt FTX cryptocurrency exchange, who was found guilty of stealing from customers and using the funds to donate over $100 million to US political campaigns.
