Is it enough to sway voters post-conviction?

Former President and presumptive Republican nominee Donald Trump is once again trying to rally the cryptocurrency community to support his campaign against President Joe Biden ahead of the 2024 election.

This time, if he wins on November 5, he will call himself the “crypto president.”

Trump made the announcement during a fundraiser in the upscale Pacific Heights neighborhood at the home of tech venture capitalists David Sacks and Chamath Palihapitiya.

The event attracted a wide range of prominent guests, including executives from crypto exchange Coinbase, the Winklevoss twins, and other leaders in the cryptocurrency space.

Trump’s message may have struck a chord with influential tech industry figures who are increasingly trying to wield influence over U.S. policymakers in response to increased regulatory scrutiny on the Web3 sector.

Ultimately, the twice-indicted and four-time accused candidate raised $12 million for his campaign during the event.

Trump emphasized the importance of Bitcoin (BTC) and other cryptocurrencies but did not offer specific details about his proposed crypto policy.

His only promise: Block Biden and any regulation of the crypto industry.

It is worth noting that the Biden administration is not completely anti-crypto. Signed an executive order in 2022 to promote responsible development of digital assets.

This directive has spurred calls for regulators such as the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission to provide guidance and establish rules to address risks in the cryptocurrency ecosystem.

The Biden administration has also expressed its intention to cooperate with Congress to create a regulatory framework for cryptocurrencies.

According to reports, White House spokeswoman Robyn Patterson insists that the Biden administration is committed to encouraging innovation in digital assets while protecting consumers from potential risks associated with emerging technologies.

While San Francisco is known for its liberal policies, local venture capitalists and cryptocurrency investors who are single-issue voters are warming to Trump, citing concerns over overregulation as a key reason for their support.

A Reuters/Ipsos poll taken immediately after Trump’s felony conviction on May 31 showed one in 10 Republicans were less likely to vote for him after the guilty verdict.

Biden’s nuanced approach to crypto

The cryptocurrency industry is stepping up efforts to influence U.S. politicians as regulators increase their scrutiny. This pressure for influence has increased since the collapses of major crypto firms in 2022, which shook investors, exposed cases of fraud and abuse, and caused significant financial losses for millions of investors.

Biden’s stance on cryptocurrency has sparked controversy recently, with some calling him anti-cryptocurrency. However, a closer look at his actions and statements reveals a more nuanced perspective.

One important development is Biden’s Crypto Executive Order, which aims to encourage responsible innovation in digital assets.

The order emphasizes the importance of maintaining technological leadership in the field of digital assets. It supports responsible innovation while addressing risks for consumers, businesses and the broader financial system. The move underscores Biden’s commitment to creating a regulatory environment that balances oversight with the potential benefits of cryptocurrency.

The Financial Innovation and Technology for the 21st Century Act (FIT21) further demonstrates Biden’s support for cryptocurrency. Despite the administration’s initial concerns, it refrained from vetoing the bill and signaled its willingness to cooperate with Congress in crafting a comprehensive regulatory framework for digital assets.

The SEC, which handles regulatory oversight in the cryptocurrency space, is actively shaping the regulatory environment under Biden’s administration. While some have criticized the agency’s approach as overly restrictive, it underscores the administration’s commitment to providing a robust and effective regulatory framework.

Additionally, the Biden administration has also addressed environmental concerns regarding crypto mining.

Recognizing the negative impacts of crypto miners’ high energy consumption on the environment and local communities, management recognizes the importance of engaging with the industry on sustainability issues critical to the long-term viability of cryptocurrency.