Democrats’ Party Platform and Cryptocurrency

The Democrats’ newly released party platform may disappoint left-leaning voters looking for a renewed vision regarding the U.S. government’s handling of cryptocurrency.

Lack of Cryptocurrency Mention

As the party’s national convention begins, it’s notable that the platform does not mention crypto at all. This omission contrasts sharply with the Republican platform, which promises to end what they describe as the Democrats’ unlawful crypto crackdown and defend the right to mine Bitcoin.

Republican presidential nominee Donald Trump has positioned himself as pro-crypto, participating in the Bitcoin Conference and claiming to hold millions in Ethereum-based assets and earning significant profits from NFTs.

Approval Timeline

The Democrats’ platform was approved on July 16, before President Joe Biden withdrew from the race on July 21. Delegates will vote on it during the convention, a largely ceremonial act.

Efforts to Engage with Crypto

In light of Biden’s exit, entrepreneurs and lawmakers, such as the grassroots network Crypto4Harris, are pushing for a more favorable Democratic stance on crypto. Notable figures like Mark Cuban, Anthony Scaramucci, and Congressman Adam Schiff have advocated for a reevaluation of the party’s perspective.

U.S. Senate Majority Leader Chuck Schumer has also stated his intent to pass crypto regulation legislation by the year’s end, aiming for a balance between promoting innovation and instituting sensible regulations.