As a seasoned researcher with a keen interest in both politics and cryptocurrencies, I find myself at a crossroads as I observe the current state of affairs between these two spheres. The Democratic Party’s latest platform, devoid of any mention of Bitcoin or digital assets, has left me feeling somewhat like a lone miner in the middle of a crypto desert – a stark contrast to the once promising green pastures of hopeful regulation.
Despite crypto being a hot topic during the presidential race, it’s concerning to the industry that crypto was not mentioned in the recent update of the Democratic Party’s platform before the Democratic National Convention.
The revealed document, met with high expectations, does not include any reference to Bitcoin or digital currencies. This omission in the official discussion is something many had expected to be tackled.
VP Kamala Harris’ ‘Crypto Reset’ Blows Up
According to Bitcoinist, there have been many discussions about whether the Democratic Party might change its position on the cryptocurrency sector, potentially due to the possible impact of presidential candidate Kamala Harris.
Among both Democratic senators and the broader public, there was a growing sense of anticipation for a significant shift in the regulatory environment concerning cryptocurrencies, which might be instigated by a “crypto reset.” Such a change could substantially alter the landscape of regulation, particularly considering the recent crackdown on the industry under the current Biden administration.
With Gary Gensler heading the Securities and Exchange Commission (SEC), the sector has faced a series of legal disputes and regulatory hurdles, including the contentious “Operation Choke Point 2.0,” which is said to aim at disrupting relationships between the industry and the US banking network.
Under these challenging circumstances, it was hoped that Harris would bring about a more upbeat attitude. Yet, the lack of clear messaging in the party’s program appears to go against these encouraging expectations.
Harris Leans On Anti-Bitcoin Advisors
Democratic Representative Ro Khanna from California has shown enthusiasm about potential shifts in the party’s stance on cryptocurrency issues. During a recent episode of the Unchained podcast, he detailed five key aspects he believes should be incorporated into the Democratic Party’s platform regarding this topic.
These encompassed maintaining the US as a crypto industry hub, ensuring fair banking practices for crypto firms, permitting banks to hold digital assets, demarcating clear regulatory boundaries between the SEC and Commodities Futures Trading Commission (CFTC), and even contemplating Bitcoin as a reserve asset. Regrettably, none of these proposals found their way into the official platform.
Enhancing the apprehension among cryptocurrency enthusiasts, it has been disclosed that Vice President Harris is seeking advice from individuals viewed as adversaries of cryptocurrencies in order to formulate her economic policies.
Individuals like Brian Deese and Bharat Ramamurti, who played a significant role in shaping the Biden administration’s tough cryptocurrency regulations, are being recognized as influential figures.
Crypto Divide Deepens
To foster interaction with the public, Democrats organized a town hall event called “Crypto4Harris,” where they promoted what they referred to as reasonable cryptocurrency regulations. However, important topics such as Operation Choke Point 2.0 and personal control over digital assets were overlooked during the discussion, causing participants to question the party’s genuine intentions regarding these matters.
As a crypto investor, I’ve noticed an interesting contrast between my beliefs and the stance of the Republican Party, spearheaded by former President Donald Trump. Instead of treading the same path as other nations in creating a Central Bank Digital Currency (CBDC), they’re openly backing Bitcoin and championing digital asset innovation. It’s intriguing to see such a shift in perspective towards the crypto world.
Despite the disclosure of the Democratic platform, the likelihood in the prediction market Polymarket for a possible Harris vs. Trump matchup didn’t shift. Kamala Harris still held a 51% probability compared to Donald Trump’s 47%.
Currently, at this moment, Bitcoin momentarily surged to approximately $59,000. Over the last week, it has struggled to maintain a position above the $60,000 threshold, which it hasn’t been able to do so far.
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2024-08-20 09:12