Former President Donald Trump has intensified his support for cryptocurrency as part of his 2024 presidential campaign, aiming to become the “crypto president.” At a recent fundraising event in San Francisco, Trump made this declaration, signaling a strong pro-crypto stance that contrasts sharply with the current administration’s approach.
Held by Craft Ventures’ general partner David Sacks and tech billionaire Chamath Palihapitiya, the event reportedly raised $12 million to bolster Trump’s campaign. Trump emphasized his support for the cryptocurrency industry, criticizing the Democratic Party’s regulatory approach, which he claims stifles innovation through stringent enforcement.
This move comes shortly after President Joe Biden faced backlash for vetoing a resolution that would have overturned the SEC’s controversial crypto accounting guidelines, known as SAB No. 121. These guidelines require institutions holding crypto assets to record them as liabilities, a decision that has not been well-received by the crypto community.
Trump’s recent declarations are part of a broader effort to position the United States as a global leader in the crypto industry. On May 26, he reiterated this vision on Truth Social, stating, “Our country must be the leader in the field, there is no second place.” Trump expressed his positive outlook on cryptocurrency, signaling openness to crypto companies and innovation in the industry.
With the upcoming election, Trump’s pro-crypto stance sets the stage for a significant policy shift if he is elected. His commitment to fostering a favorable environment for the cryptocurrency sector marks a stark contrast to current regulatory approaches, making him a prominent figure in the ongoing debate over the future of digital assets in the United States.
By doubling down on his crypto advocacy, Trump aims to capture the support of the growing crypto community, positioning himself as a champion for the industry against regulatory overreach.