The Republican Party of the United States released a draft of its 2024 party platform on July 8. It is titled "Make America Great Again" and named "dedicated to the forgotten men and women of America." Digital Currency (CBDC), also clearly expressed support for the cryptocurrency industry.
The Republican National Convention will be held in Milwaukee from July 15 to 18. Donald Trump is expected to be officially nominated as the presidential candidate. This document echoes Trump’s long-term stance and campaign. The promised draft party platform will also be submitted to the congress for approval.
According to the draft released by the party platform committee group, the content related to cryptocurrency is concentrated in Section 5 "Promoting Innovation" in Chapter 3 "Building the Greatest Economy in History", which emphasizes that "by leading the development of emerging industries, we will contribute to the future." "Paving the way for economic prosperity", it is also clearly mentioned in this chapter that the Republican Party will:
1. End the Democratic Party’s “illegal” and “un-American” suppression of cryptocurrency;
2. Oppose the creation of central bank digital currency (CBDC);
3. Defend the right to mine Bitcoin;
4. Ensure that every American has the right to keep their digital assets and conduct transactions without government surveillance and control.
Over the past year, Trump's attitude toward cryptocurrency has changed from "skepticism" to "firm support." He also has some personal experience in digital assets and has issued several NFT series.
As the cryptocurrency market searches for the next catalyst, discussions on the topic of "Trump trade" are gradually increasing, that is, it is optimistic that Trump's victory in November will drive Bitcoin's rise in the second half of the year. The reason is that Trump is a relatively A candidate who supports cryptocurrencies and whose policies will make assets like Bitcoin more attractive in the world.
Trump earlier hosted a banquet with cryptocurrency mining industry executives at his Mar-a-Lago resort. His campaign accepts cryptocurrency donations and often makes remarks in favor of cryptocurrencies.
Cryptocurrency industry executives hope that Trump’s second term in the White House, coupled with the strength of the Republican Party in Congress, will eventually lead to clearer and more favorable cryptocurrency regulations. Julius Baer analyst Manuel Villegas said:
Cryptocurrency miners are poised to benefit, especially from Trump’s energy policy proposals, which may allow Bitcoin mining to use alternative energy sources.
Biden has previously proposed taxing cryptocurrency miners, such as a 30% tax rate, which is unlikely to happen under the Trump administration.
"U.S. Republican Party 2024 Draft Platform: Support Cryptocurrency, Defend Bitcoin Mining, Oppose CBDC" This article was first published in "Blocker".
