Bitcoin Inclusion in Official Republican 2024 Platform Following Recent Vote
Republicans have incorporated Bitcoin and cryptocurrency into their official platform for the upcoming 2024 election, scheduled for a final vote on July 9, as reported by The Hill. This move aligns with former President Trump’s recent remarks and signifies a broader shift within the party towards embracing digital assets and blockchain technology. According to the Republican National Committee (RNC) document, the platform opposes the establishment of a central bank digital currency and pledges to support the right to mine Bitcoin. The RNC’s position aims to protect individuals’ rights to self-custody digital assets and engage in transactions without government surveillance.
The platform outlines various initiatives to promote and safeguard crypto activities in the United States. It criticizes the current administration’s regulatory stance on digital assets, vowing to halt what it perceives as the Democrats’ “unlawful and unAmerican Crypto crackdown.” The RNC argues that such regulations impede innovation and economic liberty. By advocating for policies that nurture a conducive environment for blockchain and crypto advancements, Republicans seek to position the US as a leader in the emerging digital economy.
Although only a brief paragraph in the 16-page document, the platform explicitly states, “Republicans will end Democrats’ unlawful and unAmerican Crypto crackdown and oppose the creation of a Central Bank Digital Currency. We will defend the right to mine Bitcoin, and ensure every American has the right to self-custody of their Digital Assets, and transact free from Government Surveillance and Control.”
Ryan Selkis, CEO of Messari, recently announced the company’s independence from the Securities and Exchange Commission (SEC), denouncing the regulator’s strict approach and alleging corruption under Chair Gary Gensler. Selkis declared that Messari will sever all ties with the SEC, citing the regulator’s failure to prevent frauds at FTX, Celsius, and Genesis, and characterizing its legal actions against crypto firms as politically driven. The company plans to challenge the SEC’s authority in court and through Congress, contending that recent Supreme Court decisions have weakened the SEC’s mandate to regulate crypto markets.
The inclusion of crypto-related issues in the RNC platform underscores the growing political importance of digital assets. This decision is seen as a response to the increasing interest and investment in digital assets among Americans, reflecting broader trends in global financial markets. By addressing these issues, the RNC aims to appeal to the forward-thinking, tech-savvy voter base and investors who perceive blockchain technology as a fundamental driver of future economic expansion.
However, individuals hoping for Bitcoin to become a global reserve asset may be disappointed, as the platform explicitly states its intention to maintain the dollar as the world’s reserve currency.
The integration of digital asset policies into the RNC platform signifies a significant advancement in the mainstream acceptance of digital currencies. The platform has received approval from the oversight committee, and the upcoming vote could formalize Bitcoin, cryptocurrencies, and a reduction in government intervention in digital asset regulation as integral components of the party’s agenda for the 2024 elections.
