Several US Democrat legislators and electoral candidates have now written to the Democratic National Committee (DNC), calling for a change in the party’s approach toward the digital asset industry. This development comes as the Republican presidential candidate, Donald Trump has continued to gain more popularity as a cryptocurrency advocate ahead of the upcoming US elections.
Democrats To Counter Trump, Seek U-Turn On Crypto Policy
In a letter addressed to DNC Chairman Jamie Harrison on July 26, 14 legislators and three electoral candidates requested the US Democratic Party to adopt a progressive stance on cryptocurrency and blockchain technology, stating the nascent industry offered some potential in terms of promoting American innovation, and economic development.
The concerned Democrats noted that the party is currently widely viewed as an “anti-crypto” entity due to the SEC’s hard approach towards the digital asset industry under Joe Biden’s approach. They pressed on the importance of alternating this perception as America is home to 52 million crypto users.
In regards to upcoming elections, they also explained that data from recent polls identify 19% of voters as crypto investors, 19% of which are Democrats. They also stated that cryptocurrencies have quickly gained traction among the key Democrat demographics i.e. the black and Latino Americans, the Gen-Z, and also immigrants.
Furthermore, the letter from these Democrats shared that over 20% of voters in swing states have highlighted crypto policy as a major focus in the upcoming elections, therefore, the party should present a palatable stance to the populace that introduces proper regulations while also protecting consumer interests.
A statement from the letter read:
Digital assets and blockchain technology are not merely financial instruments but represent a revolutionary shift that can enhance transparency, reduce fraud, and create a more inclusive financial system. We believe this technology is non-partisan, and the Democratic Party should also champion these innovations to help reaffirm the U.S.’s position as the leader in the global digital economy.
The Way Forward
Moving on, the concerned Democrats view the emergence of Vice President Kamala Harris as the party’s new presidential candidate as an opportunity to effect the needed changes towards crypto policy. Firstly, they are calling on the party to start propagating the potential benefits of digital assets on their official platforms.
Furthermore, they are pushing for the selection of a pro-crypto vice president nominee with experience in drafting progressive policies centered on innovation. These 14 democrats have also stressed the importance of selecting a new SEC with more open-mindedness to digital assets thus ensuring financial inclusion while safeguarding the consumer interests.
In addition, they nudged Presidential candidate Harris and Mr. Jamie Harrison to now commence discussions with digital assets experts to formulate the appropriate and suitable regulatory policies.
Featured image from Getty Images, chart from Tradingview