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During a San Francisco event on Thursday, Republican presidential candidate Donald Trump positioned himself as a cryptocurrency champion while slamming Democrats’ attempts to regulate the sector, according to three sources.
David Sacks and Chamath Palihapitiya, two internet venture capitalists, hosted an event at Sacks’ residence in the posh Pacific Heights neighborhood that netted Trump $12 million.
“He said he would be the crypto president,” Trevor Traina, a San Francisco-based tech executive and former US ambassador to Austria, told Reuters.
The crypto business is increasingly attempting to influence US politicians as it confronts increased attention from regulators, particularly after bankruptcies at big crypto firms in 2022 frightened investors, exposed fraud and malfeasance, and left millions of investors out of pocket.
According to Republican National Committeewoman Harmeet Dhillon, Trump emphasized the importance of cryptocurrency and expressed strong support for the sector.
Dhillon said Trump, who is running against Democratic incumbent Joe Biden in the Nov. 5 election, did not provide information about his planned cryptocurrency legislation.
Biden signed an executive order in 2022 to ensure the responsible development of digital assets, prompting reports that regulators such as the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission should issue guidance and rules to address risks in the crypto ecosystem.
The White House, under Biden, has also stated that it is eager to collaborate with Congress to build a regulatory framework for cryptocurrencies.
In a response to Reuters, White House spokesperson Robyn Patterson said the Biden administration encouraged innovation in digital assets while attempting to safeguard customers from “risks associated with new technologies.”
While San Francisco is generally liberal, an increasing number of prominent local venture capitalists and cryptocurrency investors have thrown their support to Trump, with several blaming heavy regulation as one of their reasons.
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