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Bitcoin Will Be Added to Official Republican Platform in 2024 After Today’s Vote
Republicans have included Bitcoin and cryptocurrencies in their official platform for the 2024 elections, the final vote of which is scheduled for July 9, second to the hill.
The inclusion of cryptocurrencies and Bitcoin reflects former President Trump recent statements and a broader shift within the party toward embracing digital assets and blockchain technology. According to the Republican National Committee (RNC) document, the platform opposes the creation of a central bank digital currency and is committed to defending the right to mine Bitcoin. The RNC’s position seeks to safeguard individual rights to self-custody of digital assets and conduct transactions free from government oversight.
The platform outlines several measures to promote and protect crypto activities in the United States. It condemns the current administration’s regulatory approach to digital assets, promising to end what it describes as Democrats’ “illegal and un-American crackdown on cryptocurrency.” The RNC argues that this regulations stifle innovation and economic freedom. By advocating policies that promote an enabling environment for blockchain and cryptocurrency developments, Republicans aim to position the United States as a boss in the emerging digital economy.
While it is only one paragraph in the 16-page document, the platform specifically states:
“Republicans will end Democrats’ illegal and un-American crackdown on cryptocurrencies 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 oversight and control.”
Ryan Selkis, CEO of Messari, recently declared the company’s independence from the Securities and Exchange Commission (SEC), criticizing the regulator’s hardline approach and accusing it of corruption under Chairman Gary Gensler. Selkis announced that Messari will cease all engagement with the SEC, citing the regulator’s failure to prevent fraud on FTX, Celsius, and Genesis and labeling its litigation against cryptocurrency firms as politically motivated. The company plans to challenge the SEC’s legitimacy in court and through Congress, arguing that recent Supreme Court rulings have weakened the SEC’s mandate to regulate cryptocurrency markets.
The inclusion of cryptocurrency-related issues in the platform highlights the growing political meaning of digital assets. The move is seen as a response to growing interest and investment in digital assets among Americans, reflecting broader trends in global financial markets. By addressing these issues, the RNC hopes to align itself with the forward-thinking, tech-savvy voter and investor base that sees blockchain technology as a cornerstone of future economic growth.
However, Bitcoin supporters hoping that Bitcoin could become a global reserve currency may be disappointed, as the platform makes it clear that it intends to ensure that the dollar remains the global reserve currency.
“KEEP THE US DOLLAR AS THE WORLD’S RESERVE CURRENCY.”
The integration of digital asset policies into the RNC platform marks a significant step in mainstream acceptance of digital currencies. The platform has been approved by the oversight committee, and today’s vote could make Bitcoin, cryptocurrencies, and a reduction in government overreach in regulating digital assets a formal part of the party’s 2024 election policy.