In a recent report by Reuters, it was revealed that former President of the United States, Donald Trump, is ramping up his support for cryptocurrency as part of his 2024 presidential campaign. Trump has now set his sights on becoming the “crypto president,” with sources familiar with the matter stating that he made this declaration at a fundraising event in San Francisco. The event, hosted by Craft Ventures’ general partner, David Sacks, and tech billionaire Chamath Palihapitiya, helped Trump raise $12 million for his campaign efforts leading up to the November 5th U.S. presidential election.
During the event, Trump reaffirmed his backing for the crypto industry and his plans to drive it forward. He also criticized the Democratic Party for their proposed stringent regulations, which he referred to as regulation by enforcement. This statement comes in the wake of President Joe Biden’s recent controversial decision regarding cryptocurrency.
Just a week ago, Biden faced criticism from the crypto industry after he vetoed a resolution that would have overridden the U.S. Securities and Exchange Commission’s controversial crypto accounting guidelines. These guidelines, known as Staff Accounting Bulletin (SAB) No. 121, require institutions holding crypto assets to list them as liabilities on their balance sheets.
Trump’s vocal support for the crypto industry has been evident in recent public statements. On May 26, Trump emphasized the importance of the U.S. maintaining its position as a leader in the crypto industry, stating that there is no room for second place. He expressed his enthusiasm for cryptocurrency companies and the growth of this emerging industry on Truth Social, a social media platform owned by Trump Media and Technology Group.
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