Republican party vows to end ‘crypto crackdown’

GOP organization Republican National Committee has unveiled a new platform that strongly supports crypto innovation, as revealed in a document released on Monday.

The document in question outlines the party’s priorities heading into the November election, with presumptive presidential nominee Donald Trump and Republican congressional candidates at the forefront. The document reads:

Republicans will end Democrats’ unlawful and unAmerican Crypto crackdown and oppose the creation of a Central Bank Digital Currency. […] We will defend the right to mine Bitcoin (BTC), and ensure every American has the right to self-custody of their Digital Assets, and transact free from Government Surveillance and Control.

This stance reflects a growing interest in digital assets among Trump and other GOP politicians. Notably, Trump has shifted from his earlier skepticism of cryptocurrency to becoming a strong advocate.

GOP’s crypto endeavors

The presidential candidate has personal experience with digital assets, having launched his own branded non-fungible tokens (NFTs). Furthermore, Trump’s campaign and an affiliated political action committee now accept crypto donations.

While the committee’s top 20 policy “promises” don’t explicitly mention crypto, digital assets are addressed in the economy section under innovation initiatives. A key talking point for Trump and other Republican candidates in the 2024 campaign has been opposition to central bank digital currencies (CBDCs).

Republicans have criticized Democrats for allegedly pushing CBDCs that could enable greater financial surveillance of U.S. citizens. However, Federal Reserve Chair Jerome Powell and other officials maintain that a potential digital dollar would be managed by the banking system, not the government.

They also assert that such a currency would only be adopted with approval from Congress and the White House. This platform emerges as other jurisdictions, including China and Europe, are actively pursuing government-backed digital tokens, while the U.S. remains in the research phase regarding CBDCs.

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