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Republicans Pledge to End Crypto Crackdown, Championing Trump's Pro-Bitcoin Stance Against Biden

Republicans vow to end crypto crackdown; Trump's pro-Bitcoin stance vs. Biden's regulations.

Tue, 09 Jul 2024, 02:40 am UTC

Republicans' 2024 platform vows to end the crypto crackdown, embracing Trump's Bitcoin advocacy and challenging Biden's regulatory approach.

GOP's Vision: Building the Greatest Economy Through Cryptocurrency

In its 2024 GOP Platform, which was produced in advance of this year's federal election, the Republican National Committee took numerous positions that were in line with Trump's "America First" policies rather than the more conventional GOP social issues.

As part of this, there will be measures put in place to safeguard the cryptocurrency market, which Trump has shown strong support for this year, including Bitcoin and other cryptocurrencies.

In chapter 3 of the program, the party pledges to "build the greatest economy in history" through encouraging innovation and other means, and this includes their commitment to cryptocurrency.

Republicans Oppose CBDC, Defend Crypto from Democratic Policies

CryptoPotato shares that the party stated that Republicans will reject the introduction of a Central Bank Digital Currency (CBDC) and will cease Democrats' illegitimate and unAmerican attack on cryptocurrencies.

The promise is not surprising given that last month, Congressman Tom Emmer's anti-CBDC measure was partisanly passed with nearly zero Democratic support and almost unanimous Republican support.

Simultaneously, with the support of all Republicans and the opposition of the majority of Democrats, the House approved a bill to establish a flexible regulatory framework for cryptocurrency.

In addition to promising to protect the freedom to self-custody cryptocurrency and Bitcoin mining, the Republican platform stated its intention to guarantee that all Americans can "transact free of government surveillance and control."

"Couldn't really ask for anything more," tweeted Castle Island Ventures partner Nic Carter on Monday of the platform.

"Insanely bullish Bitcoin and crypto," said Dan Held, an adviser to Taproot Wizards.

In addition to their presidential nominee, Donald Trump, being aligned with the crypto industry, the Republican platform is the first to officially promote crypto as part of the GOP's long-term plan.

Trump’s Campaign: Safeguarding Bitcoin Miners and Crypto Holdings

Trump has campaigned this year on a platform of protecting Bitcoin miners and preventing anti-crypto senators like Elizabeth Warren from seizing their constituents' cryptocurrency holdings. Not only that, but he has pledged to liberate Ross Ulbricht, the man behind the now-defunct Silk Road darknet bazaar for Bitcoin, who is serving a life sentence.

More and more publicly listed Bitcoin miners are aligning themselves with Republicans' promises to safeguard AI innovation.

"We will repeal Joe Biden’s dangerous executive order that hinders AI innovation and imposes radical leftwing ideas on the development of this technology," the statement declares. "In its place, Republicans support AI development rooted in free speech and human flourishing."

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