On July 26, a coalition of Democratic officials, congressional candidates, and party leaders addressed an open letter to Jaime Harrison, Chair of the Democratic National Committee (DNC), and prospective presidential candidates. The letter, signed by over 20 lawmakers and candidates, emphasizes the critical need for the Democratic Party to adopt a forward-looking approach to digital assets and blockchain technology.
The letter highlights the transformative potential of digital assets for American innovation, economic growth, and financial inclusion. The signatories, including prominent leaders such as Senate Majority Leader Chuck Schumer and Speaker Emerita Nancy Pelosi, argue that recent legislative support for pro-digital asset policies reflects the Democratic Party’s progressive and inclusive values. They assert that this stance can change the public perception that the party is hostile toward digital assets, a view they attribute to the current SEC’s approach under Gary Gensler.
The letter points out that over 52 million Americans have adopted digital assets, recognizing their potential to democratize finance, spur innovation, and create new economic opportunities. Citing recent polls, the authors note that a significant portion of voters across all political affiliations are engaged with crypto. They emphasize that digital assets are particularly popular among Gen Z, Black and Latino Americans, and immigrant communities—key Democratic constituencies.
The lawmakers stress the importance of crypto and blockchain technologies in the upcoming elections, particularly in swing states. They argue that a balanced approach to crypto regulation, one that spurs innovation while protecting consumers, will benefit policymakers and candidates. The letter underscores the fact that over 20% of voters in key battleground states see crypto as a major issue, suggesting that a pro-crypto stance could be pivotal in securing electoral victories.
The letter outlines four key actions the Democratic Party should take to support digital asset innovation:
Include Pro-Digital Asset Language in the Party’s Platform: The party’s platform should reflect the potential benefits of digital assets and blockchain technology.
Select a Vice-Presidential Candidate Sophisticated in Digital Asset Policy: The nominee should choose a running mate with a proven track record in digital asset technology and pro-innovation policies.
Select a Pro-Innovation SEC Chair: The next SEC Chair should adopt a regulatory approach that fosters innovation, secures American global competitiveness, promotes financial inclusion, and protects consumers.
Engage with Industry Experts: The letter urges ongoing dialogue between party leaders and digital asset and blockchain industry experts to craft policies that support growth while ensuring consumer protection and financial stability.
The letter also critiques the current financial system, highlighting that it favors elites over regular people. It suggests that digital assets and blockchain technology represent a revolutionary shift capable of enhancing transparency, reducing fraud, and creating a more inclusive financial system. The signatories argue that this technology is non-partisan and that championing these innovations will help reaffirm the U.S.’s position as a global leader in the digital economy.
The letter is signed by a diverse group of lawmakers and candidates, including Congressman Collin Allred (TX-32), Congresswoman Nikki Budzinski (IL-13), Congressman Ro Khanna (CA-17), and Assemblymember Evan Low (CA-16). The signatories span a wide range of states and represent a strong coalition advocating for modernizing the Democratic Party’s stance on digital assets.
Full lettter pic.twitter.com/Hssca8V7EF
— Dennis Porter (@Dennis_Porter_) July 27, 2024
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