Donald Trump said he would be a “crypto president,” while criticising Democrats’ regulation of the industry during an exclusive San Francisco fundraiser that netted him $12 million, Reuters reported, citing three sources who were present.

Venture capitalists David Sacks and Chamath Palihapitiya hosted the event at Sacks’ home in the ritzy Pacific Heights neighbourhood, the report said.

“He said he would be the crypto president,” Trevor Traina, a tech executive and former Trump ambassador to Austria, told Reuters.

San Francisco may be a bastion of political liberalism, but many local venture capitalists and crypto investors are backing Trump, citing excessive regulation under the administration of President Joe Biden, according to the report.

Crypto has emerged as a hot-button election issue as the industry has amassed an $85 million warchest to sway voters before the November election, DL News has reported.

Republican National Committeewoman Harmeet Dhillon told Reuters that Trump had offered no specific policy proposals for the crypto industry.

Dhillon added that Coinbase execs, Tyler and Cameron Winklevoss, and other crypto leaders attended the event.

Biden’s White House has said it wants to work with Congress on a regulatory framework for crypto.

Spokesperson Robyn Patterson told Reuters in a statement that the Biden administration supports crypto innovation as well as protection against the “risks associated with new technologies.”

Crypto market movers

• Bitcoin is down 2.58% today at $69,411.91.
• Ethereum is down 3.40% today at $3,692.41.

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