The Republican National Committee (RNC) in the United States adopted a draft policy platform on July 8 that advocates for cryptocurrency adoption and Bitcoin mining. This draft explicitly states, “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.”
Additionally, the draft aims to end what it describes as the Democrats’ “unlawful and unAmerican Crypto crackdown.” It also opposes the creation of a Central Bank Digital Currency (CBDC).
Influence of State Policies on RNC’s Pro-Bitcoin Stance
The Republican Party’s pro-Bitcoin stance appears influenced by state-level policies. Dennis Porter, CEO and Co-Founder of Satoshi Action Fund, noted that the RNC’s policy language aligns with terms developed by his organization for state policies. For example, Oklahoma passed a bill on May 13 that protects Bitcoin rights, including the right to self-custody and home-based Bitcoin mining. Louisiana also enacted House Bill 488 on June 19, ensuring Bitcoin access and restricting CBDCs.
Educating Republican Policy Makers on Cryptocurrency
Eric Peterson, Policy Director for Satoshi Action Fund, mentioned that their grassroots efforts have educated policymakers on Bitcoin for years. While not claiming authorship of the GOP’s platform, Peterson believes the organization influenced it significantly. Lee Bratcher, President of The Texas Blockchain Council, added that former Republican Presidential Candidate Vivek Ramaswamy likely contributed to the GOP’s policy platform. Perianne Boring, Founder and CEO of The Digital Chamber, highlighted her organization’s long-term collaboration with the Republican Party, including initiatives like “Crypto for Congress.”
Industry Success Highlighted, But Bipartisan Support Needed
The GOP’s support for Bitcoin is seen as a success for the industry, according to Peterson. However, Porter hopes for bipartisan support, with both Republicans and Democrats competing on pro-Bitcoin policies. The 2024 U.S. election is expected to significantly impact cryptocurrency and blockchain adoption in the country. A Digital Currency Group poll recently identified cryptocurrency as a key issue for U.S. voters in the upcoming election, with the Trump campaign showing strong support for Bitcoin and digital asset adoption.
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