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Donald Trump is leaning in on all things ‘crypto’ despite a glaring absence of firm policy positions and a Congress that remains divided on how to regulate digital assets. On June 7, Reuters reported on a fundraising meeting Trump had with tech sector luminaries in San Francisco the day before. The meeting, from which Trump reportedly garnered $12 million in campaign contributions, was held at the home of David Sacks, who organized the meet-up at his home with the help of Chamath Palihapitiya. The pair co-hosts the popular All-In podcast alongside Jason Calcanis and David Friedberg. Trevor Traina, a tech investor who previously served as ambassador to Austria during Trump’s presidential term, said Trump told his audience that “he would be the crypto president.” Other attendees claimed Trump ‘touted crypto as important and stressed that he was very supportive of the sector’ but failed to offer much in the way of specifics. Jacob Helberg, an adviser to Peter Thiel‘s Palantir software firm, told Reuters that Trump “made clear that the Biden-Gensler crusade against crypto will grind to a halt within one hour of a second Trump administration.” Others in attendance included the Winklevoss twins behind the Gemini digital asset exchange and executives from Coinbase (NASDAQ: COIN). A White House spokesperson claimed Biden’s administration had supported digital asset innovation while simultaneously protecting consumers from “risks associated with new technologies.” The spokesperson added that Biden remained open to working with Congress to craft a thorough regulatory framework for digital assets. Earlier this month, Biden vetoed a bill approved by both legislative chambers that would have overturned a digital asset custodial policy imposed by the Securities and Exchange Commission (SEC). Many critics of the SAB121 accounting change claim it disincentivizes traditional financial institutions from custodying digital assets, thereby ensuring less protection for consumers,…

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Filed under: News - @ June 11, 2024 3:28 pm