- Trump aims to become the ‘crypto president.’
- Fundraising event nets $12 million for Trump.
- Trump contrasts his crypto support with Biden’s policies.
- Voters’ stance on crypto impacts election decisions.
Trump Pledges Crypto Advocacy
In a bid to solidify his support among cryptocurrency enthusiasts, former U.S. President Donald Trump has declared his ambition to become the ‘crypto president.’ This statement was made during a high-profile fundraising event in San Francisco, co-hosted by Craft Ventures’ general partner, David Sacks, and tech billionaire Chamath Palihapitiya.
Trump emphasized his commitment to advancing the cryptocurrency industry, contrasting his stance with what he described as the Democratic Party’s tendency toward heavy regulation. The event was a significant success for Trump’s campaign, raising an impressive $12 million in the run-up to the November 5 presidential election.
A Clear Contrast with Biden’s Policies
Trump’s crypto-friendly stance is part of a broader strategy to differentiate himself from President Joe Biden, who recently faced backlash from the crypto community. Biden vetoed a resolution aimed at overturning the SEC’s Staff Accounting Bulletin (SAB) No. 121, which requires institutions to record crypto assets as liabilities, a move that has been contentious within the industry.
Trump’s support for the crypto sector isn’t new. He has consistently called for the U.S. to lead in the cryptocurrency space, stressing the importance of dominance in this burgeoning field. Furthermore, Trump’s campaign now accepts cryptocurrency donations through Coinbase Commerce, accommodating Bitcoin, Ethereum, Dogecoin, and several other digital currencies.
Impact on Voters and Future Prospects
Voter sentiment towards cryptocurrency is increasingly influential in the political arena. A Harris Poll survey found that one in three U.S. voters considers a candidate’s stance on cryptocurrencies when voting. Additionally, a survey by Paradigm indicated that 48% of crypto owners support Trump, compared to 39% for Biden.
Trump’s recent promise to pardon Ross Ulbricht, founder of Silk Road, if re-elected, further underscores his pro-crypto platform. As the election approaches, the crypto community’s support could play a pivotal role in shaping the outcome.