Donald Trump has been using the crypto industry as a talking point this election season, speaking favorably for the industry and pointing out the gaps in legislation surrounding the asset class. In a recent fundraiser held in San Fransisco, former President US and presidential candidate Trump stated that “he would be the crypto president,” according to Reuters.
Trump raised around $12 million in the fundraiser hosted by well-known tech VCs Chamath Palihapitiya and David Sacks. While San Fransisco is mostly liberal, many tech and crypto VCs and startup founders are coming out in support of Trump for his pro-crypto stance.
Moreover, the Democrats are making it much harder for the crypto ecosystem to flourish – another reason why VCs and founders in this space are taking a liking to Trump’s crypto agenda. Trump also spoke about the Democrats making it tough for crypto businesses and institutions dealing with the asset class. He further stated that he would bring legislation making interacting with the asset class easier.
Trump’s pro-crypto stance is a staple of this presidential campaign as he has shown support to the industry numerous times. In a post on the social media platform he owns, Truth Social, he wrote on May 25, “I AM VERY POSITIVE AND OPEN MINDED TO CRYPTOCURRENCY COMPANIES, AND ALL THINGS RELATED TO THIS NEW AND BURGEONING INDUSTRY. OUR COUNTRY MUST BE THE LEADER IN THE FIELD. THERE IS NO SECOND PLACE.”
In an address at the Libertarian National Convention, on the same day he posted about crypto on Truth Social, he said, “I will ensure that the future of crypto and the future of Bitcoin will be made in the USA, not driven overseas.”
As Trump aligns himself with crypto, US President Joe Biden is making it harder for crypto supporters to look past his actions. Last week, he vetoed the rescinding of the Securities and Exchange Commission (SEC) Staff Accounting Bulletin (SAB) No. 121, a move many in the crypto community called out.
SAB No. 121 requires institutions to account for the assets they store as liabilities on balance sheets. While the Senate repealed this accounting guideline, Biden reinstated it, vesting powers in the SEC to make it harder for institutions to deal with crypto.
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