The recently published Democratic National Committee 2024 Party Platform failed to include any mention of Bitcoin, cryptocurrency, or blockchain technology. This omission stands in stark contrast to the Republican Party’s platform, which explicitly promised to end the anti-crypto crackdown initiated by President Biden and the Democratic Party.
The ninety-two-page document focused on key issues that resonate with Democrat voters, such as reducing housing costs and addressing climate change. Additionally, the platform emphasized the importance of ensuring that the wealthy and corporations “pay their fair share” by equalizing the tax rates on investment income and wage income. This move could have significant implications for Bitcoin holders and investors, potentially impacting their financial interests.
With Joe Biden dropping out of the 2024 Presidential race, there is speculation about how the Democratic Party will approach cryptocurrency under a potential Harris administration. Many believe that Vice President Harris may adopt a more favorable stance towards the industry compared to Biden. However, the platform, which was developed and approved before this development, may not provide a clear indication of the party’s future crypto policies.
In contrast to the Democrats’ silence on crypto, the Republican Party’s platform explicitly pledged to oppose the creation of a Central Bank Digital Currency (CBDC) and vowed to protect Americans’ rights to hold and mine Bitcoin in self-custody. Republican Presidential nominee Donald Trump even made promises to establish a national “strategic Bitcoin stockpile” and to remove the crypto-hostile SEC chairman Gary Gensler. Trump’s vocal support for cryptocurrency has garnered him significant backing from influential figures in the crypto community.
The absence of any reference to Bitcoin, crypto, or blockchain in the Democratic Party’s 2024 Party Platform highlights a missed opportunity to address an increasingly important issue for investors and technology enthusiasts. As the crypto industry continues to grow and evolve, political parties will need to consider their stance on digital assets to remain relevant and responsive to the needs of their constituents. The Republican Party’s explicit commitments to support and protect cryptocurrency demonstrate a proactive approach that may resonate with individuals invested in the future of decentralized finance.
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