Former US President Donald Trump, during a fundraising event in San Francisco on June 7, affirmed his commitment to cryptocurrency, declaring himself a candidate for the title of ‘crypto president’ for the 2024 presidential campaign. Hosted by David Sacks of Craft Ventures and billionaire Chamath Palihapitiya, the event raised $12 million for his campaign ahead of the November 5 election.
Trump commits to advancing the crypto industry
At the event, Trump reiterated his commitment to advancing the crypto industry and criticized the Democratic Party’s stance, which he called imposing harsh regulations. He highlighted the Democratic approach as a “regulation by application“, an expression used within the American crypto industry.
This announcement follows a controversial decision by current US President Joe Biden. The latter recently faced criticism from the crypto community after vetoing a resolution to overturn Securities and Exchange Commission (SEC) Accounting Bulletin No. 121. This bulletin requires institutions holding crypto assets to register them as liabilities on their balance sheetsa requirement that has sparked controversy.
Donald Trump, a fervent defender of cryptos
Trump’s support for the cryptocurrency industry has been consistent. On May 26, Cointelegraph reported that Trump emphasized the importance of the United States being a leader in crypto.
“Our country must be the leader in this, there is no second place,” Trump said in a May 25 post on Truth Social, a platform owned by Trump Media and Technology Group.
He also added:
“I am very positive and open-minded towards crypto companies and everything related to this new and growing industry.”
With this new focus on crypto, Trump is positioning himself as a pro-crypto candidate, with the aim of attracting support from the growing community of cryptocurrency enthusiasts. His continued advocacy marks a significant shift in his campaign strategy, as he seeks to capitalize on the crypto movement’s momentum for his quest of the presidency.
What are the reactions of the crypto community to Trump’s commitment?
The crypto community generally seems to welcome favorably the commitment of Trump, seeing in him a potential defender of their interests in the face of the Democrats’ more regulatory approaches. However, some remain cautious and wait to see more concrete proposals.
In summary, former President Donald Trump is establishing himself as a strong supporter of the crypto industry as part of his 2024 presidential campaign. His stated goal of becoming the “crypto president” marks a strategic turning point in his race for the White House, as he seeks to attract support from a growing crypto community.
With his critical opposition to Democratic regulations, Trump positions cryptography as a major issue in the next election American presidential election.
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