Donald Trump doubles down on crypto support at fundraising event – Report
Former US President Donald Trump is stepping up his crypto campaign as part of his 2024 presidential campaign, and has now announced his “goal to become a crypto president,” according to a recent Reuters report.
Published on June 7, citing sources familiar with the matter, Trump Report Craft Ventures' general partner David Sachs and technology billionaire Chamath Palihapitiya, announced at a fundraising event in San Francisco that “he will be president of crypto”.
The event is said to have helped Trump raise $12 million to support his campaign efforts ahead of the November 5 US presidential election.
Trump reiterated his support for crypto and his plans to push the industry forward, signaling the Democratic Party's desire to take the opposite approach with tougher regulations — the US crypto industry typically refers to as enforcement regulation.
The claim follows Biden's controversial crypto decision
It comes a week after current US President Joe Biden received a backlash from the crypto industry after he rejected the US Securities and Exchange Commission's (SEC) Staff Accounting Book (SAB) No. 121 – a controversial crypto accounting guidelines that required institutions. That protection crypto assets to be recorded as liabilities on their balance sheets.
This follows several recent public statements by Trump showing his support for the crypto industry.
On May 26, Cointelegraph reported that Trump reiterated that the United States should have nothing less than first place in the crypto industry.
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“Our country must be the leader in the field, there is no second place,” Trump declared in a May 25 post on Truth Social – a social media platform owned by Trump Media and Technology Group.
“I am very positive and open minded to cryptocurrency companies and everything related to this new and growing industry,” he added.
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