Following a recent event where he raised $12 million, Donald Trump reportedly declared his intention to become the “crypto president.”
As part of his 2024 presidential campaign, former US President Donald Trump is ramping up his support for cryptocurrencies and announcing his intention to become the “crypto president,” per a recent Reuters story.
Trump allegedly said, “he would be the crypto president,” at a fundraising event in San Francisco organised by tech billionaire Chamath Palihapitiya and general partner of Craft Ventures, according to a June 7 article that cited people with knowledge of the situation.
According to reports, Trump raised $12 million at the event to help with his campaigning ahead of the U.S. presidential election on November 5.
In addition, Trump reaffirmed his support for cryptocurrencies and his promises to advance the sector while criticising the Democratic Party’s aim to adopt a more restrictive stance, which the US crypto business refers to as regulation by enforcement.
It occurs just one week after the crypto industry reacted negatively to U.S. President Joe Biden’s veto of a resolution that would have overridden the contentious SEC Staff Accounting Bulletin (SAB) No. 121, which mandates that institutions that hold cryptocurrency assets record their holdings as liabilities on their balance sheets.
This comes after Trump has made a number of recent public statements endorsing the cryptocurrency sector.
According to reports, Trump reaffirmed on May 26 that the United States should aim for the top spot in the cryptocurrency market.
In a tweet published on May 25, Trump stated that “our country must be the leader in the field, there is no second place” on Truth Social, a social media website run by Trump Media and Technology Group.
“I have a very optimistic outlook and am receptive to cryptocurrency businesses and everything associated with this emerging field,” he continued.