With the US elections looming, Democrats are feeling the heat from Republicans who are increasingly embracing cryptocurrency. To counter this, a group of Democratic lawmakers and candidates are pushing the Democratic National Committee (DNC) to change its stance on crypto.
Democrats See Crypto as a Growing Force
In a letter to DNC Chairman Jamie Harrison, 14 lawmakers and 3 candidates argued that the Democratic Party is seen as “anti-crypto” due to the Securities and Exchange Commission’s (SEC) tough approach under President Biden. They point out that the US is home to 52 million crypto users and that 19% of voters are crypto investors, including a significant number of Democrats.
They also highlight the growing popularity of crypto among key Democratic demographics like Black and Latino Americans, Gen-Z, and immigrants.
A Call for a More Inclusive Approach
The Democrats believe that the party should embrace the potential of crypto and blockchain technology. They see it as a way to promote American innovation, economic development, and a more inclusive financial system.
They argue that crypto policy is a major issue for voters, especially in swing states, and that the party needs to present a clear and positive stance.
A New Path Forward
The letter calls for several changes, including:
- Promoting the benefits of crypto: The party should highlight the positive aspects of digital assets on its official platforms.
- Choosing a pro-crypto vice president: The Democrats should select a running mate who has experience in developing progressive policies that support innovation.
- Appointing a more open-minded SEC chair: This would help ensure financial inclusion while protecting consumers.
- Engaging with crypto experts: The DNC should start discussions with experts to develop appropriate regulations.
The Democrats believe that these changes will help them appeal to a wider range of voters and position the party as a leader in the global digital economy.
