Former US President and current Republican Presidential candidate Donald Trump has called himself the "crypto president" during a fundraiser last week, as per sources present at the event. As per reports, Trump portrayed himself as a staunch advocate for cryptocurrency during the event, while criticising Democratic efforts to regulate the industry.

Trump raised $12 million from the fundraiser hosted by tech venture capitalists David Sacks and Chamath Palihapitiya at Sacks' home in the swanky Pacific Heights neighbourhood. "He said he would be the crypto president," Trevor Traina, a San Francisco-based tech executive and former Trump ambassador to Austria, told Reuters.

The crypto industry is increasingly trying to influence US politicians as it faces heightened scrutiny from regulators, especially since bankruptcies at major crypto firms in 2022 spooked investors, exposed fraud and misconduct, and left millions of investors out of pocket.

Trump touted crypto as important and stressed that he was very supportive of the sector, said Republican National Committeewoman Harmeet Dhillon. Dhillon said Trump, who is running to unseat Democratic incumbent Joe Biden in the November 5 election, did not offer specifics on his proposed crypto policy.

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Biden signed an executive order in 2022 aimed at ensuring the responsible development of digital assets, which led to reports urging regulators such as the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission to issue guidance and rules to address risks in the crypto ecosystem. The White House under Biden has also said that it is eager to work with Congress to develop a regulatory framework for cryptocurrencies.

"President Trump made clear that the Biden-Gensler crusade against crypto will grind to a halt within one hour of a second Trump administration," said Jacob Helberg, an adviser to data analytics provider Palantir.