Democratic members of the US House of Representatives and candidates advocate for a progressive stance on digital assets, highlighting Kamala Harris’s potential to reshape the party’s approach to cryptocurrencies.
Points
- Democratic lawmakers urge the DNC to support cryptocurrencies following Kamala Harris’s presidential nomination.
- The letter criticizes the current negative perception of the party towards digital assets.
- Cryptocurrencies are seen as tools for democratizing finance and fostering innovation.
- Specific actions are suggested to align the party with pro-crypto policies.
- Harris’s campaign could position the Democratic Party as a leader in the global digital economy.
Democratic members of the US House of Representatives and candidates running in 2024 have signed a letter calling for the party to change its “hostility” toward the digital asset industry following Vice President Kamala Harris becoming the prospective presidential nominee.
The letter, addressed to the Democratic National Committee （DNC）, states that there is a public perception that the party holds a negative viewpoint on digital assets, largely due to the current SEC’s approach to these transformative technologies. The lawmakers argue that this perception does not reflect the party’s progressive, forward-looking, and inclusive values. They emphasize that a renewed leadership under Harris presents an opportunity to change this perception.
The lawmakers highlight survey data indicating that over 52 million Americans have adopted cryptocurrencies, viewing them as tools for democratizing finance and fostering innovation. Cryptocurrencies have higher adoption rates among Gen Z, Black, Latin Americans, and immigrant communities, which are important voter bases for the Democratic Party.
The letter criticizes the current financial system for favoring elites over ordinary people. According to recent surveys, 4 out of 5 voters agree with the statement, “The current financial system favors elites over ordinary people.” The authors argue that cryptocurrencies and blockchain technology can enhance transparency, reduce fraud, and create a more inclusive financial system.
The Congress members call for specific actions to be taken by the administration, including adding pro-crypto language to the party platform, selecting a Vice Presidential candidate knowledgeable in crypto asset policy, appointing a pro-innovation SEC Chair, and engaging with industry experts.
Explanation
- Democratic lawmakers are advocating for a pro-crypto stance within the DNC following Kamala Harris’s presidential nomination.
- The letter criticizes the current negative perception of the party towards digital assets and highlights the potential for change under Harris’s leadership.
- Cryptocurrencies are viewed as tools for democratizing finance and fostering innovation, with high adoption rates among key voter demographics.
- Specific actions are suggested to align the Democratic Party with pro-crypto policies and enhance its leadership in the global digital economy.
- Harris’s campaign could position the Democratic Party as a forward-looking and inclusive political force, addressing criticisms of the current financial system.
