Former U.S. President Donald Trump positioned himself as a staunch advocate for cryptocurrency, criticizing Democratic efforts to regulate the sector during a fundraiser in San Francisco on Thursday, according to three sources familiar with the event.

Trump raised a substantial $12 million from the fundraiser held at the Pacific Heights home of tech venture capitalists David Sacks and Chamath Palihapitiya.

The event drew support from various figures in the tech industry, including high-profile crypto investors.

“He said he would be the crypto president,” remarked Trevor Traina, a San Francisco-based tech executive and former Trump ambassador to Austria, in an interview with Reuters.

The crypto industry, grappling with increased regulatory scrutiny following high-profile bankruptcies and fraud scandals, has been actively seeking influence among U.S. policymakers.

Trump emphasized the importance of crypto and expressed strong support for the sector, but did not provide specific details on his proposed crypto policy, according to Republican National Committeewoman Harmeet Dhillon.

In contrast, President Joe Biden’s administration has pursued a cautious approach, signing an executive order in 2022 aimed at fostering responsible development of digital assets while urging regulatory bodies like the SEC and CFTC to issue guidelines.

White House spokesperson Robyn Patterson highlighted the administration’s stance on fostering innovation while safeguarding consumers against risks associated with new technologies.

Despite San Francisco’s liberal leanings, Trump has garnered support from prominent local venture capitalists and crypto investors critical of what they perceive as excessive regulatory measures under the Biden administration.

“President Trump made clear that the Biden-Gensler crusade against crypto will grind to a halt within one hour of a second Trump administration,” stated Jacob Helberg, an adviser to Palantir, referencing SEC Chair Gary Gensler.

Executives from major crypto firms, including Coinbase and Gemini co-founded by Tyler and Cameron Winklevoss, attended the fundraiser, signalling the industry’s interest in Trump’s stance on crypto regulation.