Tech
Trump introduces himself as “cryptocurrency president” at San Francisco tech fundraiser
Trump Introduces Himself as ‘Cryptocurrency President’ at San Francisco Tech Fundraiser
By Alexandra Ulmer
SAN FRANCISCO (Reuters) – Republican presidential candidate Donald Trump portrayed himself as a supporter of cryptocurrencies and criticized Democrats’ attempts to regulate the industry at a fundraiser in San Francisco on Thursday, three sources in attendance told Reuters.
Trump raised $12 million at a fundraiser hosted by tech venture capitalists David Sacks and Chamath Palihapitiya at Sacks’s home in the tony Pacific Heights neighborhood.
“He said he would be the president of cryptocurrencies,” Trevor Traina, a San Francisco-based technology executive and Trump’s former ambassador to Austria, told Reuters.
The cryptocurrency sector is increasingly seeking to influence US politicians as it comes under increased scrutiny from regulators, especially since the failures of major cryptocurrency firms in 2022 have spooked investors, reported fraud and incorrect and left millions of investors without money.
Trump promoted the importance of cryptocurrencies and emphasized his strong support for the industry, Republican National Committee Rep. Harmeet Dhillon said.
Dhillon said Trump, who is running to unseat Democratic incumbent Joe Biden in the Nov. 5 election, has not provided specific details about his proposed cryptocurrency policy.
In 2022, Biden signed an executive order 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 guidelines and rules to address risks in the cryptocurrency ecosystem.
The White House, under Biden, has also said it is eager to work with Congress to develop a regulatory framework for cryptocurrencies.
In a statement to Reuters, White House spokeswoman Robyn Patterson said the Biden administration supported innovation in digital assets while seeking to protect consumers from “risks associated with new technologies.”
While San Francisco is fiercely progressive, a growing number of prominent local venture capitalists and cryptocurrency investors have expressed support for Trump, many citing what they believe to be excessive regulation.
“President Trump has made it clear that the Biden-Gensler anti-crypto crusade will stop within an hour of a second Trump administration,” said Jacob Helberg, a consultant at data analytics provider Palantir, referring to SEC Chairman Gary Gensler.
Executives from cryptocurrency exchange Coinbase, twin cryptocurrency investors Tyler and Cameron Winklevoss and other industry leaders were in attendance Thursday, Dhillon added.
A spokesperson for Gemini, the company founded by the Winklevoss twins, had no immediate comment.
Sacks and Palihapitiya have spoken publicly about their investments in cryptocurrencies, particularly bitcoin.
The founder of now-bankrupt cryptocurrency exchange FTX, 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)