Former President Donald Trump declared himself the "Cryptocurrency President" at a fundraising event in San Francisco, raising $11,200 million dollars in the process.
What Happened: On Thursday, Trump, the Republican presidential nominee, expressed support for the #cryptocurrency industry and pledged to regulate it at a fundraising event in San Francisco.
He raised $11,200 million at a fundraising event organized by venture capitalists David Sachs and Chamath Palihapitiya at Sachs' residence in upscale Pacific Heights.
The former president, who is vying to oust incumbent Democrat #Joe Biden in the next election, did not provide specific details about his proposed cryptocurrency policy.
Despite San Francisco's widely liberal environment, some prominent local venture capitalists and crypto investors have supported Trump largely because of over-regulation.
'He said he's going to be a cryptocurrency president,' said Trevor Traina, head of technology in San Francisco and a former Trump ambassador.
Why it matters: it comes amid growing regulatory scrutiny of the crypto industry following the collapse of major cryptocurrency companies in 2022. Last month, Biden vetoed a bipartisan resolution aimed at overturning the Securities and Exchange Commission's guidance on holding virtual currencies.
Trump's stance on #cryptocurrencies has undergone major changes over the years. In 2021, he called it a "disaster waiting to happen," and by 2024 he had become an ardent supporter of it and at one point owned a cryptocurrency portfolio worth more than $33,300 million.
The 2024 presidential election promises to be very tight. Trump's advantage over Biden has shrunk to just 1 point. The former president's support for the crypto industry could play a key role in his campaign strategy.
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