Crypto Absent From Democratic Platform As Republicans Champion Bitcoin Mining Rights

The Democratic Party’s newly released platform may leave some left-leaning voters disappointed, particularly those hoping for a clear stance on cryptocurrency policy as the national convention begins.

What Happened: Notably absent from the Democrats’ platform is any mention of cryptocurrency, a topic that has become increasingly important to a growing segment of the electorate in this year’s election, The Block reported.

This omission stands in sharp contrast to the Republican Party’s platform, which explicitly addresses cryptocurrency.

The GOP has committed to ending what it describes as the Democrats’ “unlawful and unAmerican Crypto crackdown” and pledged to “defend the right to mine Bitcoin BTC/USD.”

Republican presidential nominee Donald Trump has also made efforts to position himself as a pro-crypto candidate, including a high-profile appearance at the Bitcoin Conference in Nashville last month.

Trump’s involvement in the crypto space goes beyond rhetoric.

He recently disclosed that he holds millions in Ethereum ETH/USD based assets and has earned over $7 million from various NFT collections, further solidifying his image as a crypto-friendly figure.

The Democratic platform, which was finalized and approved by the committee in July, notably before President Joe Biden withdrew from the race, has sparked discussion within the party.

“The document was approved by the Platform Committee on July 16, just days before Biden bowed out of the race on July 21,” NBC reported.

Also Read: Bitcoin Looking Bearish While Equities Are At All-Time Highs: What Gives?

Why It Matters: With Biden no longer in the running, there has been a push from within the party to strengthen ties with the crypto community, particularly as Vice President Kamala Harris takes the lead in the campaign.

Last week, a town hall event organized by Crypto4Harris, a grassroots network of crypto advocates, sought to explore the Democrats’ approach to digital asset innovation and regulation.

The event featured prominent figures like billionaire Mark Cuban and U.S. Senate Majority Leader Chuck Schumer.

Schumer emphasized the need for balanced regulation, stating, “We should strike a balance for crypto between promoting innovation and providing common sense guardrails.”

As the November election approaches, the future of digital assets remains a key issue for many voters.

This topic is likely to be a central theme at the upcoming Benzinga Future of Digital Assets event on Nov. 19, where industry leaders, policymakers, and investors will gather to discuss the evolving landscape of cryptocurrency regulation and its implications for the broader economy.

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