Report Donald Trump reaffirms his support for cryptocurrency at fundraiser event

Former President of the United States, Donald Trump, is ramping up his support for cryptocurrency as part of his 2024 presidential campaign, aiming to be known as the “crypto president,” as reported by Reuters recently.
According to sources familiar with the matter on June 7, Trump made this declaration during a fundraising event in San Francisco, hosted by David Sacks, general partner of Craft Ventures, and tech billionaire Chamath Palihapitiya. The event helped Trump raise $12 million to boost his campaign efforts leading up to the U.S. election on November 5.
Trump reaffirmed his backing for cryptocurrency and his plans to propel the industry forward, while criticizing the Democratic Party’s proposed strict regulations, commonly known in the nation’s crypto industry as regulation-by-enforcement.
This announcement comes in the wake of Biden’s contentious decision regarding cryptocurrency. Just a week earlier, President Joe Biden faced criticism from the crypto industry for vetoing a resolution that aimed to override the U.S. Securities and Exchange Commission (SEC) Staff Accounting Bulletin (SAB) No. 121. This controversial guideline mandates institutions holding crypto assets to list them as liabilities on their balance sheets.
Trump has made several recent public statements showing his support for the cryptocurrency sector. On May 26, Trump emphasized the need for the U.S. to lead the way in the crypto industry, stating that settling for anything less than first place is unacceptable. He shared his views on Truth Social, a social media platform owned by Trump Media and Technology Group, expressing his optimism towards cryptocurrency companies and the industry’s potential.
In related news, the TRUMP token saw a recovery following a significant drop after the guilty verdict against Donald Trump, reflecting the ongoing developments in the cryptocurrency world.