Donald Trump vowed to reverse the anti-crypto policies of President Joe Biden and SEC Chair Gary Gensler within an hour of taking office if re-elected, according to Reuters on June 7.

At a June 6 San Francisco fundraiser, Palantir adviser Jacob Helberg shared Trump’s pledge to end what he called the “Biden-Gensler crusade against crypto.” Trump also labeled himself as a “crypto president” at the event, per tech executive and former Trump ambassador to Austria Trevor Traina.

Republican National Committeewoman Harmeet Dhillon mentioned that while Trump highlighted the importance of crypto and voiced his support, he did not provide a detailed policy. Trump also criticized Democratic Senator Elizabeth Warren's anti-crypto efforts.

The fundraiser, hosted by venture capitalists David Sacks and Chamath Palihapitiya, raised $12 million and was attended by notable figures including Gemini co-founders Tyler and Cameron Winklevoss and unidentified Coinbase executives.

Trump's stance on crypto has evolved from criticism to cautious acceptance. In February, he acknowledged the need for regulation but noted the growing use of Bitcoin in payments. By March, he stated he would not prevent crypto usage. His pro-crypto rhetoric intensified at a May 8 Mar-a-Lago event, where he criticized Biden’s policies and urged crypto supporters to vote for him. His campaign began accepting crypto donations on May 21.

This shift mirrors the broader political landscape in the US, with crypto becoming a significant issue for many voters. Surveys indicate that over 20% of Americans have owned crypto and view it as a key issue.

Around the time of Trump’s pro-crypto push, the Biden administration started a crypto outreach effort. The SEC also shifted its stance on spot Ethereum ETFs, leading to unexpected approvals on May 23.