Regulation
Democrats Urge Harris, DNC to Pick Crypto-Friendly Vice President, SEC Chairman
On Friday, a number of Democratic politicians wrote a letter to the Democratic National Committee (DNC), urging the party to abandon its anti-crypto policies. In the letter shared From Riot Platforms vice president of research Pierre Rochard on X, Democrats advised the party to take a “forward-looking approach” to digital assets and blockchain technology.
The letter read:
“This area [crypto and blockchain] holds immense potential for American innovation, economic growth, and financial inclusion.”
According to the letter, despite Democrats like Nancy Pelosi and Chuck Schumer supporting pro-crypto legislation, the public largely views the Democratic Party as anti-crypto. The letter attributes this negative public perception to the Securities and Exchange Commission’s (SEC) current approach to regulating cryptocurrencies through litigation.
“We believe this previous hostility does not reflect the progressive, forward-looking and inclusive values of our party.”
Democrats have stressed that this is an opportunity for Vice President Kamala Harris, as a “refreshed” presidential candidate, to change this negative public perception.
Cryptocurrencies have a disproportionate impact on potential election victory
Above 52 million According to Coinbase, Americans, or about 15% of the U.S. population, own cryptocurrencies. surveyRecent polling data also shows that about 19% of voters have purchased cryptocurrency, with 19% identifying as Democrats and 18% as Republicans, while the remainder are independents.
Additionally, cryptocurrency adoption is highest among Gen Z, blacks and Latinos, and immigrants, all key groups for Democrats. Thus, the letter noted:
“From an electoral perspective, cryptographic and blockchain technologies have a disproportionate impact in securing victories on all ballots.”
This is especially true as cryptocurrencies are “top of mind for voters in swing states.” More than 20% of voters in key swing states said cryptocurrencies will be a major issue in the upcoming November election, the letter warned.
In light of this, Democrats stressed that it is “critical” for the party to present a “compelling case to cryptocurrency voters.” They added that it is necessary to ensure, at the same time, that consumers benefit from “considered and appropriate regulation.”
Democrats further said:
“We believe this technology is nonpartisan and that the Democratic Party should also support these innovations.”
Democrats call party to action
Democrats have suggested four clear ways for the party to change public perception. First, the party platform should include “pro-digital asset” language. The language should help spread awareness about the benefits of cryptocurrency and blockchain.
Second, Democrats have suggested that the party elect a vice presidential candidate with “a proven track record of using digital assets.” Harris should also ensure that her running mate has a history of advocating for pro-innovation policies.
Third, Democrats suggested that the party select a successor to SEC Chairman Gary Gensler, ensuring that the individual is “pro-innovation.” Democrats noted that Gensler’s successor should have a pro-crypto regulatory approach that would ensure the U.S. remains competitive on a global scale.
Finally, Democrats suggested that Harris and the new SEC chief engage with cryptocurrency industry leaders to discuss regulatory policies.
It’s worth noting that the Democrats’ letter came just before the co-founder of cryptocurrency exchange Gemini Mr. Winklevoss accusing the Biden-Harris administration’s “reluctance” to engage with the industry. Winklevoss said he and his twin, Cameron Winklevoss, were disinvited from a roundtable in June after supporting former President Donald Trump.
Tyler Winklevoss also said the industry should be aligned in demanding that the next SEC chairman be announced before the November elections.