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

Elite Hosts and Attendees

According to Reuters, venture capitalists David Sacks and Chamath Palihapitiya hosted the event at Sacks' home in the posh Pacific Heights neighborhood.

The British news agency added that the event drew a crowd of prominent tech and crypto industry leaders. Trevor Traina, a tech executive and former Trump ambassador to Austria, confirmed Trump's stance. ' He said he would be the crypto president,' Traina told Reuters.

A Liberal Bastion Turns Red?

San Francisco may be a bastion of political liberalism, but many local venture capitalists and crypto investors are backing Trump.

According to the report, they cite excessive regulation under President Joe Biden's administration. This fundraiser highlights the growing divide between liberal politics and the interests of the tech and crypto community.

Crypto: An Election Hot-Button Issue

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

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

Despite the lack of specifics, the presence of high-profile attendees like Coinbase execs Tyler and Cameron Winklevoss demonstrates the significant interest and investment in Trump's potential presidency from the crypto sector.

Biden Administration's Stance

Biden's White House wants to work with Congress on a regulatory framework for crypto. ' The Biden administration supports crypto innovation as well as protection against the risks associated with new technologies,' spokesperson Robyn Patterson told Reuters in a statement.

This stance contrasts sharply with Trump's promises, adding another layer of complexity to the upcoming election.

The event underscores the shifting allegiances in the tech and crypto sectors. While traditionally liberal, these sectors are increasingly looking for allies who can navigate the regulatory landscape in their favor.

With $12 million raised in a single event, Trump is clearly positioning himself as a viable candidate for those who believe in the future of cryptocurrency.