A group of Democratic politicians wrote to the Democratic National Committee (DNC), urging the party to shift away from its anti-crypto stance. Riot Platforms’ vice president of research Pierre Rochard shared the letter on X, encouraging the DNC to adopt a “forward-looking approach” towards digital assets and blockchain technology.
Potential for American Innovation and Growth
The letter highlights the significant potential of crypto and blockchain for American innovation, economic growth, and financial inclusion. Although notable Democrats like Nancy Pelosi and Chuck Schumer support pro-crypto legislation, many still see the party as anti-crypto. The current Securities and Exchange Commission’s (SEC) regulatory approach through litigation contributes to this negative perception.
“This previous hostility does not reflect our Party’s progressive, forward-looking, and inclusive values,” the Democrats emphasized. They see this as an opportunity for Vice President Kamala Harris, as a “refreshed” presidential candidate, to change this negative public perception.
Crypto’s Impact on Electoral Success
A Coinbase survey reveals that over 52 million Americans, or roughly 15% of the U.S. population, own crypto. Recent polling data shows around 19% of voters have purchased crypto. Of these, 19% identify as Democrats and 18% as Republicans, while the rest are independents. Crypto adoption is notably higher among Gen Z, Black and Latino Americans, and immigrants. These groups are key constituencies for the Democrats.
“From an electoral standpoint, crypto and blockchain technologies have an outsized impact in ensuring victories up and down the ballot,” the letter noted. With over 20% of voters in swing states considering crypto a major issue in the upcoming elections, the Democrats stress the need for the party to present a compelling case to crypto voters. At the same time, it is essential to ensure consumers benefit from appropriate regulation.
Call to Action for the Democratic Party
The letter suggests four strategies for changing public perception:
- Pro-Digital Asset Language: The party’s platform should include language that promotes the benefits of cryptocurrencies and blockchains.
- Vice Presidential Candidate: Harris should choose a running mate with a history of supporting digital assets and pro-innovation policies.
- SEC Leadership: The successor to SEC Chairman Gary Gensler should have a crypto-friendly regulatory approach to ensure U.S. competitiveness globally.
- Industry Engagement: Harris and the new SEC Chief should engage with crypto industry leaders to discuss regulatory policies.
The letter arrived just before Gemini crypto exchange co-founder Tyler Winklevoss accused the Biden-Harris administration of an “unwillingness” to engage with the industry. He noted that he and his brother Cameron were disinvited from a roundtable discussion after endorsing former President Donald Trump. Winklevoss also emphasized the need for the next SEC chair to be announced before the November elections.
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