Republicans have included Bitcoin and crypto in their official platform for the 2024 election which is set for a final vote July 9, according to the Hill.
The inclusion of crypto and Bitcoin reflects former President Trump’s recent statements and a broader shift within the party toward embracing digital assets and blockchain technology. Per the Republican National Committee’s (RNC) document, the platform opposes the creation of a central bank digital currency and commits to defending the right to mine Bitcoin. The RNC’s stance aims to safeguard individual rights to self-custody digital assets and conduct transactions free from government oversight.
The platform outlines various measures to promote and protect crypto activities in the United States. It condemns the current administration’s regulatory approach to digital assets, promising to end what it describes as the Democrats’ “unlawful and unAmerican Crypto crackdown.” The RNC argues that such regulations stifle innovation and economic freedom. By supporting policies that foster a favorable environment for blockchain and crypto developments, the Republicans aim to position the US as a leader in the emerging digital economy.
While only a single paragraph in the 16-page document, the platform specifically states,
“Republicans will end Democrats’ unlawful and unAmerican Crypto crackdown and oppose the creation of a Central Bank Digital Currency. We will defend the right to mine Bitcoin, and ensure every American has the right to self-custody of theirDigital Assets, and transact free from Government Surveillance and Control.”
Ryan Selkis, CEO of Messari, recently declared the company’s independence from the Securities and Exchange Commission (SEC), criticizing the regulator’s stringent approach and accusing it of corruption under Chair Gary Gensler. Selkis announced that Messari will cease all engagements with the SEC, citing the regulator’s failure to prevent frauds at FTX, Celsius, and Genesis and labeling its litigation against crypto firms as politically motivated. The company plans to challenge the SEC’s legitimacy in court and through Congress, arguing that recent Supreme Court rulings have weakened the SEC’s mandate to regulate crypto markets.
The platform’s inclusion of crypto issues highlights the increasing political significance of digital assets. This move is seen as a response to the growing interest and investment in digital assets among Americans, reflecting broader trends in global financial markets. By addressing these issues, the RNC hopes to align itself with the forward-looking, tech-savvy voter base and investors who view blockchain technology as a cornerstone of future economic growth.
However, any Bitcoiners hoping that Bitcoin could become a global reserve asset may be disappointed as the platform states in all capitals that it intends to ensure the dollar remains the global reserve currency.
“KEEP THE U.S. DOLLAR AS THE WORLD’S RESERVE CURRENCY.”
The integration of digital asset policies into the RNC platform marks a significant step in the mainstream acceptance of digital currencies. The platform has been approved by the oversight committee, and today’s vote could make Bitcoin, crypto, and a reduction in government overreach into digital asset regulation a formal part of the party’s policy for the 2024 elections.
