Trump Vows To End “Crypto Crackdown” as Republicans Outline Pro-Crypto Policies
The Republican Party unveiled a draft party platform detailing its objectives concerning cryptocurrency and artificial intelligence (AI) on July 8. The draft states, "Republicans will end Democrats’ unlawful and un-American crypto crackdown and oppose the creation of a Central Bank Digital Currency." This stance comes in response to the U.S. Securities and Exchange Commission's (SEC) active investigations into numerous crypto companies, which Republicans view as a detrimental crackdown on the industry by the current administration.
The platform further asserts, "We will defend the right to mine Bitcoin and ensure every American has the right to self-custody of their digital assets, and transact free from government surveillance and control." This declaration comes in the wake of a proposed bill by Senators Elizabeth Warren and Roger Marshall in late 2022, which sought to impose restrictions on self-custody crypto wallets. Industry advocates criticized the bill as "unconstitutional" and "opportunistic."
The GOP's position aligns with many crypto advocates who oppose central bank digital currencies (CBDCs), or “digital dollars,” due to concerns about surveillance. Consequently, the Republican stance against CBDCs is likely to resonate well with the crypto community. Additionally, the party aims to defend the rights of Bitcoin miners in the United States.
Political analysts suggest that the GOP’s pro-crypto stance could be a significant issue in swaying voters in the upcoming presidential election. Beyond cryptocurrency, the Republicans are also targeting President Joe Biden’s AI executive order, which aims to establish new standards for safety and security in AI development. The GOP argues that the executive order "hinders AI innovation and imposes radical left-wing ideas" on development. By repealing this order, the party plans to support AI advancement rooted in free speech and "human flourishing."