Tech
Republican Party Vows to End ‘Crypto Crackdown’
The Republican National Committee has unveiled a new platform that strongly supports Encrypt innovation, as revealed in a document published on Monday.
THE document in question outlines the party’s priorities ahead of November’s elections, with the presumptive presidential candidate Donald Trump and Republican congressional candidates at the forefront. The document reads:
Republicans will end Democrats’ illegal and anti-American crackdown on cryptocurrencies and oppose the creation of a central bank digital currency. […] We will defend the right to mine Bitcoin (BTC)and ensure that every American has the right to self-custody of their digital assets and to transact free from government surveillance and control.
This stance reflects a growing interest in digital assets among Trump and other GOP politicians. In particular, Trump has shifted from his previous skepticism toward cryptocurrencies to a vocal supporter.
GOP’s Crypto Efforts
The presidential candidate has personal experience with digital assets, having launched his own brand Non-Fungible Tokens (NFTs)Additionally, the Trump campaign and an affiliated political action committee Now accepting cryptocurrency donations.
While the committee’s top 20 policy “pledges” don’t explicitly mention cryptocurrencies, digital assets are addressed in the economics section under innovation initiatives. A key issue for Trump and other Republican candidates in the 2024 campaign has been opposition to central bank digital currencies (CBDCs).
Republicans have criticized Democrats for allegedly pushing CBDCs that could allow for greater financial surveillance of U.S. citizens. However, Federal Reserve Chairman Jerome Powell and other officials argue that a potential digital dollar would be managed by the banking system, not the government.
They further argue that such a currency would only be adopted with the approval of Congress and the White HouseThis platform comes as other jurisdictions, including China and Europe, are actively pursuing government-backed digital tokens, while the United States remains in the research phase when it comes to CBDCs.