Several US Democrat legislators and electoral candidates have penned a letter to the Democratic National Committee (DNC) calling for a shift in the party’s stance towards the digital asset industry. This move comes as Republican presidential candidate, Donald Trump, garners support as a cryptocurrency advocate ahead of the upcoming US elections.
Democrats Push for Change in Crypto Policy to Counter Trump
On July 26, 14 legislators and three electoral candidates addressed a letter to DNC Chairman Jamie Harrison, urging the US Democratic Party to embrace a more progressive approach to cryptocurrency and blockchain technology. They highlighted the potential of these industries in promoting American innovation and economic growth.
The lawmakers emphasized that the party’s current perception as “anti-crypto,” influenced by the SEC’s strict regulations under Joe Biden’s administration, needs to be altered. With 52 million crypto users in the US, they stressed the importance of shifting this perception and recognizing the significant voter base interested in cryptocurrencies.
Recent polls have revealed that 19% of voters are crypto investors, with 19% of them identifying as Democrats. The legislators pointed out that cryptocurrencies are becoming increasingly popular among key Democratic voter groups such as black and Latino Americans, Gen-Z, and immigrants.
Moreover, over 20% of voters in swing states have indicated that crypto policy will be a crucial factor in the upcoming elections. The Democrats proposed that the party should adopt a balanced approach, implementing appropriate regulations to protect consumers’ interests while fostering innovation.
“Digital assets and blockchain technology are more than financial tools; they signify a transformative shift that can enhance transparency, reduce fraud, and create a more inclusive financial system. We believe this technology transcends party lines, and the Democratic Party should champion these advancements to reaffirm the US’s leadership in the global digital economy.”
Proposed Actions for the Future
The concerned Democrats see the emergence of Vice President Kamala Harris as the party’s new presidential candidate as a chance to enact necessary changes in crypto policy. They advocate for highlighting the benefits of digital assets on official platforms and selecting a vice presidential nominee with a pro-crypto stance and expertise in crafting innovative policies.
Additionally, the legislators call for appointing a more open-minded SEC that considers digital assets’ role in financial inclusion and consumer protection. They urge Presidential candidate Harris and Mr. Jamie Harrison to engage with digital asset experts to develop appropriate regulatory frameworks.
Featured image from Getty Images, chart from Tradingview
