The US Republican Party has unveiled a platform that will see it adopt a pro-crypto policy and embrace innovation around digital assets.
According to a document published earlier this week by the Republican National Committee, the platform will guide the parties’ decisions on a wide range of issues, among them cryptocurrencies and blockchain.
Republican Party Takes a Pro-Crypto Stance
In the document, the Republican Party noted that it would end the “unlawful and unAmerican crypto crackdown.” it further stated that it would protect the rights of cryptocurrency investors like self-custody and mining activities.
The document added,
We will defend the right to mine Bitcoin and ensure every American has the right to self-custody of their Digital Assets and transact free from Government Surveillance and Control.
It further noted that it would prevent the creation of a Central Bank Digital Currency (CBDC).
The sentiments echo those of Republican Presidential contender Donald Trump earlier this year when he vowed never to permit the Federal Reserve to create a digital dollar.
Trump was speaking at a campaign speech, saying that not creating a CBDC would “protect Americans from government tyranny.”
At the time, Trump noted that a CBDC would give the federal government absolute control over people’s money. He noted that a CBDC would allow the government to take people’s money and use it without authorization, posing a dangerous threat to freedom.
His sentiments at the time add to the pro-crypto remarks that Trump, a former Bitcoin skeptic, has given about the crypto industry.
The former US President has come out advocating for activities such as supporting Bitcoin mining and even called himself “crypto president.”
Trump’s efforts to lure crypto voters have seen him secure significant support, including a $2 million donation to his campaign by Cameron and Tyler Winklevoss, the co-founders of Gemini.
Kraken co-founder Jesse Powell also donated $1 million to Trump.
Republicans Embrace Crypto
The pro-crypto policy adopted by the US Republican Party and the sentiments of former President Trump are in stark contrast to those of the Democrat Party.
The anti-crypto stance taken by US President Joe Biden and the Chair of the US Securities and Exchange Commission (SEC), Gary Gensler, has been criticized due to the lack of a clear regulatory framework around cryptocurrencies in the US.
Legislators in the Republican Party have often opposed this anti-crypto stance. US Senator Cynthia Lummis has previously called out the government, saying that Biden and Gensler’s persecution of the cryptocurrency industry has pushed crypto companies overseas and hindered financial innovation.
The Chair of the US House Financial Services Committee, Patric McHenry, was also among the legislators who called out US President Joe Biden for vetoing a bill that overturned the application of the SAB 121 bill to crypto custody.
