KEY POINTS
- Some Democratic representatives are already recognizing the impact of crypto on politics
- Bailey said Harris should block the sales of government-held $BTC, fire Gensler, and free Ulbricht
- Trump was a headliner at Bitcoin 2024 last week and promised to commute Ulbricht's sentence to 'time served'
Bitcoin has gone from being the world's first decentralized cryptocurrency to a force in the evolving financial realm. In recent months, it has become big enough to become a political topic that the Bitcoin community hopes could become worthy of discussion within the Democratic Party.
Dem reps acknowledge the public perception
Earlier this week, 14 Democratic House members and three candidates seeking a Congressional seat urged the Democratic National Committee (DNC) to take a "forward-looking" approach toward digital assets.
They said the public deems Democrats as having a negative viewpoint of crypto, and such a perception should be changed. They urged whoever will be officially nominated as the party's presidential candidate in November to lead the transition that will change the public's perception.
Vice President Kamala Harris is looking more and more likely to become the official Democratic nominee after she clinched enough delegates for nomination and secured significant funding for her campaign. She has also received outgoing President Joe Biden's endorsement.
Bailey speaks up
David Bailey, the CEO of Bitcoin Inc., which promotes blockchain commodity systems adoption and broader $BTC adoption, spoke to Bloomberg Crypto about the cryptocurrency industry's impact on politics.
He was asked whether he thinks Republican presidential candidate Donald Trump will follow through with his promises for Bitcoin and the wider crypto community after getting elected, considering some of his promises were broken after winning the 2016 elections.
He noted how Trump has family who has become involved in $BTC, and everyone who first hears about the digital currency will be skeptical but will come through over time.
When asked what the Bitcoin community needs "to hear from the Harris campaign to call her pro-crypto," Bailey said the issue beyond having to hear anything from the likely Democratic presidential candidate.
JUST IN: 🇺🇸 BTC Inc. CEO David Bailey tells Bloomberg that Kamala Harris needs to not sell America’s #Bitcoin, fire Gary Gensler, and free Ross Ulbricht today 👀 pic.twitter.com/ADXzzxd9IZ
— Bitcoin Magazine (@BitcoinMagazine) July 30, 2024
He pointed out how Harris is currently in power and if she really wants to "reset the relationship" with the crypto industry, she should lead the way in blocking the U.S. government from selling any of the seized Bitcoins the government currently holds.
He added that Harris should "fire Gary Gensler today, and she needs to free Ross Ulbricht from prison today." After she "acts on those three things," the Bitcoin and crypto community may finally have a start toward "productive dialogue," he said.
Gensler's relationship with crypto
Bailey's comments came as the crypto community continues to frown at Gensler, the U.S. Securities and Exchange Commission (SEC) Chair. Under his leadership, the SEC has implemented a crackdown on crypto firms in the past few years, which many key industry figures and players said was an unlawful process that exhibited "regulatory overreach."
Freeing Ross Ulbricht
Ulbricht founded the darknet marketplace Silk Road, which was used to buy and sell illegal drugs and illicit goods and services online. Bitcoin was a method of payment on the said online marketplace.
He was arrested in 2013 and has been serving two life sentences without the possibility of parole. He can only be granted a pardon by the U.S. president. Many in the crypto industry believe Ulbricht should be pardoned, arguing that he only created the platform and was not involved in the illicit activities perpetrated by the marketplace's users.
Trump vows to free Ulbricht
During a speech in front of Libertarians in May, Trump promised to commute Ulbricht's sentence. "He's already served 11 years. We're going to get him home," the GOP frontrunner said.
He repeated the same promise during Bitcoin 2024 last week, the largest crypto event in the U.S. this year. He said Ulbricht's sentence will be commuted to "time served."
The best 2 minutes of Trump’s speech:
— Root 🥕 (@therationalroot) July 27, 2024
-Promise the US government will HODL their current possession of 200k #BTC as part of a Strategic Bitcoin Reserve
-Promised to commute Ross Ulbricht’s sentence pic.twitter.com/0OqiZcxLek
Harris can, if she will
Bailey isn't the first crypto figure to call on Harris to lead the Democratic Party into embracing crypto. The Blockchain Association wrote to Harris last week, urging her to grab her "unique chance" of changing the people's perception of how Democrats approach digital assets.
They said she should promote the inclusion of pro-crypto language in the Democratic Party's platform, pick a running mate who is well-versed in crypto policy, and genuinely engage with key players.
