Donald Trump, the former President of the United States, is ramping up his support for cryptocurrency as part of his 2024 presidential campaign, aiming to be known as the “crypto president,” as reported by Reuters recently.
According to sources familiar with the situation, Trump made this declaration at a fundraising event in San Francisco hosted by David Sacks, a general partner at Craft Ventures, and tech billionaire Chamath Palihapitiya. This event helped raise $12 million to bolster Trump’s promotional efforts leading up to the U.S. election on November 5.
Trump reaffirmed his backing for cryptocurrency and his plans to advance the industry, while criticizing the Democratic Party’s proposed stringent regulations, commonly referred to as regulation-by-enforcement in the crypto industry.
This announcement comes shortly after President Joe Biden faced criticism from the crypto industry for vetoing a resolution that would have overturned the SEC’s controversial crypto accounting guidelines. These guidelines mandate institutions holding crypto assets to list them as liabilities on their balance sheets.
Trump’s support for the cryptocurrency industry has been evident in his recent public statements. In a post on his Truth Social platform on May 25, he emphasized the importance of the U.S. leading the way in the crypto industry, stating, “Our country must be the leader in the field, there is no second place.”
He also expressed his positivity towards cryptocurrency companies and all aspects of this growing industry.
In other news, a documentary about the FTX collapse, priced at $2,500, is now available on Amazon Prime with assistance from the filmmaker’s mother.