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Former President and presumptive Republican nominee Donald Trump is once again trying to rally the cryptocurrency community to support his campaign over President Joe Biden’s in the leadup to the 2024 election.
This time, he’s calling himself “the crypto president” if he wins on Nov. 5.
Trump made the remark during a fundraiser in the upscale Pacific Heights neighborhood at the home of Tech venture capitalists David Sacks and Chamath Palihapitiya.
The event attracted a diverse array of prominent guests, including executives from crypto exchange Coinbase, the Winklevoss twins, and other leaders in the cryptocurrency field.
Trump’s message may have struck a chord with influential tech industry figures, who are increasingly seeking to wield influence over U.S. policymakers in response to heightened regulatory scrutiny in the Web3 sector.
After all, the twice-impeached and quadruple-indicted candidate raised $12 million for his campaign during the event.
Trump emphasized the importance of Bitcoin (BTC) and other cryptocurrencies, but did not offer specific details on his proposed crypto policy.
The one promise he made: thwart Biden and any regulations on the crypto industry.
It’s worth noting that Biden administration is not entirely anti-crypto. In 2022, it signed an executive order to promote responsible development within digital assets.
This directive prompted calls for regulatory agencies like the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission to provide guidance and establish rules to address risks within the cryptocurrency ecosystem.
The Biden administration also expressed its intention to collaborate with Congress to craft a regulatory framework for cryptocurrencies.
According to reports, White House spokesperson Robyn Patterson insists that the Biden administration is committed to fostering innovation in digital assets while safeguarding consumers from the potential risks associated with emerging technologies.
While San Francisco is known for its liberal politics, local venture capitalists and cryptocurrency investors who are single-issue voters are warming up to Trump, citing concerns over excessive regulation as a key reason for their support.
A Reuters/Ipsos poll taken immediately after Trump’s felony conviction on May 31 showed that one in 10 Republicans are less likely to vote for him after the guilty verdict.
Biden’s nuanced approach to crypto
As regulators increase their scrutiny, the cryptocurrency industry is stepping up its efforts to influence U.S. politicians. This push for influence has grown since the bankruptcies of major crypto firms in 2022, which shook investors, exposed instances of fraud and misconduct, and caused substantial financial losses for millions of investors.
Biden’s stance on cryptocurrency has recently sparked debates, with some labeling him anti-crypto. However, a closer examination of his actions and statements reveals a more nuanced perspective.
A pivotal development is Biden’s Executive Order on Crypto, which aims to foster responsible innovation in digital assets.
The order emphasizes the importance of maintaining technological leadership in the realm of digital assets. It supports responsible innovation while addressing risks for consumers, businesses, and the broader financial system. This move underscores Biden’s commitment to creating a regulatory environment that balances oversight with the potential benefits of cryptocurrency.
The Financial Innovation and Technology for the 21st Century Act (FIT21) further showcases Biden’s support for cryptocurrency. Despite initial concerns from the administration, it refrained from vetoing the bill, signaling a willingness to collaborate with Congress in crafting a comprehensive regulatory framework for digital assets.
Addressing regulatory oversight in the cryptocurrency space, the SEC has been actively shaping the regulatory landscape under Biden’s administration. Although some critique the the agency’s approach as overly restrictive, it underscores the administration’s commitment to ensuring a robust and effective regulatory framework.
Additionally, Biden’s administration has tackled environmental concerns associated with crypto mining.
Recognizing the adverse effects of crypto miners’ high energy consumption on the environment and local communities, the administration acknowledges the importance of engaging with the industry on sustainability issues critical for cryptocurrency’s long-term viability.