Bitrabo Editorial
Former President Donald Trump asserted his support for the cryptocurrency industry during a fundraiser in San Francisco, positioning himself as the ‘crypto president’ and criticizing Democratic regulatory efforts in the sector. The event, organized by tech investors David Sacks and Chamath Palihapitiya, raised $12 million for Trump’s presidential campaign.
Donations and Political Influence in Cryptocurrency
The cryptocurrency industry, facing increased regulatory scrutiny, is actively engaging with US politicians leading up to the upcoming elections. Coinbase, a major US crypto exchange, donated $25 million USDC to the Fairshake political action committee (PAC) to support pro-crypto candidates, including Trump. This move comes in response to heightened regulatory attention following fraudulent activities in major crypto firms in 2022.
Trump, at the fundraiser, voiced his strong support for cryptocurrency without elaborating on specific policy details, contrasting with President Biden’s focus on responsible digital asset development. Biden’s administration aims to collaborate with Congress to establish regulatory frameworks for cryptocurrencies, opposing bills like H.R. 4763 that could impact digital asset regulations.
Support from Industry Leaders
Despite San Francisco’s liberal environment, Trump received backing from local venture capitalists and crypto investors concerned about excessive regulation. Prominent figures in the cryptocurrency sector, including executives from Coinbase and Gemini exchange founders Tyler and Cameron Winklevoss, attended the fundraiser. Trump also announced that his campaign now accepts donations in various cryptocurrencies, including Bitcoin, Ethereum, Shiba Inu, and Dogecoin.
As of the latest update, the price of leading cryptocurrency BTC saw a 2% decline to $69,160 compared to the previous day, reflecting market fluctuations.
Image source: DALL-E, chart from TradingView.com