Regulation
Democrats urge Harris, DNC to pick crypto-friendly VP, SEC chair
Several Democratic politicians wrote a letter to the Democratic National Committee (DNC) on Friday, urging the party to move away from its anti-crypto policies. sharing According to Riot Platforms VP of Research Pierre Rochard, on X, Democrats have advised the party to take a “forward-looking approach” to digital assets and blockchain technology.
The letter noted:
“This zone [crypto and blockchain] “America holds immense potential for innovation, economic growth and financial inclusion in the United States.”
According to the letter, despite support for cryptocurrency legislation from Democrats like Nancy Pelosi and Chuck Schumer, the public largely views the Democratic Party as anti-cryptocurrency. The letter attributes this negative public perception to the Securities and Exchange Commission’s (SEC) current approach to regulating cryptocurrencies through litigation.
“We believe that this past hostility does not reflect the progressive, forward-looking and inclusive values of our Party.”
Democrats have pointed to this as an opportunity for Vice President Kamala Harris, as a “refreshed” presidential candidate, to change that negative public perception.
Cryptocurrencies have a huge impact on a possible election victory
On 52 million Americans, about 15% of the US population, own cryptocurrencies, according to a study by Coinbase investigationRecent polling data also shows that about 19% of voters have purchased cryptocurrencies, with 19% identifying as Democrats and 18% as Republicans, while the rest are independents.
Additionally, cryptocurrency adoption is higher among Gen Z, Black and Latino Americans, and immigrants, all of which are key groups for Democrats. As a result, the letter noted:
“From an electoral perspective, cryptographic and blockchain technologies have a considerable impact in ensuring victory at all levels of the ballot.”
This is especially true since cryptocurrency is “top of mind for voters in key states.” More than 20% of voters in key states said cryptocurrency would be a major issue in the upcoming November elections, the letter warns.
In this context, Democrats stressed that it was “critical” for the party to present a “compelling case to crypto voters.” They added that it was necessary to ensure, at the same time, that consumers benefit from “thoughtful and appropriate regulation.”
The Democrats further asserted:
“We believe this technology is nonpartisan and the Democratic Party should also champion these innovations.”
Democrats call on party to take action
Democrats have proposed four clear paths to change public perception. First, the party platform should include “pro-digital asset” language. This language should help spread information about the benefits of cryptocurrencies and blockchains.
Second, Democrats have suggested that the party elect a vice presidential candidate with a “proven track record of investing in digital assets.” Harris should also make sure her running mate has a history of proposing policies that support innovation.
Third, Democrats suggested that the party should choose SEC Chairman Gary Gensler’s successor by ensuring that the person is “pro-innovation.” Democrats noted that Gensler’s successor should have a pro-cryptocurrency regulatory approach that would ensure the United States’ global competitiveness.
Finally, Democrats suggested that Harris and the new SEC chief engage with crypto industry executives to discuss regulatory policies.
It’s worth noting that the Democrats’ letter came just before that of the co-founder of crypto exchange Gemini. Tyler Winklevoss accusing The Biden-Harris administration has accused the group of being unwilling 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 line up to demand that the next SEC chair be announced before the November election.