During a San Francisco fundraiser hosted by tech venture capitalists David Sacks and Chamath Palihapitiya, former President Donald Trump positioned himself as the champion of crypto and criticized the Democratic party’s regulatory efforts in the sector. 

According to Reuters, the event was held at Sacks’ residence in the upscale Pacific Heights neighborhood and raised $12 million for Trump’s presidential campaign. Attendees reported Donald Trump’s declaration of being the “crypto president,” highlighting his support for the cryptocurrency industry.

As the cryptocurrency industry faces increased regulatory scrutiny, it has sought to influence US politicians. As Bitcoinist reported, the crypto industry is stepping up its political game in the run-up to the upcoming elections in the United States. 

Leading the charge is US crypto exchange Coinbase, which has donated a whopping $25 million USDC to the Fairshake political action committee (PAC). Notably, this is the digital asset platform’s second major contribution to the advocacy group, which aims to promote pro-crypto candidates such as the former president Donald Trump.

The aftermath of major crypto firm bankruptcies in 2022, which revealed fraud and misconduct while leaving investors facing losses, prompted heightened regulatory attention. Industry participants actively engage with political figures to shape regulations in this context.

Per the report, during the San Francisco fundraiser, Trump emphasized the importance of cryptocurrency and expressed his strong support for the industry. 

Sources reported that he did not provide specific details about his proposed crypto policy. However, his stance contrasted with President Joe Biden, who signed an executive order in 2022 aimed at responsible development of digital assets. 

The Biden administration desires to collaborate with Congress to establish a regulatory framework for cryptocurrencies. In an executive release, the Biden administration opposed the passage of H.R. 4763, a bill that would impact the regulatory structure for digital assets in the United States. 

Despite San Francisco’s predominantly liberal landscape, Trump has garnered support from prominent local venture capitalists and crypto investors. 

According to Reuters, many cite concerns over excessive regulation as a key factor behind their endorsement. Jacob Helberg, an adviser to data analytics provider Palantir, stated that Donald Trump assured attendees that the Biden-Gensler campaign against crypto would halt within an hour of the second Trump administration, referring to SEC Chair Gary Gensler.

Notable figures in the cryptocurrency industry attended the fundraiser, including executives from Coinbase and Gemini exchange founders Tyler and Cameron Winklevoss.

Former President Donald Trump also announced in May that his presidential campaign will accept donations in various cryptocurrencies. Supporters of the Trump campaign can now contribute using Bitcoin (BTC), Ethereum (ETH), Shiba Inu (SHIB) and Dogecoin (DOGE), which are becoming accepted.

At the time of writing, the leading cryptocurrency in the market, BTC, has experienced a price retracement to $69,160, reflecting a 2% decline compared to its price yesterday.

Featured image from DALL-E, chart from TradingView.com 

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