Donald Trump positioning himself as 'crypto president' at San Francisco fundraiser leaves Internet divided

SAN FRANCISCO, CALIFORNIA: On Thursday, June 6, former President Donald Trump addressed the latest cryptocurrency regulations at a fundraiser in San Francisco.

Per Reuters, the 2024 Republican presidential nominee positioned himself as a supporter of the cryptocurrency sector and criticized the Democratic party's efforts to impose regulations on it.

The fundraiser, held at the multimillion-dollar residence of tech venture capitalist David Sacks in the upscale Pacific Heights neighborhood, yielded $12 million in contributions.

Trevor Traina, a San Francisco-based tech executive and former Trump ambassador to Austria, claimed, "He said he would be the crypto president.”

Amid increased regulatory scrutiny following high-profile bankruptcies, alleged fraud, and misconduct in the cryptocurrency industry, there is a growing push for influence on U.S. politicians by cryptocurrency stakeholders, aiming to shape the regulatory landscape.

What did Donald Trump say about cryptocurrencies in his San Francisco address?

In recent statements, Republican National Committeewoman Harmeet Dhillon reported that former President Trump has voiced support for the significance of the cryptocurrency sector.

However, specific details regarding the 77-year-old MAGA strongman's proposed crypto policy were not disclosed.

Conversely, President Joe Biden signed an executive order in 2022 aimed at promoting the responsible development of digital assets.

This directive led to calls for regulatory bodies such as the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission to provide guidance and rules addressing risks within the crypto ecosystem.

The Biden administration has expressed willingness to collaborate with Congress to establish a regulatory framework for cryptocurrencies.

White House spokesperson Robyn Patterson stated that the Biden administration is committed to supporting innovation in digital assets while striving to safeguard consumers against potential "risks associated with new technologies."

Despite San Francisco's strong liberal leanings, an increasing number of prominent local venture capitalists and cryptocurrency investors have endorsed Donald Trump.

Many of them have pledged their support to the ex-Commander-in-Chief because they believe that the crypto regulations have become excessive.

Jacob Helberg, an adviser to data analytics provider Palantir, referred to SEC Chair Gary Gensler, saying, "President Trump made clear that the Biden-Gensler crusade against crypto will grind to a halt within one hour of a second Trump administration.”

Executives from crypto exchange Coinbase, crypto investor twins Tyler and Cameron Winklevoss, and other crypto enthusiasts attended the top-dollar fundraising event on Thursday, according to Dhillon.

The founder of the now-defunct FTX cryptocurrency exchange, Sam Bankman-Fried, was convicted last year of embezzlement from clients. Prosecutors claim that he utilized these funds to contribute over $100 million to U.S. political campaigns.

Internet abuzz as Donald Trump positions himself as 'crypto president' in San Francisco fundraiser

One X user said, "Trump's cranking open the true crypto faucet."

Another user remarked, "Yo Pal, epic deets! Trump as crypto prez, let’s moon this ride!"

Another user suggested, "Imagine a crypto election where campaign donations are NFTs and voting is on the blockchain! Could revolutionize how we see democracy and politics."

One X user claimed, "Trump really tryna be the king of crypto huh man loves staying in the spotlight."

Another user argued, "That's a bold strategy. Remember when El Salvador made Bitcoin legal tender? Trump's pitch could shake things up! With DeSantis previously endorsing blockchain tech, competition is heating up. HODL on!"

Finally, this user tweeted, "Wow, Trump diving into the crypto world! "HODL the White House" is quite a tagline. Can't wait to see how this plays out! #CryptoPresident."

 

This article contains remarks made on the Internet by individual people and organizations. MEAWW cannot confirm them independently and does not support claims or opinions being made online.