[NEWS] Trump and the Republican Party pledge to promote cryptocurrencies, a first in the US

Donald Trump and the Republican Party have included language in their 2024 party platform promising to protect and promote cryptocurrencies.

This is the first time in US history that a major US political party has officially mentioned cryptocurrencies in an election year platform. If Trump wins the US presidential election, the regulatory environment of the US cryptocurrency industry could change significantly.

The fifth platform of the party platform is titled "Promoting Innovation," and he said, "Republicans will pave the way for future economic greatness by leading the world in emerging industries."

Regarding cryptocurrencies, he insisted that "we will end the Democrats' illegal and un-American crackdown on cryptocurrencies." However, he said he is firmly opposed to the creation of a digital dollar, which is a CBDC (central bank digital currency).

Regarding cryptocurrencies, he promised to "protect the right to mine Bitcoin and guarantee the right of all US residents to self-manage their digital assets and trade them free from government oversight and control."

Kristin Smith, CEO of the Blockchain Association, said in a post on X that "the Republican platform makes a simple and correct point about crypto: get rid of the ban and bring this revolutionary technology to America. Crypto supports core American values, including the right to privacy, to control and protect one's assets, and protection from excessive government surveillance."

In contrast to past statements and regulatory actions by his administration, Trump has supported the crypto community in the current election.

His appointees, including former Treasury Secretary Steven Mnuchin and former SEC Chairman Jay Clayton, have been heavily criticized by the crypto industry.

Mnuchin has tried to fight illegal financial transactions with strict regulations on self-hosted wallets. Clayton once campaigned against initial coin offerings (ICOs) but has recently changed his stance to support them. In an interview with CNBC, he said that approval of a Bitcoin spot ETF is inevitable by the end of the year.

The administration of President Joe Biden, spearheaded by SEC Chairman Gary Gensler, is stepping up oversight of the cryptocurrency industry.

Regulators have openly opposed Congress' efforts to create its own regulations for digital assets, arguing that the majority of crypto token issuers are violating federal securities laws by not complying with SEC oversight.

Katie Biber, CLO of cryptocurrency investment company Paradigm, said in a post on X that "history has been made" by "adding cryptocurrency to the official Republican platform."

Last year, Trump's NFT collection became a hot topic.

Trump has pledged to show a new appreciation for cryptocurrency. In June, he called for the expansion of cryptocurrency mining in the United States on his social networking site "Truth Social." Last year, he also issued his own NFT collection, which immediately sold out and became a hot topic.

Last month, dozens of Democratic members of the House of Representatives approved a regulatory bill in support of cryptocurrencies. Many voters took this as an indication that Democrats do not want voters to see their party as anti-cryptocurrency.

On the 10th, the House of Representatives will vote to override President Biden's veto of a bill that would make it easier for banks to store cryptocurrencies on behalf of their customers. A veto can be overturned with the approval of two-thirds of House members.

Reference: Announcement

Image: Shutterstock

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