Originally published on: August 19, 2024
The 2024 Democratic Party platform has left many in the crypto community disappointed as it fails to address the topic of cryptocurrencies or digital asset policies, despite earlier hints from senior officials about a potential shift in stance. This 91-page document delves into various issues, ranging from corporate greed and housing to foreign policy and government spending.
Lack of Clarity on Crypto and Government Spending
Although the platform emphasizes cost-cutting initiatives, it falls short of discussing monetary debasement or advocating austerity measures to tackle the US government’s $35 trillion debt. Instead, the focus is on expanding social entitlement programs and safeguarding Social Security through increased government spending.
Industry Skepticism and Speculation
Industry executives and crypto investors remain skeptical about assurances from senior Democrats regarding a potential reversal of the Biden administration’s crypto policies under the Harris campaign. Fred Thiel, CEO of MARA, expressed doubts about any mention of Bitcoin in the Harris platform and hinted at exploring opportunities beyond the US post-2024 elections.
Crypto Advocacy in Political Circles
At a recent event called “Crypto4Harris,” Senate Majority Leader Chuck Schumer pledged pro-crypto policies under a Harris presidency, highlighting the strategic importance of embracing digital assets. Schumer warned that failing to innovate in this area could lead to other countries taking the lead in digital asset adoption.
Anticipation and Speculation about Future Platforms
The Democratic Party is set to finalize its 2024 platform on Aug. 19, with expectations of it being approved as is. However, some, like former Republican candidate Vivek Ramaswamy, predict a potential shift in stance on digital assets by Harris and the Democratic Party, possibly driven by electoral considerations.
Opportunities and Challenges Ahead
As the political landscape evolves, the crypto community awaits further developments and potential shifts in policy direction. With uncertainties surrounding the intersection of politics and digital assets, the 2024 election outcomes could shape the future of cryptocurrency regulation and innovation.
