Former United States President Donald Trump is ramping up his cryptocurrency advocacy as he campaigns for the 2024 presidential election, proclaiming his ambition to become the "crypto president." At a recent fundraising event in San Francisco, hosted by Craft Ventures general partner David Sacks and tech billionaire Chamath Palihapitiya, Trump reportedly made this declaration while raising $12 million to bolster his campaign efforts.

According to a Reuters report published on June 7, Trump emphasized his commitment to advancing the crypto industry. He contrasted his supportive stance with the Democratic Party's regulatory approach, which he criticized as overly harsh and referred to as "regulation-by-enforcement."

The event comes on the heels of significant backlash faced by current U.S. President Joe Biden from the crypto community. Biden recently vetoed a resolution that would have overturned the U.S. Securities and Exchange Commission (SEC) Staff Accounting Bulletin (SAB) No. 121. This controversial guideline requires institutions that custody crypto assets to record these holdings as liabilities on their balance sheets.

Trump's support for the crypto industry is not new. On May 26, he reiterated that the United States must aim for a leading position in the crypto sector. In a May 25 post on Truth Social, Trump stated, "Our country must be the leader in the field, there is no second place," adding that he is "very positive and open-minded to cryptocurrency companies, and all things related to this new and burgeoning industry."

With these declarations, Trump is clearly positioning himself as a pro-crypto candidate, aiming to galvanize support from the crypto community and industry stakeholders ahead of the November 2024 election.