Former US President Donald Trump Steps Up Support for Cryptocurrencies Amid

Former US President Donald Trump is boosting his support for cryptocurrencies in his 2024 presidential campaign and now declares his goal to become a ‘cryptocurrency president’, according to a recent Reuters report .

Published June 7, citing sources familiar with the matter, Trump reportedly announced “that he would be the president of crypto” at a fundraising event in San Francisco hosted by David Sachs, general partner of Craft Ventures, and tech billionaire Chamath Palihapitiya.

The event reportedly helped Trump raise $12 million to support his promotional efforts ahead of the November 5 US election.

Trump also reiterated his support for cryptocurrencies and his plans to advance the sector, while signaling the Democratic Party’s intention to take the opposite approach through strict regulations – which the crypto industry – The country’s currencies generally call for regulation by application.

This assertion follows Biden’s controversial decision on cryptocurrencies.

This comes just a week after current US President Joe Biden received backlash from the cryptocurrency industry after vetoing a resolution that would have repealed Securities and Exchange Commission Accounting Bulletin 121 ( US SAB) – the controversial accounting guidelines that require institutions to hold cryptocurrencies. assets to record their assets on the liabilities side of their balance sheet.

This follows several recent public statements from Trump expressing support for the cryptocurrency industry.

On May 26, Cointelegraph reported that Trump reiterated that the United States should only settle for first place in the cryptocurrency sector.

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“Our country must be a leader in this, there is no second place,” Trump said in a May 25 post on Truth Social, a social media platform owned by the Trump Media and Technology Group.

“I am very positive and open towards cryptocurrency companies and everything related to this new and thriving industry,” he added.

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