Republican presidential candidate Donald Trump presented himself as a supporter of cryptocurrency and criticized Democrats’ attempts to regulate the sector during a fundraiser in San Francisco on Thursday, three sources present told Reuters.
Trump raised $12 million at the fundraiser hosted by venture capitalists David Sacks and Chamath Palihapitiya at Sacks’ home in the upscale Pacific Heights neighborhood.
“He said he would be the president of cryptocurrencies,” Trevor Traina, a San Francisco technology executive and former Trump ambassador to Austria, told Reuters.
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The cryptocurrency industry is increasingly trying to influence US politicians as it faces increased scrutiny from regulators, especially since bankruptcies of major cryptocurrency companies in 2022 spooked investors, they exposed. fraud and misconduct, and left millions of investors losing money.
Trump touted cryptocurrencies as important and stressed that he was very supportive of the sector, said Harmeet Dhillon, a member of the Republican National Committee.
Dhillon said Trump, who is running to unseat Democratic incumbent Joe Biden in the Nov. 5 election, did not offer specific details about his crypto policy proposal.
Biden signed an executive order in 2022 aimed at ensuring the responsible development of digital assets, leading to reports urging regulators such as the Securities and Exchange Commission (SEC) and the US Trade Commission. Commodity Futures to issue guidelines and standards to address risks in the crypto ecosystem.
The White House, under President Biden, has also expressed its desire to work with Congress to develop a regulatory framework for cryptocurrencies.
(Reporting by Alexandra Ulmer; Additional reporting by Hannah Lang; Editing in Spanish by Héctor Espinoza)
