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Democratic Cryptocurrency Supporters Call for Cryptocurrency-Friendly Party Platform
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Several Democrats want their party to match the pro-crypto stance already taken by their Republican rivals by adding new language to the party platform.
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The letter calls for Securities and Exchange Commission Chairman Gary Gensler to be replaced with a “pro-innovation” agency director.
More than a dozen Democrats in the U.S. House of Representatives and a long list of candidates for congressional seats are pushing their national committees to take a pro-crypto stance, according to a letter they sent Saturday.
Lawmakers including Rep. Josh Gottheimer (D-N.J.), Ro Khanna (D-Calif.), Wiley Nickel (D-N.C.), Ritchie Torres (D-N.Y.) and others signed the letter to the Democratic National Committee calling for a “forward-looking approach” to digital assets, asking their party to add supportive language to the official platform, choose a vice presidential nominee who favors crypto and replace Securities and Exchange Commission Chairman Gary Gensler with an agency head who supports crypto.
“We believe this technology is nonpartisan and that the Democratic Party should also champion these innovations to help reaffirm the United States’ position as a leader in the global digital economy,” according to the letter from 14 sitting lawmakers and 14 other candidates for congressional office, which the lawmakers also announced at the Bitcoin 2024 event in Nashville, Tennessee.
The Republican Party had already adopted a pro-cryptocurrency addition to its own official platform.
Learn more: Trump Speaks at Bitcoin Conference Saturday. Here’s What Attendees Like, ‘Crypto Patriot’ Hopes
Democrats are specifically targeting the SEC’s Gensler, asking party leaders to formally advocate for a “pro-innovation” SEC chair “who takes a regulatory approach to digital assets that fosters innovation, ensures America’s global competitiveness, promotes financial inclusion, and protects consumers.”
“As the Democratic Party enters a historic moment of generational change, we are very proud to see these Democratic leaders and future leaders unite in their support for innovation and the next generation of financial services,” Colin McLaren, director of engagement at the Cedar Innovation Foundation, a crypto industry advocacy group, said in a statement.
UPDATE (July 27, 2024, 3:07 p.m. UTC): Add a quote from the letter.
UPDATE (July 27, 2024, 3:20 p.m. UTC): Adds a comment from the Cedar Innovation Foundation.