- The Democratic Party has entirely ignored cryptocurrency in its official policy platform, which was released yesterday to coincide with the start of the party’s convention.
- By contrast with the Democrats, the Republican Party platform released earlier this year mentioned crypto several times and outlined numerous pro-crypto policy initiatives.
- New rumours are flying around the Harris campaign that SEC Chair, Gary Gensler, is set to be the next Treasury Secretary should the Dems win, however there’s significant doubt about the veracity of these claims.
With the US Democratic Party convention underway in Chicago, we’re finally starting to get more detail on what a Harris presidency will look like in terms of policy — and so far, the news isn’t good for us crypto types.
The Democratic Party yesterday released its official policy platform and cryptocurrency was, well…completely ignored. Throughout the almost 100-page document there wasn’t a single mention of digital assets or cryptocurrency. Artificial intelligence however did rate a mention.
The lack of any cryptocurrency policy in the Democratic platform suggests the party plans to continue the Biden administration’s relatively hostile stance towards the digital assets industry, which stands in stark contrast to Donald Trump’s purported plans to make the US the “crypto capital of the planet”.
In an additional piece of news sure to lift the spirits of increasingly despondent crypto investors, rumours are now swirling that Harris may be planning to promote everyone’s favourite SEC Chair, Gary Gensler, to the role of Treasury Secretary if she wins this year’s election.
Related: ‘Crypto for Harris’ Campaign Kicks Off in Democratic Bid to Gain Crypto Vote
The Democrats’ snub of cryptocurrency comes as something of a surprise, given industry has become increasingly politically relevant in the past year or so. Trump has seized on crypto and web3 as a potential vote-winner throughout his campaign, having previously been an outspoken crypto sceptic.
The Republican party’s policy platform mentioned crypto several times, promising to “end unlawful and unAmerican crypto crackdown”, opposing the creation of CBDCs, defending Americans’ right to mine Bitcoin and ensuring US citizens right to self-custody their digital assets without “Government Surveillance and Control”.
The stark contrast between the parties on crypto seems to indicate that for single issue voters focussed on crypto, the Republican Party is the clear choice. However, as we have learned time and again over the years, Trump isn’t necessarily the most trustworthy fellow.
As Concordia University Finance Professors Denis Schweizer and Juliane Proelss wrote in The Conversation last week:
While Trump’s embrace of cryptocurrency has been widely publicized, it is important to consider the context of this shift. Trump’s newfound enthusiasm for digital assets could be more transactional than ideological, as much of his political activity is driven by opportunism.
Denis Schweizer, Professor of Finance at Concordia University and Juliane Proelss, Associate Professor of Finance at Concordia University
Gensler For Treasury Secretary? Probably Not
Rumours have started swirling that SEC Chair, Gary Gensler — widely considered by the crypto community to be part man, part demonic presence — may be in line to be the Treasury Secretary if Kamala Harris wins the presidency.
This story, which was reported in the right-wing leaning publication the Washington Reporter by a reporter who has previously run as a Republican candidate for Congress, seems to have been based primarily on tweets from Republican Congressman Tom Emmer.
Related: Firing Gensler, a Bitcoin Bill and $4 Million BTC: Highlights and Wildest Predictions from Bitcoin 2024
On X / Twitter Caitlin Long, the CEO of Custodia Bank, said several members of the Democratic Party had contacted her insisting the story is false, with one even suggesting Gensler himself may have started the rumours just to mess with people:
OK, multiple Dems contacted me to say the “Gensler as Treasury Secretary” rumor is false. One thinks the source of the rumor is Gensler himself — (thinks he planted it just to mess with all of us…that sounds about right TBH)
Caitlin Long, the CEO of Custodia BankCredit: Source link
