Democratic Party Backs Away From Bitcoin in Election Platform
In a move that could disappoint Democrats who understand and hold Bitcoin, the Democratic Party released their election platform document at their national convention on August 19th, 2024, with no mention of Bitcoin.
This contrasts with the Republican election platform, released on July 9th, 2024, which, although general in nature and focused on Trump, still included key mentions of Bitcoin, including commitments to protect the right to mine and to self-custody Bitcoin.
Despite independent candidate Robert F. Kennedy Jr.'s efforts to be considered a mainstream candidate, the election campaign is shaping up to be a two-party race between Democrats and Republicans, with the race closely tied in most polls.
Democrats Continue To Push Back Against the Bitcoin Community
Bitcoin Magazine CEO David Bailey expressed his disappointment with the Democrats' election platform:
"Every day Kamala Harris ignores the public inquiry and her donors regarding her crypto policy ‘reset,’ she's delivering the loudest message possible, short of putting it in a press release: she plans to f*ck us."
In contrast, "4 out of the 5 people overseeing Trump’s transition team own Bitcoin," he notes on X.
Adding to the concerns, Caitlin Long and others have expressed their worries on X, posting:
“It’s still silly season, folks…but merely putting out a trial balloon about this is not good news for law-abiding crypto companies…Kamala Harris is likely to nominate Gary Gensler as Treasury Secretary if elected.”
Echoing these concerns, Wayne Vaughn, CEO of Tierion, posted:
Based on the evidence, it’s hard to see why anyone in crypto would support the Democrats.
— Wayne Vaughan (@WayneVaughan) August 19, 2024
In an interview with Peter McCormack, Dylan LeClair referred to "the gross underbelly of politics" but acknowledged that the Bitcoin community has to work with all sides in promoting Bitcoin.
LeClair noted the irony that anti-Bitcoin enforcer Senator Elizabeth Warren, who built her reputation fighting Big Business with her "Occupy Wall Street" campaign, now finds herself on the opposing side, with Wall Street supporting Bitcoin.
As their DNC garners national attention, the Democrats risk being seen as out-of-touch, anti-Bitcoin Luddites in a world that is becoming increasingly aware of and engaged with the digital asset.