While crypto has been at the eye of the storm in the race for the White House, a notable absence in the recent unveiling of the Democratic Party’s latest platform ahead of the Democratic National Convention has discouraged the industry.
The document, unveiled amidst heightened anticipation, notably overlooks any mention of Bitcoin or digital assets, signaling a void in official discourse that many had hoped would be addressed.
VP Kamala Harris’ ‘Crypto Reset’ Blows Up
As reported by Bitcoinist, speculation had been rife regarding a potential shift in the Democratic Party’s stance towards the crypto industry, particularly under the potential influence of Presidential candidate Kamala Harris.
There was a collective expectation, even among Democratic senators, for a “crypto reset,” a move that could potentially change the regulation landscape, especially in light of the crackdown on the industry during the current Biden administration.
Under the leadership of Gary Gensler at the Securities and Exchange Commission (SEC), the industry has weathered a storm of lawsuits and regulatory challenges, including the controversial “Operation Choke Point 2.0,” an alleged initiative to sever ties between the industry and the US banking system.
In these troubling conditions, there has been hope that Harris might usher in a more positive approach. However, the silence in the party’s platform seems to contradict these optimistic prospects.
Harris Leans On Anti-Bitcoin Advisors
Democratic Representative Ro Khanna from California had expressed optimism about the party’s possible pivot on crypto matters. On an episode of Unchained’s podcast, he outlined five pivotal points he envisioned for inclusion in the Democratic Party’s platform.
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.
Adding to the unease within the crypto community, recent revelations indicated that Vice President Harris is consulting advisers who are perceived as anti-crypto to shape her economic strategy.
Figures such as Brian Deese and Bharat Ramamurti, instrumental in formulating the Biden administration’s stringent crypto regulations, have been identified as key influencers.
Crypto Divide Deepens
In a bid to engage with the community, Democrats orchestrated the “Crypto4Harris” town hall, advocating for what they termed as “sensible” crypto regulations. Despite this, critical issues like Operation Choke Point 2.0 and the right to self-custody were absent from the dialogue, leaving attendees disillusioned about the party’s true agenda.
Meanwhile, the Republican Party, led by former President Donald Trump, has taken a starkly divergent approach by openly endorsing Bitcoin and digital asset innovation and opposing the development of a Central Bank Digital Currency (CBDC).
However, the odds of a prediction market Polymarket regarding a potential Harris versus Trump victory remained unaltered after the revelation of the Democratic platform, with Harris retaining a 51% chance against Trump’s 47%.
At the time of writing, Bitcoin briefly recovered the $59,000, as the token failed to consolidate above the $60,000 milestone for the past week.
Featured image from DALL-E, chart from TradingView.com