While cryptocurrency has been a major focus in the presidential race, the Democratic Party’s latest platform, released ahead of the Democratic National Convention, notably lacks any mention of Bitcoin or digital assets, disappointing many in the industry.
Despite high expectations for a potential shift in the party’s stance under Vice President Kamala Harris, the document reveals no significant change. Speculation had suggested that Harris might lead a “crypto reset”, potentially reshaping regulations following a crackdown under the current Biden administration.
The crypto industry, led by Gary Gensler at the SEC, has faced numerous legal and regulatory challenges, including the controversial “Operation Choke Point 2.0,” which aimed to cut off the industry’s access to the US banking system. Amid these challenges, hopes were high that Harris would advocate for a more favorable approach, but the absence of crypto-related content in the party’s platform seems to dampen these expectations.
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Democratic Representative Ro Khanna had previously expressed hope for changes in the platform, proposing measures such as positioning the US as a crypto hub, ensuring fair banking practices, allowing banks to hold digital assets, clarifying regulatory boundaries between the SEC and CFTC, and considering Bitcoin as a reserve asset. Unfortunately, these proposals did not make it into the official document.
Adding to the concerns, it has been revealed that Harris is consulting advisers who are known for their anti-crypto views, including Brian Deese and Bharat Ramamurti, who played significant roles in crafting the Biden administration’s strict crypto regulations.
In an effort to engage with the crypto community, Democrats hosted the “Crypto4Harris” town hall, advocating for “sensible” regulations. However, key issues like Operation Choke Point 2.0 and self-custody rights were not addressed, leaving some attendees skeptical of the party’s true intentions.
In contrast, the Republican Party, led by former President Donald Trump, has openly supported Bitcoin and digital asset innovation while opposing the development of a Central Bank Digital Currency (CBDC).
Despite these developments, prediction markets like Polymarket show little change in the odds of a Harris versus Trump matchup, with Harris still holding a 51% chance compared to Trump’s 47%. At the time of writing, Bitcoin briefly rose to $59,000 but struggled to hold above the $60,000 mark for the past week.
Cre: bitcoinist
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