Regulation
Trump Doubles Down on Pro-Crypto Swerve in RNC-Backed Policy Paper
The Republican political platform takes aim at the Democratic Party for conducting an “un-American” crackdown on cryptocurrencies in recent years.
Donald Trump, former US president and presumptive Republican Party nominee, has doubled down on his recent efforts to court the cryptocurrency industry in a newly released political platform document.
July 8th platform — a formal statement of the party’s political goals ahead of the November presidential election — said that “the champion[ing] “Innovation” in the cryptocurrency sector is one of the party’s main economic goals.
“Republicans will end Democrats’ illegal and anti-American crackdown on cryptocurrencies and oppose the creation of a central bank digital currency. [CBDC],” the document states. “We will defend the right to mine Bitcoin and ensure that every American has the right to self-custody of their digital assets and transact free from government surveillance and control.”
Significantly, the platform was endorsed by the Republican National Committee (RNC). The move following conversations between Trump and the committee on Monday, according to Ben Proto, a Connecticut committeeman and chairman of the state party.
CNN reported that the platform was approved by a vote of 84-18 by the RNC and will be considered at the party’s full convention next week in Milwaukee.
The platform also pledges to support innovation in artificial intelligence and aerospace, as well as promote domestic energy production, introduce tax cuts, and an “America-first” trade policy.
Trump’s Pro-Crypto Turn
The platform’s launch comes after months of Trump’s campaign to court the cryptocurrency industry.
On May 21, Trump launched a website to support campaign donations in the form of digital assets through Coinbase, the largest cryptocurrency exchange in the United States.
Four days later, Trump affirmed that the United States must lead the global cryptocurrency industry on Truth Social. “I am very positive and open to cryptocurrency companies and everything related to this new and thriving industry,” he said.
On June 6, Trump attacked Democrats for overseeing a hostile regulatory environment toward the cryptocurrency industry, even saying he would act as a “crypto president” if re-elected.
Less than a week later, Trump hosted several executives representing U.S.-based Bitcoin mining companies at his Mar-a-Lago resort. Trump later took to Truth Social to proclaim that every remaining BTC should be mined in the U.S., adding that Bitcoin offers the “last line of defense” against a CBDC.
However, many analysts were not convinced by Trump’s apparent pro-crypto turn.
Critics note that Trump failed to prioritize protecting web3 innovation during his previous term as US president, Trump described Bitcoin as a scam and labeled the broader cryptocurrency industry as a “disaster waiting to happen” during a interview with Fox in 2021.
“Just like Biden, Trump was previously against cryptocurrencies and is trying to win votes,” She said Adam Cochrane, partner at Cinneamhain Ventures, “Trump is not the kind of guy who honors his deals.”
Republicans Involve Major Web Personalities on Political Platform
Preston Byrne, a web3 lawyer, shed some light on how Trump’s pro-crypto stance took shape.
“In February, when cryptocurrencies were not yet a campaign issue, a representative from the Trump campaign reached out to me for cryptocurrency policy ideas,” Byrne said. tweeted. “I called Ryan Selkis and we brainstormed the document on the left. After I presented it, Ryan took charge while I backed away to avoid direct political involvement.”
He noted that many of his suggestions and those of others have been incorporated into official GOP policy.
“If the Biden administration had pinged cryptocurrency advocates on these issues instead, I think most of us would have made the exact same suggestions,” Byrne continued. “They didn’t want to hear it. Now they’ve probably lost the crypto vote for the next few cycles.”
Related: Trump Is Suddenly All About Crypto. What’s Changed?