Bitcoin
Bitcoin to be added to official Republican 2024 platform after today’s vote
Republicans have included Bitcoin and cryptocurrencies in their official platform for the 2024 election, the final vote for which is scheduled for July 9, according to to the hill.
The inclusion of cryptocurrencies and Bitcoin reflects former President Trump’s position recent statements and a broader shift within the party toward embracing digital assets and blockchain technology. According to the Republican National Committee (RNC) document, the platform opposes the creation of a central bank digital currency and pledges to defend 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 several 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’ “illegal and un-American crackdown on crypto.” The RNC argues that such regulations stifle innovation and economic freedom. By supporting policies that foster an environment conducive to the development of blockchain and cryptocurrencies, Republicans aim to position the U.S. as a leader in the emerging digital economy.
Although just a single paragraph in the 16-page document, the platform specifically states,
“Republicans will end the Democrats’ illegal and un-American crackdown on Cryptocurrency and oppose the creation of a Central Bank Digital Currency. We will defend the right to mine Bitcoin and ensure that every American has the right to self-custody their Digital 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 heavy-handed approach and accusing it of corruption under Chairman Gary Gensler. Selkis announced that Messari will end all engagements with the SEC, citing the regulator’s failure to prevent fraud at FTX, Celsius and Genesis and labeling its litigation against crypto companies as politically motivated. The company plans to challenge the SEC’s legitimacy in court and through Congress, arguing that recent Supreme Court decisions have weakened the SEC’s mandate to regulate cryptocurrency markets.
The inclusion of cryptographic issues on the platform highlights the increase political meaning of digital assets. The 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 a forward-looking, tech-savvy voter and investor base that sees blockchain technology as a cornerstone of future economic growth.
However, any Bitcoiner hoping that Bitcoin could become a global reserve asset may be disappointed, as the platform states in capital letters that it intends to ensure that the dollar remains the global reserve currency.
“KEEP THE US DOLLAR AS THE WORLD RESERVE CURRENCY.”
The integration of digital asset policies into the RNC platform represents a significant step forward in conventional 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 in regulating digital assets a formal part of the party’s policy for the 2024 election.