Regulation
Trump reiterates commitment to cryptocurrencies in RNC-backed policy document
The Republican political platform attacks the Democratic Party for leading an “un-American” crackdown on cryptocurrencies in recent years.
Donald Trump, the former US president and presumptive Republican Party nominee, has stepped up his efforts to court the crypto industry in a recently released policy platform document.
July 8th platform — a formal statement of the party’s political goals ahead of the November presidential election — asserted that “the champion[ing] “Innovation” within the crypto sector is one of the party’s main economic goals.
“Republicans will end the Democrats’ illegal and anti-American crackdown on cryptocurrencies and oppose the creation of a central bank digital currency [CBDC]“We will defend the right to mine Bitcoin and ensure that every American has the right to own their digital assets and transact without government oversight or control,” the document reads.
Significantly, the platform was endorsed by the Republican National Committee (RNC). follow up conversations between Trump and the committee on Monday, according to Ben Proto, a Connecticut committee member and state party chairman.
CNN reported that the platform was approved by an RNC vote of 84 to 18 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, in addition to promoting domestic energy production, introducing tax cuts and an “America First” trade policy.
Trump’s Pro-Crypto Shift
The platform’s release follows months of attempts by the Trump campaign to court the crypto industry.
On May 21, Trump launched a website supporting campaign donations in the form of digital assets through Coinbase, the largest U.S.-based cryptocurrency exchange.
Four days later, Trump affirmed “The United States needs to lead the global cryptocurrency industry on Truth Social. I am very positive and open-minded towards cryptocurrency companies and everything related to this new and growing industry,” he said.
On June 6, Trump took aim at Democrats for overseeing a hostile regulatory environment targeting the crypto industry, even saying he would act as a “crypto president” if re-elected.
Less than a week later, Trump hosted Several executives representing US-based Bitcoin mining companies visited his Mar-a-Lago resort. Afterward, Trump took to Truth Social to proclaim that all remaining BTC should be mined in the US, adding that Bitcoin offers the “last line of defense” against a CBDC.
However, many analysts are unconvinced by Trump’s apparent pro-crypto turn.
Critics point out that Trump did not prioritize protecting web3 innovation during his previous term as US president. Trump described Bitcoin as a scam and called the broader crypto sector a “disaster waiting to happen” during a term as US president. interview with Fox in 2021.
“Like Biden, Trump was previously anti-crypto and is looking to get votes,” said Adam Cochrane, partner at Cinneamhain Ventures, said: “Trump is not someone who honors his deals.”
Republicans Engage With Prominent Web3 Figures on Their Policy Platform
Preston Byrne, a Web3 lawyer, shed some light on how Trump’s pro-crypto stance took shape.
“In February, when crypto was not yet an election issue, a Trump campaign spokesperson reached out to me with crypto policy ideas,” Byrne said. tweeted“I called Ryan Selkis and we brainstormed the left-wing paper together. After I submitted it, Ryan took charge while I stepped back to avoid any direct political involvement.”
He noted that many of his and others’ suggestions have been adopted into official GOP policy.
“If the Biden administration had instead educated crypto investors about these issues, I think most of us would have made the exact same suggestions,” Byrne continued. “They didn’t want to hear them. Now they’ve probably lost the crypto vote for the next few cycles.”
Related: Trump Suddenly Gets Interested in Cryptocurrencies. What’s Changed?