Regulation
Democrats write to DNC on cryptocurrency policy ahead of US election
Several U.S. Democratic lawmakers and candidates have written to the Democratic National Committee (DNC), calling for a change in the party’s approach to the digital asset sector. The development comes as Republican presidential nominee Donald Trump has continued to earn more popularity as a cryptocurrency advocate ahead of the upcoming US elections.
Democrats aim to counter Trump, seek U-turn on crypto policy
In a letter addressed On July 26, 14 lawmakers and three candidates called on the U.S. Democratic Party to take a progressive stance on cryptocurrency and blockchain technology, saying the nascent industry offers potential to promote American innovation and economic development.
Concerned Democrats noted that the party is currently widely viewed as an “anti-crypto” entity due to the The SEC is tough approach to the digital asset industry according to Joe Biden’s approach. They stressed the importance of changing this perception since America is home to 52 million cryptocurrency users.
Looking ahead to the upcoming election, they also explained that recent polling data identifies 19% of voters as cryptocurrency investors, 19% of whom are Democrats. They also said that cryptocurrencies have quickly gained traction among key Democratic demographics, namely Black and Latino Americans, Gen Z, and also immigrants.
Furthermore, the letter from these Democrats revealed that more than 20% of swing state voters highlighted crypto policy as a major goal in the upcoming elections. Therefore, the party should present a position acceptable to the population that introduces appropriate regulations while protecting consumer interests.
An excerpt from the letter read:
Digital assets and blockchain technology are not just financial instruments, but represent a revolution that can improve transparency, reduce fraud, and create a more inclusive financial system. We believe this technology is nonpartisan and that the Democratic Party should also champion these innovations to help reaffirm the United States as a leader in the global digital economy.
The path to follow
Concerned Democrats see the emergence of Vice President Kamala Harris as the party’s new presidential candidate as an opportunity to make much-needed changes to cryptocurrency policy. First, they are calling on the party to begin publicizing the potential benefits of digital assets on its official platforms.
Additionally, they are pushing for a crypto-friendly vice presidential nominee with a track record of crafting progressive policies that focus on innovation. These 14 Democrats also stressed the importance of selecting a new SEC that is more open to digital assets, ensuring financial inclusion while safeguarding consumer interests.
Additionally, they pushed presidential candidate Harris and Mr. Jamie Harrison to start now discussions with digital assets experts to formulate appropriate and suitable regulatory policies.
Featured image from Getty Images, chart from Tradingview