In a notable campaign event, former U.S. President Donald Trump garnered $12 million from a fundraising event in San Francisco, signaling a significant embrace of cryptocurrency as he ramps up his 2024 presidential campaign efforts. Hosted by David Sacks, a renowned tech investor, and co-hosted by Social Capital’s CEO Chamath Palihapitiya, the event attracted top figures from the cryptocurrency sector, including the Winklevoss twins, founders of Gemini.
During the fundraiser, Trump declared his support for the cryptocurrency industry, promising to halt the ongoing regulatory crackdown under the current administration within his first hour should he return to the White House. Trevor Traina, a former Trump-appointed ambassador, and current Chief Business Officer at Tools for Humanity, confirmed this assertion. Moreover, Jacob Helberg, an adviser to Palantir Technologies, highlighted Trump’s commitment to ending what he referred to as the “Biden-Gensler crusade against crypto.”
The event not only raised substantial funds but also marked a pivotal moment in Trump’s campaign strategy, showcasing his willingness to align more closely with tech and crypto enterprises. Despite the lack of detailed policy plans, his pro-crypto stance has made him a favored candidate among tech executives who traditionally have not aligned with the Republican party.
Intercom CEO Eoghan McCabe noted the shift in political support among tech leaders, emphasizing the broadening appeal of Trump’s policy priorities on issues ranging from immigration to cryptocurrency.
This fundraising success follows Trump’s recent policy announcements supporting cryptocurrency innovations, such as endorsing major cryptocurrencies for campaign donations and advocating for the rights of digital asset self-custody. His statements at the Libertarian Convention about preventing the development of U.S. central bank digital currencies further align with his pro-crypto posture.
As Trump solidifies his position on digital currencies, the crypto community watches keenly, anticipating how his potential presidency could reshape the regulatory landscape for cryptocurrencies in the United States.
