My Crypto Lawyer
Cryptocurrencies have gained unprecedented importance in this year’s U.S. presidential election as Donald Trump pivoted favorably to Bitcoin (BTC). In another surprising shift, Democrat politicians wrote a letter to the Democratic National Committee (DNC) urging a pro-crypto stance.
Notably, 28 Democrat congressmen and candidates signed a letter sent on July 26 to DNC’s Chairman Jaime Harrison. The letter adds a carbon copy to the Vice President and favorite Democrat Party nominee to the presidential race, Kamala Harris.
“We, representing a range of Democratic officials, candidates for the House, and members of Congress, write to urge you to take a forward-looking approach to digital assets and blockchain technology. This area holds immense potential for American innovation, economic growth, and financial inclusion,” starts the letter.
Interestingly, the piece mentions the party’s currently “negative viewpoint on digital assets,” blaming the Securities and Exchange Commission (SEC) approach. It warns that this “previous hostility” goes against the Party’s “progressive, forward-looking, and inclusive values,” calling for a change.
Cryptocurrency’s importance to the 2024 election
As a justification for this urgent request, the letter explains that over 52 million Americans “have embraced” the cryptocurrency industry. According to the letter, these digital assets are a means to “democratize finance, spur innovation, and create economic opportunities.”
Moreover, the Democrat politicians warn of the electoral importance of crypto and blockchain technologies in “ensuring victories.”
Sharing the letter on X, Pierre Rochard, the Vice President of Research at Riot Platforms, believes this is in response to “polling data, the GOP pro-bitcoin policies, and President Trump speaking at The Bitcoin Conf.”
On that note, Rochard also reported the letter asked “the party to pivot away from the anti-bitcoin policies of Elizabeth Warren.” However, the letter he shared does not mention either Bitcoin or Warren, reflecting only the Riot VP’s personal opinion.
Democrat politicians call for a pro-crypto stance in letter
In closing, the letter “respectfully” lists four actions the Democratic National Committee can do to embrace this request.
First, it asks that the party’s platform include pro-crypto language to reflect the benefits of digital assets and blockchain technology. Then, Kamala Harris should select a Vice-Presidential candidate who is “sophisticated in digital asset policy (…) with a proven track record.”
The expected pro-innovation to the VP candidate extends toward the SEC Chair selection, in opposition to Gary Gensler’s previous policies. Finally, the Democrat politicians urge both the nominee and the Chair to “sit down” with industry leaders and experts. Therefore, opening the dialogue to gather “valuable insights (…) that encourage growth while ensuring consumer protection and financial stability.”
This recent move only highlights the importance cryptocurrencies now have in the world and, more specifically, in the United States. The market received this letter as a bullish signal moving forward, which can potentially benefit the digital assets’ overall performance.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
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