Several Democratic lawmakers and election candidates in the United States have written to the Democratic National Committee (DNC), calling for a change in the party’s approach to the digital asset industry. This development comes as Republican presidential candidate Donald Trump continues to gain popularity as a supporter of cryptocurrencies ahead of the upcoming US elections.
Democrats Take on Trump, Demand Change in Crypto Policy
in Directed message On July 26, 14 lawmakers and three Democratic presidential candidates called on the U.S. Democratic Party to take a progressive stance on cryptocurrencies and blockchain technology, noting that the emerging industry offers some potential in terms of boosting American innovation and economic development.
Concerned Democrats pointed out that the party is currently widely viewed as “anti-crypto” due to the SEC’s aggressive approach to the digital asset industry under Joe Biden. They stressed the importance of changing that perception as America is home to 52 million crypto users.
Regarding the upcoming elections, they also explained that data from recent polls indicate that 19% of voters are invested in cryptocurrencies, 19% of whom are Democrats. They also stated that cryptocurrencies have quickly gained traction among key Democratic demographics, namely blacks, Latinos, Gen Z, and immigrants as well.
Furthermore, the letter from these Democrats noted that more than 20% of voters in swing states highlighted encryption policy as a major focus in the upcoming election, and therefore, the party must present a position acceptable to the people that provides appropriate regulations while also protecting the interests of consumers.
The message read as follows:
Digital assets and blockchain technology are not just financial instruments, they represent a revolutionary transformation that will enhance transparency, reduce fraud, and create a more inclusive financial system. We believe that these technologies are nonpartisan, and the Democratic Party should also champion these innovations to help reaffirm the United States’ position as a leader in the global digital economy.
The way forward
At the same time, concerned Democrats see the emergence of Vice President Kamala Harris as the party’s new presidential candidate as an opportunity to make needed changes to crypto policy. First, they are calling on the party to start publicizing the potential benefits of digital assets on their official platforms.
Additionally, they are pushing for a crypto-friendly vice presidential candidate with experience crafting progressive, innovation-focused policies. These 14 Democrats also stressed the importance of choosing a new SEC with a more open mindset toward digital assets, thereby ensuring financial inclusion while protecting consumer interests.
Additionally, they urged presidential candidate Harris and Mr. Jaime Harrison to now begin discussions with digital asset experts to formulate appropriate and appropriate regulatory policies.
Featured image by Getty Images, chart by Tradingview