Democrats want national committee to support pro-crypto policies

Over a dozen Democrats in the House of Representatives, along with several congressional candidates, wrote a letter advising the Democratic National Committee (DNC) to support pro-crypto policies. 

Lawmakers like Josh Gottheimer (D-N.J.), Ro Khanna (D-Calif.), Wiley Nickel (D-N.C.), and Ritchie Torres (D-N.Y.) led the charge. The letter straight up asks the DNC to add pro-crypto language to their official platform. 

They also want a vice-presidential candidate who is crypto-friendly and suggest replacing SEC Chair Gary Gensler with someone more supportive of crypto. The lawmakers and candidates revealed this plan at the Bitcoin 2024 event in Nashville, Tennessee.

Democrats call for a change in leadership

The current leadership, especially under Gary Gensler at the SEC, has given the party a bad rap when it comes to crypto. The letter said 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 signatories believe this negative view doesn’t fit with the party’s progressive and inclusive values. They think crypto should be seen as a non-partisan issue. In their words:

“We believe this technology is non-partisan, and the Democratic Party should also champion these innovations to help reaffirm the U.S.’s position as the leader in the global digital economy.”

The call for a change is likely in response to the Republican National Committee’s recent moves. 

The Republicans have already added pro-crypto language to their platform, defending the right to mine Bitcoin and opposing the creation of a U.S. central bank digital currency. The Democratic lawmakers don’t want their party to lag behind.

Meanwhile, Kamala Harris’s team is also making moves. Her advisers have started talking to major crypto companies like Coinbase, Circle, and Ripple. 

This outreach is seen as an attempt to ‘reset’ relations between the Democratic Party and the crypto industry, which has and continues to show strong support for Donald Trump.

Crypto community’s bets on who will win the presidential elections. Source: Polymarket

The crypto industry has managed to become a key player this election cycle. The pro-crypto Super PAC, Fairshake, has raised over $200 million from major backers like Coinbase and Andreessen Horowitz.