Trump positioned himself as a cryptocurrency advocate at a fundraiser in San Francisco on Thursday and slammed the Democratic Party's attempts to regulate the industry, according to Wu. Trump raised $12 million at a fundraiser held at the home of David Sacks, a San Francisco tech entrepreneur and investor. Trevor Traina, a San Francisco tech executive and former Trump ambassador to Austria, revealed that Trump said he would be the 'crypto president.' Jacob Helberg, an adviser to Palantir Technologies, said Trump made it clear that "Biden and Gensler's crusade against cryptocurrency will stop within an hour of the second Trump administration taking office."