Former President Trump took the stage at a San Francisco event organized by digital venture capitalists Chamath Palihapitiya and David Sacks to portray himself as the crypto sector’s savior while simultaneously criticizing Democratic Party measures to regulate the industry.
Reuters reports that the expensive fundraiser, which took place at Sacks’ home in the exclusive Pacific Heights area, brought in $12 million for Trump’s presidential campaign. The fact that Donald Trump has publicly acknowledged his support for the cryptocurrency industry—as the “crypto president”—was brought to the attention of those in attendance.
Amid heightened regulatory scrutiny, the Bitcoin business has made efforts to sway legislators in the US. The cryptocurrency sector is reportedly increasing its political activity in the days leading up to the US midterm elections, according to Bitcoinist.
The United States-based cryptocurrency exchange Coinbase is at the forefront of this movement, having contributed an enormous $25 million USDC to the Fairshake PAC. The advocacy organization seeks to support pro-crypto politicians like former president Donald Trump, and this is the digital asset platform’s second significant donation to that end.
There was a heightened focus from regulators after the 2022 bankruptcy of many large cryptocurrency firms, which exposed fraud and corruption and left investors with losses. In this setting, industry players work closely with government authorities to influence the rules.
Trump reportedly voiced his strong support for the bitcoin business and highlighted its significance at the San Francisco event.
He allegedly did not lay out his planned crypto policy in any great detail. On the other hand, President Joe Biden took a different approach in 2022 when he issued an executive order to promote the responsible development of digital assets.
The Biden administration is interested in working with lawmakers to create cryptocurrency regulations. In an executive statement, the Biden administration voiced its opposition to H.R. 4763, a measure that would alter the US regulatory framework for digital assets.
Prominent San Franciscan startup capitalists and cryptocurrency investors have backed Trump, despite the city’s mostly liberal atmosphere.
Many of them, according to Reuters, say that worries about overregulation are a major reason they’re endorsing it. According to Palantir advisor Jacob Helberg, Trump promised audience members that SEC Chair Gary Gensler’s anti-crypto campaign would stop “within the hour” of the second Trump administration taking office.
Coinbase executives and the Winklevoss twins, Tyler and Cameron, who founded the Gemini exchange, were among the notable attendees at the event.
Additionally, in May, former President Trump said that his presidential campaign would accept contributions in a variety of cryptocurrencies. The increasingly popular cryptocurrencies like Dogecoin (DOGE), Shiba Inu (SHIB), Ethereum (ETH), and Bitcoin (BTC) are now available to Trump campaign backers.
Currently, the market leader in cryptocurrencies, Bitcoin (BTC), has seen a price pullback to $69,160, which is a 2% decrease from yesterday’s price.