Former President and presumptive Republican nominee Donald Trump is once again appealing to the cryptocurrency community for support in the lead-up to the 2024 election. He has even dubbed himself “the crypto president” if he wins on November 5.

Trump made this declaration during a fundraiser in the Pacific Heights neighborhood, hosted by tech venture capitalists David Sacks and Chamath Palihapitiya. The event drew notable attendees, including executives from Coinbase, the Winklevoss twins, and other leaders in the cryptocurrency sector.

Trump’s message may resonate with tech industry figures who are increasingly looking to influence U.S. policymakers amid growing regulatory scrutiny in the Web3 sector. The event raised $12 million for his campaign, highlighting the significant financial backing from the crypto community.

While Trump emphasized the importance of Bitcoin (BTC) and other cryptocurrencies, he did not provide specific details on his proposed crypto policy. He did, however, promise to counteract any regulations imposed by the Biden administration on the crypto industry.

It’s important to note that the Biden administration is not entirely anti-crypto. In 2022, an executive order was signed to promote responsible development within digital assets. This directive urged regulatory agencies like the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission to establish guidelines and rules to manage risks within the cryptocurrency ecosystem.

The Biden administration has also shown a willingness to collaborate with Congress to develop a regulatory framework for cryptocurrencies. According to reports, White House spokesperson Robyn Patterson emphasized the administration’s commitment to fostering innovation in digital assets while protecting consumers from potential risks.

San Francisco, known for its liberal politics, is seeing local venture capitalists and cryptocurrency investors, particularly those focused on single issues, warming up to Trump. Their primary concern is excessive regulation, which they believe could stifle innovation in the crypto space.

A Reuters/Ipsos poll conducted immediately after Trump’s felony conviction on May 31 indicated that one in ten Republicans are less likely to vote for him following the guilty verdict.

As regulatory scrutiny increases, the cryptocurrency industry is intensifying its efforts to influence U.S. politicians. This push has grown since the bankruptcies of major crypto firms in 2022, which exposed instances of fraud and caused significant financial losses for investors.

Biden’s stance on cryptocurrency has sparked debates. While some label him anti-crypto, a closer look at his actions reveals a more nuanced perspective. A key development is Biden’s Executive Order on Crypto, which aims to foster responsible innovation in digital assets. This order underscores the importance of maintaining technological leadership while addressing risks for consumers, businesses, and the broader financial system.

The Financial Innovation and Technology for the 21st Century Act (FIT21) further showcases Biden’s support for cryptocurrency. Despite initial concerns, the administration refrained from vetoing the bill, signaling a willingness to collaborate with Congress on a comprehensive regulatory framework for digital assets.

Under Biden’s administration, the SEC has been actively shaping the regulatory landscape for cryptocurrency. Although some critique the agency’s approach as overly restrictive, it highlights the administration’s commitment to a robust regulatory framework.

Additionally, the Biden administration has addressed environmental concerns related to crypto mining. Recognizing the high energy consumption of crypto miners, the administration is engaging with the industry on sustainability issues, crucial for the long-term viability of cryptocurrencies.

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