At a San Francisco rally on Thursday, Republican contender for president Donald Trump blasted Democratic proposals to regulate the crypto currency industry while portraying himself as an advocate of the technology.
During a San Francisco event on Thursday, Republican presidential candidate Donald Trump portrayed himself as a supporter of crypto currencies and attacked Democratic plans to regulate the industry.
Tech venture capitalists David Sacks and Chamath Palihapitiya hosted a fundraiser in Sacks’ opulent Pacific Heights mansion, where Trump raised $12 million.
Trevor Traina, a tech executive headquartered in San Francisco and a former Trump ambassador to Austria, said that “he said he would be the crypto president.”
As it comes under closer scrutiny from regulators—especially in light of the major crypto businesses’ bankruptcies in 2022, which alarmed investors, exposed fraud and malfeasance, and left millions of investors out of pocket—the industry is attempting to exert more and more influence on American lawmakers.
Republican National Committeewoman Harmeet Dhillon stated that Trump emphasized his strong support for the cryptocurrency industry and praised it as significant.
According to Dhillon, Trump did not provide any details about his planned crypto strategy. Trump is seeking to replace Democratic President Joe Biden in an election scheduled for November 5.
In order to ensure the responsible development of digital assets, Biden signed an executive order in 2022. This order prompted reports calling on regulators, including the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission, to issue guidelines and rules to address risks in the cryptocurrency ecosystem.
Additionally, the Biden-led White House has shown excitement about collaborating with Congress to create a cryptocurrency regulatory framework.
White House spokeswoman Robyn Patterson said that the Biden administration has encouraged innovation in digital assets while working to shield customers from “risks associated with new technologies.”
Despite the strong liberal leanings of San Francisco, an increasing number of prominent local venture capitalists and cryptocurrency investors have endorsed Trump; many of them have given their support because they believe that regulations are too onerous.
Referring to SEC Chair Gary Gensler, “President Trump made clear that the Biden-Gensler crusade against crypto will grind to a halt within one hour of a second Trump administration,” reported Jacob Helberg, an adviser at data analytics company Palantir.
The Winklevoss twins, Tyler and Cameron, are prominent cryptocurrency investors, and Coinbase (COIN.O) executives opened a new tab on Thursday, according to Dhillon.
Sacks and Palihapitiya have discussed their cryptocurrency holdings, particularly those in bitcoin, in public.
Sam Bankman-Fried, the creator of the now-defunct cryptocurrency exchange FTX, was found guilty of stealing from clients last year. According to the prosecution, he donated more than $100 million of those funds to US campaigns. .
Also read: Unveiling the Ethical Imperatives: Navigating the Intersection of AI and Cybersecurity
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