Several Democrats are calling for their party to adopt a more crypto-friendly platform, following the lead of their Republican counterparts. In a letter sent to the Democratic National Committee, more than a dozen lawmakers and candidates for congressional seats are urging the party to embrace digital assets and innovation.
Lawmakers such as Rep. Josh Gottheimer, Ro Khanna, Wiley Nickel, Ritchie Torres, and others are pushing for a new approach to digital assets within the Democratic Party. They are advocating for the inclusion of supportive language in the official party platform, the selection of a vice-presidential candidate who supports crypto, and the replacement of Securities and Exchange Commission Chair Gary Gensler with a pro-crypto agency chief.
The letter emphasizes the importance of championing innovation and technology in a bipartisan manner, highlighting the need for the Democratic Party to reaffirm the U.S.’s position as a leader in the global digital economy. The move comes after the Republican Party made a crypto-friendly addition to its own platform, prompting Democrats to follow suit.
One of the key points of contention for the Democrats is the leadership of the SEC under Gensler. They are calling for a regulatory approach to digital assets that fosters innovation, promotes competitiveness, ensures financial inclusion, and protects consumers. The letter underscores the significance of embracing new technologies and financial services in the rapidly changing landscape of the digital economy.
Colin McLaren, the engagement director for the Cedar Innovation Foundation, a crypto industry advocacy group, expressed support for the Democratic leaders and candidates who are pushing for a more innovative approach within the party. He commended their efforts to champion the next generation of financial services and promote innovation in the sector.
The push for a crypto-friendly platform within the Democratic Party reflects a broader trend of increasing acceptance and adoption of digital assets across the political spectrum. As the digital economy continues to grow and evolve, policymakers are recognizing the importance of embracing new technologies and fostering innovation to remain competitive on a global scale.
The efforts of these Democratic leaders and candidates to advocate for a pro-crypto stance within their party signal a shift towards a more progressive and forward-thinking approach to digital assets. By calling for the adoption of supportive language in the party platform and the replacement of SEC leadership with a pro-innovation agency chief, they are paving the way for a more inclusive and competitive digital economy in the United States.