Former United States President Donald Trump is intensifying his cryptocurrency advocacy as part of his 2024 presidential campaign, now proclaiming his goal of becoming the "crypto president," according to a recent Reuters report.

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

The event reportedly helped Trump raise $12 million to support his promotional efforts leading up to the U.S. election on November 5.

Trump also reiterated his support for crypto and his plans to push the industry forward, while pointing out the Democratic Party's intention to take the opposite approach with harsh regulations — which the crypto industry in the nation commonly refers to as regulation-by-enforcement.

The claim follows Biden's controversial crypto decision

It comes only a week after current U.S. President Joe Biden received backlash from the crypto industry after vetoing a resolution that would have overruled the U.S. Securities and Exchange Commission (SEC) Staff Accounting Bulletin (SAB) No. 121 — controversial crypto accounting guidelines that requires institutions that custody crypto assets to record crypto holdings as liabilities on their balance sheets.

This follows several recent public declarations by Trump expressing his support for the cryptocurrency industry.

On May 26, Cointelegraph reported that Trump reiterated the U.S. must not settle for anything but top place in the crypto industry.

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

“I am very positive and open minded to cryptocurrency companies, and all things related to this new and burgeoning industry,” he added.

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