Republicans support Bitcoin and cryptocurrencies
The Republican National Committee (RNC) recently passed the draft 2024 party platform, strongly supporting Bitcoin. Page 9 of the draft clearly states, “We will defend the right to mine Bitcoin and ensure that every American has the right to self-custody of their digital assets and to trade freely without government monitoring and control.”
In addition, the draft pledges to end what the Democrats call “illegal and un-American cryptocurrency crackdowns” and opposes the establishment of a central bank digital currency (CBDC). According to "The Hill" report, the platform committee overwhelmingly approved the new draft and will hold a final vote on Tuesday.
Source: Scribd The ninth page of the draft states “We will defend the right to mine Bitcoin.”
This decision further demonstrates the Republican Party’s clear support for Bitcoin and cryptocurrency innovation and stands in opposition to the current unfriendly stance of the Biden administration and the Democratic Party. The draft reflects growing calls to protect and support Bitcoin within the Republican Party and is in line with broader trends of Bitcoin adoption and support among various Republican politicians.
Trump and the Cryptocurrency Shift
The Republican National Committee, led by Michael Whatley and Trump’s daughter-in-law Lara Trump, has officially adopted an election platform that includes a cryptocurrency innovation component. The platform, released on Monday, symbolizes the Republican Party's preparations for the November election.
The document states: “Republicans will end Democrats’ illegal and un-American crackdown on cryptocurrencies and oppose the establishment of a central bank digital currency (CBDC). We will defend the right to mine Bitcoin and ensure that every American has the right to self-custody of their digital assets. rights and the ability to trade freely without government surveillance and control.”
The stance reflects the growing interest in digital assets by Trump and other Republican politicians. On June 10 this year, Trump announced that he wanted all remaining Bitcoin (BTC) to be mined within the United States, expecting the country to dominate the energy sector. Trump himself is also active in digital assets, launching NFTs issued in his image and accepting cryptocurrency donations to fund his campaign and related political action committees.
Opposition to a CBDC is also a recurring theme in the 2024 campaigns of Trump and other Republicans. The United States, like other regions, including China and Europe, is still in the research phase of government-backed digital tokens. Republicans believe that Democrats’ push for a CBDC could lead to increased financial surveillance of citizens.
Source: yrnational The Republican National Committee is led by Michael Whatley and Trump’s daughter-in-law Lara Trump
Bitcoin and Cryptocurrency’s Role in Republican Election Manifesto
The 2024 Republican Party Platform takes a bold stance on cryptocurrency, aiming to promote innovation and protect citizens’ cryptocurrency rights. The Republican National Committee’s groundbreaking 2024 platform acknowledges the importance of cryptocurrencies in economic innovation. Chapter Three of the party platform pledges to "build the greatest economy in history" by supporting technological progress and opposing restrictive regulations. This commitment includes denouncing the current administration’s crypto crackdown and any push for a CBDC as un-American.
Over the past few months, Republican lawmakers have taken concrete steps to reflect this pro-crypto sentiment. Last month the House of Representatives approved a crypto-friendly regulatory framework with strong support from Republicans, further underscoring their commitment to cryptocurrencies. Analysts and industry insiders such as Nic Carter of Castle Island Ventures and Dan Held, an advisor to Taproot Wizards, have applauded the strong Republican support for Bitcoin and other cryptocurrencies as a sign of a positive future for the industry.
Trump's campaign promises are closely aligned with the Republican Party's 2024 platform, in which he vows to protect the Bitcoin mining industry, stand up to anti-crypto members of Congress like Elizabeth Warren, and even address those convicted of involvement in Silk Road. The case of Ross Ulbricht, who was sentenced to life imprisonment. Trump’s pro-innovation rhetoric has resonated with cryptocurrency and traditional financial startups, bolstering his appeal as a forward-thinking candidate.
