Several Democratic stakeholders are pushing for a shift in the party’s stance on cryptocurrency by endorsing pro-crypto policies.
The lawmakers recognize that cryptocurrency is a significant issue in the upcoming elections and believe the party should approach it from a non-partisan perspective.
Democrats Seek New Crypto Relations
On July 26, over a dozen House Democrats, including Ro Khanna, Wiley Nickel, and Ritchie Torres, sent a letter to the Democratic National Committee (DNC). They urged the committee to integrate pro-crypto language into the party’s platform. Additionally, they advised that the party select a Vice Presidential candidate with a strong digital asset policy.
Further, they recommended appointing a pro-innovation Chair for the Securities and Exchange Commission (SEC) and increasing engagement with the industry.
“Over 20% of voters in key battleground states identified crypto as a major issue in the 2024 election, and it is critical that our party presents a persuasive case to crypto voters while ensuring that consumers benefit from thoughtful and appropriate regulation,” the letter stated.
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These developments are timely, as cryptocurrency has become a significant political issue in the current electoral cycle. The Republican Party, led by Donald Trump’s crypto advocacy, has secured substantial crypto community support. In contrast, Democrats have faced criticism due to the Biden administration’s approach to the industry over the past four years.
However, crypto stakeholders like Uniswap founder Hayden Adams are increasingly urging the community to maintain a bipartisan approach to the elections. Adams said that the letter showed that “there is a growing wing within democrats that want the party to be pro crypto and innovation.”
“Hoping to see this trend continue! We’re way better off if the parties are fighting to be most pro crypto than if crypto policy swings back and forth based on which party controls the government at that moment,” he added.
Meanwhile, Vice President Kamala Harris is working to reset the party’s relationship with crypto. Notably, reports emerged that her advisers have reached out to cryptocurrency exchange Coinbase, USDC stablecoin issuer Circle, and blockchain firm Ripple Labs. Similarly, billionaire Mark Cuban suggested that a Harris-led government might be more open to crypto than Biden’s.
Read more: Crypto Regulation: What Are the Benefits and Drawbacks?
Lawmaker Nickel welcomed the initiative, highlighting blockchain technology’s potential for driving American innovation, economic growth, and financial inclusion.
“I’ve been working hard to encourage a “reset” and applaud Kamala Harris for taking a forward-looking approach to digital assets and blockchain technology,” he stated.
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