As a seasoned researcher with a keen interest in both politics and finance, I find myself increasingly intrigued by the dance between these two worlds, particularly when it comes to cryptocurrencies. The 2024 Democratic Party Platform’s omission of any mention of digital assets is a puzzle that has me scratching my head. It’s like attending a formal ball where no one mentions the elephant in the room – or should I say, the blockchain?
Although the Harris-Walz 2024 presidential campaign and top Democratic leaders had repeatedly promised a change in stance towards cryptocurrencies, contradicting the Biden administration’s skepticism, it appears that the 2024 Democratic Party Platform, released on August 19, did not include any mention or policy regarding cryptocurrencies or digital assets. The document spans a variety of topics, such as corporate behavior, housing, education, U.S. foreign relations, and global power structures.
As per a report by Vince Quill for Cointelegraph, the platform emphasized cost-reduction strategies but failed to address the root cause of escalating costs due to monetary devaluation or suggest fiscal restraint to tackle the ballooning $35 trillion U.S. government debt. Instead, the platform often endorsed higher government expenditure by promoting extended welfare programs and safeguarding Social Security, even though its solvency was questionable, as acknowledged by the House Budget Committee in May 2024.
📢BREAKING: On the first day of the Democratic National Convention, the Democrats have unveiled their official party platform.
There’s no focus on blockchain technology, Bitcoin, digital currencies, or any other crypto-related topics at this time. @WileyNickel, care to share your thoughts?
— Eleanor Terrett (@EleanorTerrett) August 19, 2024
At a town hall gathering on August 14th, organized by a grassroots group advocating for a pro-cryptocurrency stance within Harris’s presidential campaign, Senator Chuck Schumer (Democrat), the head of the United States Senate, declared his intention to drive forward bipartisan legislation favorable to cryptocurrencies before the year ends. This commitment is contingent on Kamala Harris winning the presidency, as reported by Tom Mitchelhill for Cointelegraph. The purpose of this meeting was to foster a more welcoming attitude towards digital assets within the political sphere.
At the gathering, Schumer underscored the increasing significance of cryptocurrency within the global financial landscape, expressing concern that the U.S. could be left behind technologically if it doesn’t actively participate in the industry’s development. He advocated for a regulatory setup that encourages innovation while safeguarding users, as opposed to allowing the crypto sector to move to less regulated nations. Moreover, Schumer underscored the importance of bipartisan cooperation within the Senate to pass laws that would preserve America’s lead in technological advancement. This collaborative effort, he suggested, is crucial not only for fostering innovation but also for protecting national security and consumers from potential misuses in the cryptocurrency sector.
Schumer’s remarks arise at a time when there’s ambiguity regarding Vice President Harris’s views on cryptocurrencies, since she hasn’t clearly expressed her opinion yet. This has sparked speculation that she may maintain the Biden administration’s cautious position towards digital currencies. The Crypto4Harris group is actively trying to sway her campaign to adopt a more positive standpoint regarding cryptocurrencies.
At the event, other political figures participated, such as Democrat Congressman Wiley Nickel, who expressed his backing of the cryptocurrency sector. Additionally, Senator Debbie Stabenow, Chair of the Senate Agriculture Committee, was present. She emphasized the importance of establishing a regulatory system that safeguards consumers while fostering innovation. Furthermore, she advocated for treating crypto assets as commodities under the Commodity Trading Futures Commission (CTFC).
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2024-08-19 21:26