Former U.S. President Donald Trump is intensifying his support for cryptocurrency, aiming to be recognized as the "crypto president" for his 2024 presidential campaign, according to a recent Reuters report. Trump made these pro-crypto declarations at a fundraising event in San Francisco hosted by Craft Ventures' partner David Sacks and tech mogul Chamath Palihapitiya.

During the event, Trump successfully raised $12 million for his pre-election promotional activities leading up to November 5. He contrasted his pro-crypto stance with the Democratic Party's proposed strict regulations, which are at odds with the cryptocurrency industry's preference for regulatory approaches that do not involve enforcement.

Trump's statements follow criticism of current U.S. President Joe Biden from the crypto industry for vetoing the resolution to repeal the U.S. Securities and Exchange Commission (SEC) Staff Accounting Bulletin (SAB) No. 121. This bulletin includes controversial crypto accounting guidelines that mandate institutions holding crypto assets to list them as liabilities on their balance sheets.

Having publicly voiced support for the crypto sector on multiple occasions recently, Trump emphasizes that the U.S. should lead in cryptocurrency, asserting, "Our country must lead in this field; there is no second place." This stance underscores his openness to cryptocurrency companies and related advancements, as expressed on the Truth Social platform owned by Trump Media and Technology Group.