Trump Positions Himself as the ‘Crypto President’ in 2024 Campaign

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Former United States President Donald Trump is intensifying his advocacy for cryptocurrency as a central theme of his 2024 presidential campaign. 

According to a recent report by Reuters, Trump has declared his intention to become the “crypto president,” signaling a significant pivot towards the burgeoning digital asset industry.

Trump Declares Crypto Support in an Event

On June 7, sources familiar with the matter reported that Trump made this declaration during a fundraising event in San Francisco. The event, hosted by David Sacks, general partner of Craft Ventures, and tech billionaire Chamath Palihapitiya, reportedly raised $12 million to support Trump’s promotional efforts ahead of the U.S. election on November 5.

During the event, Trump reiterated his strong support for the cryptocurrency industry and outlined his plans to propel the sector forward. He contrasted his stance with that of the Democratic Party, which he claimed is pursuing a path of stringent regulations, often referred to by the crypto community as regulation-by-enforcement. 

This approach, according to Trump, could stifle innovation and hinder the growth of the crypto market in the United States.

Trump vs. Joe Biden

Trump’s remarks come in the wake of a controversial decision by current U.S. President Joe Biden. Just a week prior, Biden faced backlash from the crypto industry after vetoing a resolution aimed at overturning the U.S. Securities and Exchange Commission (SEC) Staff

Accounting Bulletin (SAB) No. 121. This bulletin requires institutions that custody crypto assets to record these holdings as liabilities on their balance sheets, a move that has been widely criticized within the industry.

Crypto and US Politics

Trump’s latest declarations are part of a series of public statements expressing his support for the cryptocurrency sector. On May 26, he emphasized the importance of the U.S. leading the global crypto market, stating, “Our country must be the leader in the field, there is no second place.” 

This sentiment was echoed in a May 25 post on Truth Social, a social media platform owned by Trump Media and Technology Group, where he expressed his openness and positive outlook towards cryptocurrency companies and the broader industry.

“I am very positive and open-minded to cryptocurrency companies, and all things related to this new and burgeoning industry,” Trump added, reinforcing his commitment to fostering a supportive environment for digital assets.

Trump’s advocacy for cryptocurrency represents a significant shift in his political strategy. As he seeks to reestablish his position in American politics, his embrace of the crypto sector aligns with a broader trend of increasing acceptance and integration of digital assets in mainstream finance and politics. By positioning himself as a champion of the industry, Trump aims to garner support from a rapidly growing and influential community of crypto enthusiasts and investors.

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