Trump Pledges Strong Support for Crypto in 2024 Race
Donald Trump, aiming for the presidency in 2024, recently embraced the title of “crypto president” during a fundraiser in San Francisco.
The event, organized by venture capitalists David Sacks and Chamath Palihapitiya, raised a substantial $12 million. Held at Sacks’ luxurious Pacific Heights home, Trump criticized the current administration’s approach to cryptocurrency regulation. He emphasized his belief in the importance of digital assets for America’s future and pledged his support for the industry.
The cryptocurrency sector is increasingly influencing U.S. politics as it faces mounting regulatory scrutiny. The 2022 failures of major crypto companies revealed widespread fraud, leading to significant losses for investors. Despite these challenges, Trump remains a vocal supporter of the industry, though he has yet to detail specific policy plans. In 2022, President Joe Biden signed an executive order promoting the responsible development of digital assets, resulting in regulatory recommendations from agencies like the SEC.
The Biden administration is open to collaborating with Congress on a regulatory framework for cryptocurrencies, aiming to protect consumers while encouraging innovation. This approach contrasts sharply with Trump’s promise to end what he calls the “Biden-Gensler crusade against crypto” if he wins the election.
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Despite San Francisco’s typically liberal stance, numerous venture capitalists and crypto enthusiasts attended the fundraiser in support of Trump, criticizing Biden’s regulatory measures. Notable figures such as executives from Coinbase and the Winklevoss twins, founders of Gemini, were present. David Sacks and Chamath Palihapitiya, who have significant investments in Bitcoin, are among the prominent supporters of Trump from the crypto community.
This backing comes even as the market faces significant issues, like the collapse of FTX and the scandal involving Terra and Do Kwon. FTX founder Sam Bankman-Fried was convicted of misusing customer funds for political donations, while Do Kwon is awaiting extradition on fraud charges.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
