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Donald Trump Vows to Become the ‘Crypto President’ in Fundraising Event

Ruholamin Haqshanas
Last updated: | 2 min read
Donald Trump Vows to Become the 'Crypto President' in Fundraising Event

Former United States President Donald Trump is ramping up his advocacy for cryptocurrency, now setting his sights on becoming the “crypto president.”

He made the comment during a fundraising event in San Francisco, co-hosted by Craft Ventures’ general partner, David Sacks, and tech billionaire Chamath Palihapitiya, according to a recent Reuters report.

At this gathering, Trump purportedly affirmed his commitment to cryptocurrency, asserting his readiness to champion the industry’s advancement, while cautioning against the Democratic Party’s purported inclination towards stringent regulations.

The fundraising event proved to be a significant boon for Donald Trump’s promotional efforts, reportedly netting a substantial $12 million in support ahead of the November 5 U.S. presidential election.

Trump’s Crypto Support Comes in Contrast to Biden

Donald Trump’s embrace of cryptocurrency aligns with his broader strategy to distinguish himself from the policies espoused by the current administration, particularly in light of President Joe Biden’s recent decision that drew ire from the crypto community.

Just a week prior, Biden faced criticism after vetoing a resolution aimed at overturning the controversial U.S. Securities and Exchange Commission (SEC) Staff Accounting Bulletin (SAB) No. 121.

This bulletin, which mandates institutions holding cryptocurrency assets to record them as liabilities on their balance sheets, has been a point of contention within the industry.

Trump’s vocal support for cryptocurrency is not new, as evidenced by several recent public statements.

On May 26, he reiterated his stance that the United States must assert its dominance in the crypto sector.

“Our country must be the leader in the field, there is no second place,” he said at the time in a post on Truth Social, a social media platform owned by Trump Media and Technology Group.

Furthermore, he has recently announced that his presidential campaign would accept cryptocurrency donations.

The fundraising page, which allows eligible individuals to donate in crypto using Coinbase Commerce, displays logos for Bitcoin, Ethereum, Dogecoin, Shiba, XRP, USD Coin, SOL, and 0x (ZRX).

Earlier this month, Trump also made a promise to grant a presidential pardon to Ross Ulbricht, the founder of Silk Road, if he is re-elected in November’s election.

Voters Consider Candidates’ Stance on Crypto

As reported, a survey conducted by the Harris Poll has revealed that one in three voters in the US consider a candidate’s position on cryptocurrencies before making their voting decision.

Another survey conducted by leading crypto venture capital firm Paradigm reveals that Trump’s poll numbers for the 2024 US Presidential Election enjoy significant support from the crypto community.

The survey, which included 1,000 registered voters, found that 48% of crypto owners plan to vote for the former president, while 39% intend to vote for current U.S. President Joe Biden.

Likewise, a recent report from Coinbase claimed that California voters who own cryptocurrencies are expected to have a significant impact on the 2024 elections.