Former President of the United States, Donald Trump, 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 matter on June 7, Trump made the declaration at a fundraiser in San Francisco organized by Craft Ventures’ general partner, David Sacks, and tech billionaire Chamath Palihapitiya. The event reportedly raised $12 million to bolster Trump’s promotional efforts leading up to the November 5 U.S. presidential election.
During the event, Trump reaffirmed his backing for cryptocurrency and his determination to propel the industry forward, while criticizing the Democratic Party’s stance on implementing strict regulations, often referred to by the U.S. crypto industry as enforcement-led regulation.
This announcement comes shortly after President Joe Biden faced criticism from the crypto sector for vetoing a resolution that would have overturned the controversial U.S. Securities and Exchange Commission (SEC) Staff Accounting Bulletin (SAB) No. 121. This contentious bulletin requires institutions holding crypto assets to list them as liabilities on their financial statements.
Trump’s recent public statements have showcased his unwavering support for the crypto industry. On May 26, Trump emphasized that the U.S. should strive to lead the way in the crypto sector, stating, “Our country must be the leader in the field, there is no second place,” in a post on Truth Social, a social media platform owned by Trump Media and Technology Group.
He further expressed his enthusiasm for cryptocurrency companies and the growth of this emerging industry.
In other news, a documentary about the collapse of FTX that costs $2,500 is now available on Amazon Prime, with some assistance from a mother.