On June 7, 2024, former President Donald Trump positioned himself as a staunch advocate for cryptocurrency at a significant fundraising event in San Francisco. The event, hosted by tech venture capitalists David Sacks and Chamath Palihapitiya in the upscale Pacific Heights neighborhood, saw Trump raising an impressive $12 million. This fundraiser highlighted Trump’s commitment to the crypto industry, which is eager to gain political influence amid increasing regulatory scrutiny.

During the fundraiser, Trump made bold statements about his support for the crypto sector. Trevor Traina, a tech executive and former Trump ambassador to Austria, quoted Trump as saying he would be “the crypto president.” This declaration was well-received by the audience, including notable figures from the tech and crypto industries.

Industry Influence and Regulatory Concerns

The cryptocurrency industry has faced intense scrutiny from regulators, especially following major bankruptcies in 2022 that revealed widespread fraud and left many investors at a loss. The industry’s leaders are now keen on influencing political figures to ease these regulatory pressures. Trump criticized the regulatory efforts led by Democrats, suggesting that a second Trump administration would halt what he termed the “Biden-Gensler crusade against crypto” within an hour of taking office. This sentiment was echoed by Jacob Helberg, an adviser to Palantir.

While Trump voiced strong support for the crypto sector, he did not provide specific details on his proposed policies. Republican National Committeewoman Harmeet Dhillon noted that Trump’s support for cryptocurrency was clear, but policy details were not discussed during the event.

Biden’s Regulatory Approach

The current administration, under President Joe Biden, has taken steps to regulate the crypto industry to protect consumers from risks associated with new technologies. In 2022, Biden signed an executive order to ensure the responsible development of digital assets. This led to various reports and guidance from regulators such as the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).

Despite San Francisco’s liberal reputation, a notable number of local venture capitalists and crypto investors are backing Trump. They argue that excessive regulation is stifling innovation in the sector. High-profile attendees at the fundraiser included executives from Coinbase and the Winklevoss twins, founders of the crypto exchange Gemini.

Trump’s fundraiser in San Francisco highlighted his commitment to supporting the cryptocurrency industry, drawing significant financial backing from prominent figures in the tech world. As the crypto sector seeks to navigate regulatory challenges, Trump’s promise to be a “crypto president” has resonated with many industry leaders.