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 per a recent report by Reuters.
According to sources familiar with the situation, Trump made this declaration at a fundraising event in San Francisco organized by Craft Ventures’ general partner, David Sacks, and tech billionaire Chamath Palihapitiya, where he managed to raise $12 million for his campaign efforts leading up to the U.S. presidential election on November 5th.
During the event, Trump reaffirmed his backing for crypto and his plans to advance the industry, while criticizing the Democratic Party’s proposed strict regulations, often referred to by the U.S. crypto sector as regulation through enforcement.
This announcement comes shortly after President Joe Biden faced criticism from the crypto community for vetoing a resolution that aimed to overturn the SEC Staff Accounting Bulletin (SAB) No. 121, controversial guidelines requiring institutions holding crypto assets to list them as liabilities on their financial statements.
Trump has been vocal in his support for the crypto industry in recent statements. In a post on his Truth Social platform on May 25th, he emphasized the importance of the U.S. leading the way in the crypto sector, stating, “Our country must be the leader in the field, there is no second place.” Additionally, he expressed his optimism towards cryptocurrency companies and the entire emerging industry.
In other news, a documentary about the FTX collapse, costing $2,500, is set to be released on Amazon Prime, with assistance from the filmmaker’s mother.