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Trump raises $12 million

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Crypto industry seeks influence amid regulatory scrutiny

By Alexandra Ulmer

SAN FRANCISCO, June 7 (Reuters) - Republican

presidential candidate Donald Trump presented himself as a

champion for cryptocurrency and slammed Democrats' attempts to

regulate the sector during a San Francisco fundraiser on

Thursday, three sources present told Reuters.

Trump raised $12 million from the fundraiser hosted by tech

venture capitalists David Sacks and Chamath Palihapitiya at

Sacks' home in the swanky Pacific Heights neighborhood.

"He said he would be the crypto president," Trevor Traina, a

San Francisco-based tech executive and former Trump ambassador

to Austria, told Reuters.

The crypto industry is increasingly trying to

influence U.S. politicians

as it faces heightened scrutiny from regulators, especially

since bankruptcies at major crypto firms in 2022 spooked

investors, exposed fraud and misconduct, and left millions of

investors out of pocket.

Trump touted crypto as important and stressed that he was

very supportive of the sector, said Republican National

Committeewoman Harmeet Dhillon.

Dhillon said Trump, who is running to unseat Democratic

incumbent Joe Biden in a Nov. 5 election, did not offer

specifics on his proposed crypto policy.

Biden signed an executive order in 2022 aimed at

ensuring the responsible development of digital assets, which

led to reports urging regulators such as the Securities and

Exchange Commission (SEC) and the Commodity Futures Trading

Commission to issue guidance and rules to address risks in the

crypto ecosystem.

The White House under Biden has also said that it is

eager to work with Congress to develop a regulatory framework

for cryptocurrencies.

While San Francisco is heavily liberal, a growing number of

high-profile local venture capitalists and crypto investors have

thrown their support behind Trump, with several citing excessive

regulation among their reasons.

"President Trump made clear that the Biden-Gensler crusade

against crypto will grind to a halt within one hour of a second

Trump administration," said Jacob Helberg, an adviser to data

analytics provider Palantir, referring to SEC Chair Gary

Gensler.

Executives from crypto exchange Coinbase, crypto

investor twins Tyler and Cameron Winklevoss and other crypto

leaders attended on Thursday, Dhillon added.

A spokesperson for Gemini, the company founded by the

Winklevoss twins, did not immediately comment.

Sacks and Palihapitiya have talked publicly about their

investments in crypto, especially in bitcoin.

The founder of the now-bankrupt FTX cryptocurrency exchange,

Sam Bankman-Fried, was found guilty last year of stealing from

customers. Prosecutors allege he used those funds to donate more

than $100 million to U.S. political campaigns.