Bitcoin was not a major topic at the Democratic National Convention (DNC) this week. None of the speakers at the event mentioned the electronic cash system or other cryptocurrencies from the main stage at Chicago’s United Center. Conversations about Bitcoin or crypto were also scarce in the halls of the arena.
Despite the omission of Bitcoin and crypto from the official platform of the Democrats, some prominent Democrats indicated that a Harris administration would be more supportive of Bitcoin and crypto compared to the Biden administration, without providing specific details. At satellite events for the conference, some Democrats passionately advocated for why their party should embrace Bitcoin and crypto.
Congressman Wiley Nickel (D-NC), a supporter of Bitcoin and crypto, discussed the notion that a Harris administration would have a different approach to the crypto industry than the Biden administration.
Vice President Harris plans to introduce policies to support the crypto industry if elected, according to her senior campaign advisor for policy. While specifics were not provided, Harris aims to cut bureaucracy, reduce regulatory red tape, and encourage innovation in technologies.
At a Crypto4Harris town hall event, there was a sense of momentum among Democrats regarding Bitcoin and crypto. Additionally, Rep. Nickel dismissed rumors about anti-crypto officials potentially joining Harris’ campaign and emphasized the positive momentum within the party on the issue.
Pro-Bitcoin/Pro-Crypto Democrats Speak At Satellite Events
During a panel at a University of Chicago facility, Cleve Mesidor, Executive Director of the Blockchain Foundation, highlighted the importance of crypto, contrasting with the views of anti-crypto Democrats like Sen. Elizabeth Warren and Rep. Brad Sherman.
Mesidor expressed concerns about the financial inclusion aspect of crypto and criticized the focus of some Democrats on regulating big money without considering the impact on communities of color, who are significant adopters of cryptocurrency.
New York Assemblyman Clyde Vanel shared his positive experiences with crypto and blockchain technology, emphasizing the financial benefits and alternative financial options they provide to underserved communities.
Rep. Nickel and other speakers at events like CryptoDNC advocated for embracing crypto technology, drawing parallels to the early days of the internet and the need for Democrats to adapt to technological advancements.
Are The Democrats Serious?
The shift in the Democrats’ stance on Bitcoin and crypto raises questions about their sincerity and intentions. The Biden administration’s regulatory approach to the crypto industry under SEC Chair Gary Gensler has left many skeptical about the Democrats’ sudden interest in supporting crypto.
While Rep. Wiley Nickel and other pro-crypto Democrats are pushing for a reset in the party’s approach to crypto, the willingness of a potential Harris administration to listen remains uncertain. The voices of Assemblyman Vanel and Ms. Meridor advocating for crypto may influence the direction of the party moving forward.
Only time will tell if the Democrats’ newfound support for crypto is genuine or simply a tactic to appeal to certain voter groups.
