Trump pitches himself as 'crypto president' at San Francisco tech
fundraiser
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[June 08, 2024]
By Alexandra Ulmer
SAN FRANCISCO (Reuters) -Republican presidential candidate Donald Trump
presented himself as a champion for cryptocurrency and slammed
Democrats' attempts to regulate the sector during a San Francisco
fundraiser on Thursday, three sources present told Reuters.
Trump raised $12 million from the fundraiser hosted by tech venture
capitalists David Sacks and Chamath Palihapitiya at Sacks' home in the
swanky Pacific Heights neighborhood.
"He said he would be the crypto president," Trevor Traina, a San
Francisco-based tech executive and former Trump ambassador to Austria,
told Reuters.
The crypto industry is increasingly trying to influence U.S. politicians
as it faces heightened scrutiny from regulators, especially since
bankruptcies at major crypto firms in 2022 spooked investors, exposed
fraud and misconduct, and left millions of investors out of pocket.
Trump touted crypto as important and stressed that he was very
supportive of the sector, said Republican National Committeewoman
Harmeet Dhillon.
Dhillon said Trump, who is running to unseat Democratic incumbent Joe
Biden in a Nov. 5 election, did not offer specifics on his proposed
crypto policy.
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Biden signed an executive order in 2022 aimed at ensuring the
responsible development of digital assets, which led to reports urging
regulators such as the Securities and Exchange Commission (SEC) and the
Commodity Futures Trading Commission to issue guidance and rules to
address risks in the crypto ecosystem.
The White House under Biden has also said that it is eager to work with
Congress to develop a regulatory framework for cryptocurrencies.
In a statement to Reuters, White House spokesperson Robyn Patterson said
the Biden administration had supported innovation in digital assets
while seeking to protect consumers from "risks associated with new
technologies."
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Republican presidential candidate and former U.S. President Donald
Trump gestures during a Turning Point USA event at the Dream City
Church in Phoenix, Arizona, U.S., June 6, 2024. REUTERS/Carlos
Barria/File Photo
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While San Francisco is heavily liberal, a growing number of
high-profile local venture capitalists and crypto investors have
thrown their support behind Trump, with several citing what they
deemed excessive regulation among their reasons.
"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.
Executives from crypto exchange Coinbase , crypto investor twins
Tyler and Cameron Winklevoss and other crypto leaders attended on
Thursday, Dhillon added.
A spokesperson for Gemini, the company founded by the Winklevoss
twins, did not immediately comment.
Sacks and Palihapitiya have talked publicly about their investments
in crypto, especially in bitcoin.
The founder of the now-bankrupt FTX cryptocurrency exchange, Sam
Bankman-Fried, was found guilty last year of stealing from
customers. Prosecutors allege he used those funds to donate more
than $100 million to U.S. political campaigns.
(Reporting by Alexandra Ulmer; Additional reporting by Hannah Lang;
Editing by Rod Nickel and Deepa Babington)
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