Trump Advocates for Cryptocurrency at San Francisco Fundraiser

In a fundraising event in San Francisco, Republican presidential candidate Donald Trump positioned himself as an advocate for cryptocurrencies and criticized the Democratic Party’s regulatory efforts in the sector. The event, held at tech venture capitalist David Sacks’ home, raised $12 million. Trump emphasized his support for cryptocurrencies and promised to halt the Biden administration’s regulatory measures within an hour of taking office, although he did not provide specific policy details.
The cryptocurrency industry has been seeking to influence U.S. politicians amid increased scrutiny from regulators following several high-profile bankruptcies in 2022. President Joe Biden’s administration has pushed for responsible development and regulation of digital assets to protect consumers. Despite San Francisco’s liberal leanings, many local cryptocurrency leaders and investors have backed Trump, citing concerns over regulatory overreach.
The event saw attendance from notable figures in the cryptocurrency space, including executives from Coinbase and Gemini, and tech investors like Chamath Palihapitiya. The backdrop of the event highlighted the industry’s ongoing efforts to shape the political landscape in favor of more favorable regulations.