KEY POINTS
- The Party said it will end Democrats' "un-American crypto crackdown"
- Republicans explicitly expressed opposition to the issuance of a US CBDC
- The platform vowed to "defend the right to mine Bitcoin"
- The GOP platform also stated the Party will protect Americans' right to crypto self-custody
The Republican Party has released its 2024 Platform, and somewhere among the national matters it wants to champion this year, is a specific note toward the emerging, albeit currently struggling, Bitcoin mining sector, and three others crucial aspects of the broader crypto industry.
GOP seeks end to crypto crackdown
First among three innovation matters that Republicans want to change is the government's approach toward the burgeoning cryptocurrency sector. "Republicans will end Democrats' unlawful and un-American crypto crackdown," the Party wrote in its 2024 platform released Monday night.
GOP presidential frontrunner Donald Trump, in recent months, has repeatedly slammed what he said was the Democratic Party's "hostile" approach toward the crypto industry. He promised nonfungible token (NFT) owners in May that he will stop the regulatory hostility toward cryptocurrencies.
Opposing a CBDC
The Republican Party also said it will "oppose the creation of a Central Bank Digital Currency (CBDC)," a divisive topic among lawmakers that a growing number of Republicans have previously expressed opposition to.
Late in May, House lawmakers narrowly passed a resolution to block the Federal Reserve from issuing a CBDC. The bill states that a CBDC – minus explicit authorization from Congress – would threaten the American public's right to financial privacy.
On Bitcoin mining
"We will defend the right to mine Bitcoin," the GOP's 2024 platform stated. The matter has not been of major priority among lawmakers in the past years, but it appears Republicans are recognizing the impact of the mining sector in the overall crypto space.
Bitcoin miners have been struggling since the halving in April, with some still "writhing in pain" over slumping $BTC prices, increased competition due to the halving, and rising production costs. With increasing attention on the sector, changes may come to relieve some of the burden weighing on miners fighting to stay afloat.
Trump has also declared that he wants all the remaining unmined Bitcoins to be produced by American miners, saying it is a means toward turning the United States into an "energy dominant" nation.
Crypto self-custody
The Party seeks to "ensure every American has the right to self-custody of their digital assets, and transact free from Government Surveillance and Control."
This specific aspect of the platform has been mentioned by Trump in a Libertarian National Convention event late in May. He said he will support the "right to self-custody" and will keep Sen. Elizabeth Warren, D-Mass. "and her goons" off of the American crypto-holding public's Bitcoin.
The state of crypto in Republicans' view
Trump's campaign has posted the platform on the campaign website, saying the platform is dedicated "to the forgotten men and women of America."
The former U.S. president also took to his social media platform to announce that the platform is "a forward-looking agenda with strong promises that we will accomplish very quickly when we win the White House and Republican Majorities in the House and Senate."
While Trump did not mention cryptocurrency during the first presidential debate with Democratic President Joe Biden, the platform's specific mention of the industry – and on top of the GOP's innovation goals – has been taken positively by the crypto space.
History has been made: crypto is in the official GOP platform:
— Katie Biber (@katiebiber) July 8, 2024
Republicans will end Democrats’ unlawful and unAmerican Crypto crackdown and oppose the creation of a Central Bank Digital Currency. We will defend the right to mine Bitcoin, and ensure every American has the right…
Crypto in pole position for innovation on official 2024 GOP platform 🇺🇸 pic.twitter.com/Cz6aIFIzTC
— Craig Burel (@CraigBurel) July 8, 2024
