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Home»ADOPTION NEWS»Cryptocurrencies disappear from Democratic platform as convention begins
ADOPTION NEWS

Cryptocurrencies disappear from Democratic platform as convention begins

By Crypto FlexsAugust 19, 20243 Mins Read
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Cryptocurrencies disappear from Democratic platform as convention begins
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The Democratic Party’s newly released platform may disappoint left-wing voters who are weighing whether to vote for them in November, but they also want a new vision for how the U.S. government should handle cryptocurrencies.

The Democratic Party’s platform does not mention cryptocurrencies once at the party’s convention, which begins Monday. How politicians view cryptocurrencies could be a major issue for many voters in this year’s election.

This stands in stark contrast to the Republican platform, which promised to “end the Democrats’ illegal and un-American crackdown on cryptocurrencies” and “defend the right to mine bitcoin.” Republican presidential candidate Donald Trump has made several efforts to show that he is a pro-crypto candidate, including speaking at a Bitcoin conference in Nashville last month.

Trump has also been involved in cryptocurrency-related businesses. He recently declared that he owns millions of dollars worth of cryptocurrencies. EthereumHe reportedly owns underlying cryptocurrency assets and has earned over $7 million from his NFT collection.

Platform approved in July

It is noteworthy that the Democratic platform, released over the weekend, appears to have been written and approved by committee in July, before President Joe Biden withdrew from the race.

“The document was approved by the platform committee on July 16, just days before Biden dropped out of the race on July 21,” NBC News reported. “Convention delegates are scheduled to vote on the platform on Monday night, in a largely ceremonial process.”

Since Biden’s departure, both entrepreneurs and lawmakers have worked to strengthen ties between the crypto industry and Harris. Last week, a self-proclaimed “grassroots network of crypto advocates” known as Crypto4Harris held a town hall to discuss the Democratic Party’s vision for digital asset innovation and regulation.

People like Anthony Scaramucci and Rep. Adam Schiff, along with billionaire Mark Cuban who spoke at the event, have been lobbying for Democrats to rethink their stance on the cryptocurrency industry ahead of the November election.

Senate Majority Leader Chuck Schumer, who attended the event, said he plans to pass legislation regulating cryptocurrencies by the end of the year.

“We need to strike a balance with cryptocurrencies between encouraging innovation and providing common-sense safeguards,” he said.


Disclaimer: The Block is an independent media outlet providing news, research and data. As of November 2023, Foresight Ventures is the largest investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information on the cryptocurrency industry. Current financial disclosures include:

© 2024 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be legal, tax, investment, financial or other advice.

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