The Democratic National Committee recently unveiled its 2024 Party Platform, outlining the party’s future political priorities for the upcoming election. However, what caught the attention of many was the glaring absence of any mention of Bitcoin, cryptocurrency, or blockchain in the ninety-two-page document. This oversight has left many in the crypto community questioning the party’s stance on this rapidly growing industry.
One of the key priorities highlighted in the DNC platform was to make the wealthy and corporations “pay their fair share,” advocating for equal tax rates on investment income and wage income. While this may resonate with many Democrat voters, it also raises concerns for investors, including Bitcoin holders, who could potentially face heavier tax burdens in the future.
The silence on crypto in the DNC platform has raised speculation about how the party would handle the industry under a potential Harris administration. With Vice President Kamala Harris often seen as having a lighter touch on crypto than President Joe Biden, many are curious to see if any changes will be made to reflect her positions. This lack of clarity could signal a shift in the party’s approach to crypto regulation.
Some in the crypto community, such as Adam Cochran of Cinneamhain Ventures, see the absence of any mention of crypto in the DNC platform as a missed opportunity. Cochran believes that crypto does not need government handouts to succeed, but rather a non-hostile regulatory environment. The party’s failure to address this growing industry could be seen as a reluctance to embrace innovation and technology.
In stark contrast, the Republican Party has been vocal in its support for crypto, with their platform explicitly promising to end the Democratic Party’s anti-crypto crackdown. Republican Presidential nominee Donald Trump even made promises to establish a national “strategic Bitcoin stockpile” and to remove the crypto-hostile SEC chairman Gary Gensler. This unwavering support has garnered significant backing from crypto leaders, highlighting the diverging views between the two major parties.
As the 2024 Presidential race heats up, the contrasting approaches of the Democratic and Republican parties towards crypto regulation have become increasingly apparent. While the DNC’s platform focuses on traditional issues like housing costs and climate change, the absence of any mention of crypto raises questions about the party’s commitment to fostering innovation and embracing new technologies. Whether this silence will ultimately hurt or help the party remains to be seen, but it is clear that the crypto community is watching closely.
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