Trump Positions Himself as Crypto Champion, Raises $12 Million at San Francisco Fundraiser
Republican presidential candidate Donald Trump positioned himself as a cryptocurrency advocate while criticizing Democratic regulatory efforts during a fundraiser in San Francisco on Thursday, according to three sources speaking to Reuters. The event, hosted by tech venture capitalists David Sacks and Chamath Palihapitiya at Sacks’ home in the Pacific Heights neighborhood, raised $12 million.
“He said he would be the crypto president,” Trevor Traina, a tech executive and former Trump ambassador to Austria, told Reuters.
Trump’s support for the crypto industry comes as it faces increased scrutiny from regulators, especially after the 2022 bankruptcies of major crypto firms exposed fraud and left millions of investors at a loss.
Republican National Committeewoman Harmeet Dhillon noted that Trump expressed strong support for crypto but did not detail his proposed policies. This stance contrasts with President Joe Biden, who signed a 2022 executive order for the responsible development of digital assets. This prompted reports urging regulators like the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission to provide guidance and rules to address risks in the cryptocurrency ecosystem.
The Biden administration, as per a statement to Reuters by White House spokesperson Robyn Patterson, expressed eagerness to collaborate with Congress in crafting a regulatory framework for cryptocurrencies. Patterson emphasized that the administration supports digital asset innovation while aiming to safeguard consumers from risks linked to emerging technologies.
Despite San Francisco’s liberal leanings, Trump has gained support from prominent local venture capitalists and crypto investors who oppose what they see as excessive regulation. “President Trump made clear that the Biden-Gensler crusade against crypto will grind to a halt within one hour of a second Trump administration,” said Jacob Helberg, an adviser to data analytics provider Palantir, referring to SEC Chair Gary Gensler.
Notable attendees on Thursday included executives from Coinbase and the Winklevoss twins, though a Gemini spokesperson did not comment.
