Former U.S. President Donald Trump expands his advocacy for cryptocurrency, aiming to be known as the “crypto president” for his 2024 presidential campaign, as reported by Reuters recently. At a fundraising event in San Francisco, hosted by Craft Ventures’ partner David Sacks and tech magnate Chamath Palihapitiya, Trump reportedly announced his pro-crypto stand.
At this event, Trump successfully raised $12 million for his pre-election promotional activities before November 5. Further, Trump contrasted his support for the crypto sector with the Democratic Party’s intention to implement strict regulations- an approach contrary to the cryptocurrency industry, often referred to as regulation by enforcement.
Trump’s remarks come a week after the existing U.S. President Joe Biden faced criticism from the crypto industry for vetoing the resolution to repeal the U.S. Securities and Exchange Commission (SEC) Staff Accounting Bulletin (SAB) No. 121. This bulletin includes contentious crypto accounting guidelines that require institutions holding crypto assets to list these holdings as liabilities on their balance sheets.
Trump, who has made several public statements supporting the crypto field recently, insists that the U.S. lead in cryptocurrency, accepting nothing less than the top spot. On the Truth Social platform owned by Trump Media and Technology Group, he stated, “Our country must be the leader in the field, there is no second place,” showing his receptiveness towards cryptocurrency companies and associated developments.