Donald Trump is against Democratic President Joe Biden in the coming U.S. election in November, showcased himself at a San Francisco fundraiser in June as a supporter of cryptocurrencies and criticized the Democratic Party's efforts to control the sector.

The cryptocurrency sector is growing in its efforts to sway U.S. lawmakers as there is more attention from regulators due to increased bankruptcies at leading cryptocurrency companies in 2022, which frightened investors, revealed scams and wrongdoings, and left countless investors financially harmed.

He has also expressed a desire to encourage more American companies to engage in bitcoin mining.

"Our goal is to ensure that all the remaining Bitcoin is produced in the United States," Trump mentioned on his Truth Social account in June.

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Leaders from the cryptocurrency exchange Coinbase, the Winklevoss twins who are investors in cryptocurrency, along with other figures in the crypto industry, were present at a technology event in June in San Francisco. During this event, Trump managed to secure $12 million in donations.

The Biden administration, which is currently under Democratic leadership, has shown a willingness to collaborate with Congress on creating a regulatory structure for cryptocurrencies.