Biden

Joe Biden

Donald Trump

Elon Musk

Donald Trump, the Republican presidential candidate, declared himself the “crypto president” at a fundraiser in San Francisco. The event, hosted by tech venture capitalists David Sacks and Chamath Palihapitiya, raised $12 million. 
Also Read: <a href="https://www.cryptopolitan.com/trump-build-a-crypto-army-to-fight-joe-biden/">Donald Trump Will Build a Crypto Army To Fight Joe Biden</a> 
The event was held at Sacks’ home in the upscale Pacific Heights neighborhood. Trump criticized the Democrats’ efforts to cripple the industry, reiterating that he sees crypto as an essential tool for America and is highly supportive of it. 
<h2 class="wp-block-heading" id="crypto-faces-regulation-challenges">Crypto faces regulation challenges</h2> 
The crypto industry is increasingly influencing U.S. politicians as it battles regulatory scrutiny. The bankruptcies of major crypto firms in 2022 frightened investors and exposed widespread fraud and misconduct, leading to huge financial losses for millions. Despite these issues, Trump still claims to love the industry. Keep in mind, however, that he has not provided any specific policy details. 
In 2022, President Joe Biden signed an executive order to ensure the “responsible development of digital assets.” This led to reports urging regulators like the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission to create guidelines addressing risks in the crypto industry. 
<figure class="wp-block-image size-large"> 
 <figure id="attachment_538286" aria-describedby="caption-attachment-538286" style="width: 100%" class="wp-caption alignnone">
 <img loading="lazy" decoding="async" class="wp-image-538286 size-full" src="https://www.cryptopolitan.com/wp-content/uploads/2024/06/image-68.jpg" alt="Donald Trump proudly calls himself crypto president" width="1920" height="1279" srcset="https://www.cryptopolitan.com/wp-content/uploads/2024/06/image-68.jpg 1920w, https://www.cryptopolitan.com/wp-content/uploads/2024/06/image-68-300x200.jpg 300w, https://www.cryptopolitan.com/wp-content/uploads/2024/06/image-68-1200x799.jpg 1200w, https://www.cryptopolitan.com/wp-content/uploads/2024/06/image-68-768x512.jpg 768w, https://www.cryptopolitan.com/wp-content/uploads/2024/06/image-68-1536x1023.jpg 1536w" sizes="(max-width: 1920px) 100vw, 1920px">
 <figcaption id="caption-attachment-538286" class="wp-caption-text">
 President Joe Biden. Source: Reuters
 </figcaption>
 </figure> 
</figure> 
The White House, under Biden, has expressed a willingness to work with Congress to develop a regulatory framework for cryptocurrencies. White House spokesperson Robyn Patterson stated that the Biden administration supports innovation in digital assets while aiming to protect consumers from risks associated with new technologies. This position contrasts with Trump’s promise to halt what he calls the “Biden-Gensler crusade against crypto” if re-elected. 
<h2 class="wp-block-heading" id="crypto-industry-supports-trump">Crypto industry supports Trump</h2> 
San Francisco, known for its liberal stance, had many venture capitalists and crypto investors show up to support Trump at the fundraiser. They <a href="https://www.reuters.com/world/us/trump-pitches-himself-crypto-president-san-francisco-tech-fundraiser-2024-06-07/" rel="nofollow noopener" target="_blank">cited</a> Biden’s excessive regulation as a key reason. The fundraiser saw attendance from notable figures in the crypto industry, including executives from Coinbase and the Winklevoss twins, founders of Gemini. 
David Sacks and Chamath Palihapitiya have been vocal about their crypto investments, particularly Bitcoin. The industry’s support for Trump comes despite recent turmoil in the market, such as the collapse of FTX and the Terra-Do Kwo debacle. Founder Sam Bankman-Fried was found guilty of stealing from customers and using the funds to donate over $100 million to U.S. political campaigns. And Do Kwon is in Montenegro awaiting his extradition to the U.S. or South Korea. 
Also Read: <a href="https://www.cryptopolitan.com/musk-denies-crypto-talks-with-trump/">Elon Musk Denies Crypto Talks With Trump</a> 
When Trump’s campaign announced it would accept cryptocurrency donations two weeks ago, it called it a stand against “socialistic government control” over U.S. financial markets. “Biden surrogate Elizabeth Warren said in an attack on cryptocurrency that she was building an ‘anti-crypto army’ to restrict Americans’ right to make their own financial choices,” said Trump. 
Cryptopolitan reporting by Jai Hamid

Donald Trump proudly calls himself crypto president

Table of Contents

Cryptopolitan_News

Other articles published on Jun 8, 2024

Ape Planet (APEPLAN) Will Explode 14,000% Before KuCoin Listing, While Shiba Inu, Bonk and Dogeco...

Pepe Doggy (PEPEDOGG) to Skyrocket 14,000% as KuCoin Listing Announced, While Shiba Inu and Dogec...

MoonBag's Top Crypto 2024 Presale Investors Ditch BlastUP and Render for MBAG November $0.25 Pred...

BlockDAG Secures Top Rank on CoinSniper Following Moon Keynote While STRUMP Ascends & Bittensor F...

Bitcoin Drops $2,500 Overnight

Donkey Coin Will Surge 11,000%, As It Looks to Challenge Shiba Inu and Dogecoin

Join our free newsletter for daily crypto updates!