- Democrats Still Quiet On Crypto
- Is This A ‘Pivot’?
- Contrast with Republicans
The Democratic National Committee published its 2024 Party Platform on Sunday – a document detailing the Democrats’ future political priorities heading into the next election, without mentioning Bitcoin, cryptocurrency, or blockchain.
Democrats Still Quiet On Crypto
The ninety-two-page document touched on popular issues among Democrat voters including lowering housing costs and tackling climate change. It also prioritized making the wealthy and corporations “pay their fair share” – ending the preferential treatment of capital gains by making investment income tax the same rate as wage income. That would hurt the pockets of all investors, including Bitcoin holders. The DNC platform was written and passed by its committee before Joe Biden dropped out of the 2024 Presidential race and includes lengthy praise for his administration’s ongoing work.
Is This A ‘Pivot’?
Many suspect the current Vice President Kamala Harris to have a lighter touch on the industry than Biden has. Cinneamhain Ventures partner Adam Cochran believes the platform's absolute silence on crypto is a quiet signal of the party’s crypto ‘pivot’ under Harris.
Contrast with Republicans
The Republican Party’s platform published in July explicitly promised to end Biden and the Democratic Party’s anti-crypto crackdown. At the 2024 Bitcoin Conference, Republican Presidential nominee Donald Trump promised to establish a national “strategic Bitcoin stockpile” and to fire the crypto-hostile SEC chairman Gary Gensler.
Conclusion: The Democratic Party’s platform clearly outlines its political priorities by excluding mentions of cryptocurrency. This move is likely to have future implications for the cryptocurrency industry and investors.
