Democrats Push for Crypto Policy Change
Several US Democrat legislators and electoral candidates have reached out to the Democratic National Committee (DNC) urging a shift in the party’s approach towards the digital asset industry. This move comes amidst increasing support for Republican presidential candidate Donald Trump, who has emerged as a proponent of cryptocurrencies leading up to the upcoming US elections.
Appeal for Progressive Crypto Stance
In a communication addressed to DNC Chairman Jamie Harrison on July 26, a group of 14 legislators and three electoral candidates made a case for the US Democratic Party to embrace a more progressive stance on cryptocurrency and blockchain technology. They highlighted the potential benefits of these emerging technologies in fostering American innovation and economic growth.
- The legislators and candidates emphasized the current perception of the party as “anti-crypto” due to the SEC’s stringent approach under the Biden administration.
- They pointed out the significant number of crypto users in the country, which stands at 52 million.
- Further, they cited data showing a growing interest in cryptocurrencies among Democrat demographics, including black and Latino Americans, Gen-Z, and immigrants.
- Over 20% of voters in swing states have identified crypto policy as a key factor in the upcoming elections.
Embracing Innovation and Inclusivity
The group emphasized that digital assets and blockchain technology represent more than just financial instruments, highlighting their role in enhancing transparency, reducing fraud, and creating a more inclusive financial system. They believe these technologies are non-partisan and urged the Democratic Party to champion innovation to maintain the US’s leadership in the global digital economy.
Charting a New Course
The legislators see the emergence of Vice President Kamala Harris as an opportunity to drive the necessary changes in crypto policy within the party. They called for:
- Promotion of the benefits of digital assets on official party platforms.
- Selection of a pro-crypto vice presidential nominee with a focus on innovation-driven policies.
- Initiation of discussions with experts in the digital asset space to craft appropriate regulatory frameworks.
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