Former United States President Donald Trump is amplifying his support for cryptocurrency as a key part of his 2024 presidential campaign, aiming to become the “crypto president,” according to a recent Reuters report.
On June 7, sources revealed that Trump announced his intentions to be the “crypto president” at a fundraising event in San Francisco.
The event was hosted by Craft Ventures’ general partner, David Sacks, and tech billionaire Chamath Palihapitiya.
Reportedly, this event helped Trump raise $12 million for his campaign ahead of the November 5 U.S. presidential election.
During the event, Trump reiterated his commitment to advancing the crypto industry and criticized the Democratic Party’s stance, which he characterized as imposing harsh regulations.
He highlighted the Democratic approach as “regulation by enforcement,” a term used within the U.S. crypto industry.
This announcement follows a contentious decision by current U.S. President Joe Biden.
Biden recently faced backlash from the crypto community after vetoing a resolution aimed at overturning the U.S. Securities and Exchange Commission (SEC) Staff Accounting Bulletin (SAB) No. 121.
This bulletin mandates that institutions holding crypto assets must record them as liabilities on their balance sheets, a requirement that has sparked controversy.
Trump’s support for the crypto industry has been consistent.
On May 26, Cointelegraph reported that Trump emphasized the importance of the U.S. leading the crypto industry.
“Our country must be the leader in the field, there is no second place,” Trump declared in a May 25 post on Truth Social, a platform owned by Trump Media and Technology Group.
He further stated, “I am very positive and open-minded to cryptocurrency companies and all things related to this new and burgeoning industry.”
With his renewed focus on cryptocurrency, Trump is positioning himself as a pro-crypto candidate, aiming to attract support from the growing community of crypto enthusiasts.
His ongoing advocacy marks a significant shift in his campaign strategy as he seeks to leverage the momentum of the crypto movement in his bid for the presidency.
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