Former U.S. President Donald Trump is bolstering his support for cryptocurrency as a key component of his 2024 presidential campaign, promising to champion the industry if re-elected.

At a recent fundraising event in San Francisco, hosted by Craft Ventures’ general partner David Sacks and tech billionaire Chamath Palihapitiya, former President Donald Trump declared his intention to become the "crypto president." This statement underscores his commitment to advancing the cryptocurrency sector as part of his 2024 presidential bid.

Trump emphasized his plans to support the crypto industry, contrasting sharply with the Democratic Party’s approach, which he criticized for imposing stringent regulations. His advocacy for crypto has gained traction among supporters who view his stance as a catalyst for innovation and economic growth.

The potential shift in Washington's attitude towards cryptocurrency is not solely reliant on Trump's campaign. Bitwise chief investment officer Matt Hougan noted that the U.S. is gradually moving towards regulatory clarity, which could significantly benefit the nation's $20 trillion financial advisory industry. This sentiment reflects a broader acknowledgment that clearer regulations could facilitate wider adoption and integration of cryptocurrency into mainstream financial practices.

Meanwhile, the cryptocurrency industry is proactively seeking to influence the political landscape. Crypto exchange Coinbase has made a substantial $25 million donation to the crypto-focused super political action committee (PAC) Fairshake. This contribution is part of an ongoing effort to bolster lobbying activities ahead of the November U.S. elections. The recent donation brings the total funds raised by the PAC and its affiliates to $160 million for this election cycle. This sum matches significant donations from other major players in the industry, including Ripple and venture capital firm Andreessen Horowitz.

Trump’s pledge to become the "crypto president" and the industry's concerted lobbying efforts highlight the growing importance of cryptocurrency in the political and regulatory arenas. As the 2024 elections approach, the stance of political leaders on cryptocurrency could play a pivotal role in shaping the future of the industry in the United States.