Under the leadership of former US President Donald Trump, the Republican National Committee (RNC) unveiled a new policy platform. Central to the 2024 presidential election campaign, the Republican’s platform promises to end what it describes as the Democrats’ “unlawful and unAmerican crypto crackdown.”
The party’s press release said, “Today, the Republican National Committee (RNC) Platform Committee adopted President Donald J Trump’s 2024 Republican Party Platform with overwhelming support—a pro-American agenda that stands in stark contrast to the record of weakness, failure, and dishonesty created by Joe Biden.”
Trump evolved from being a skeptic to a vocal advocate for crypto. In line with Trump’s pro-crypto stance, the newly adopted platform outlines several key promises aimed at fostering innovation in the crypto space.
Donald Trump Unveils GOP Platform Including Crypto
"Will end Democrats' unlawful and unAmerican crypto crackdown…Will defend the right to mine #bitcoin and ensure every American has the right to self-custody." pic.twitter.com/NehobUn2FK
— matthew sigel, recovering CFA (@matthew_sigel) July 8, 2024
Trump’s Platform Supports Bitcoin Mining
Trump’s platform not only supports the right to mine Bitcoin, especially in current times when the practice is facing increased scrutiny, but also ensures that Americans can self-custody their digital assets and conduct transactions without government surveillance and control.
His personal engagement with digital assets has also been noteworthy. He has launched several sets of branded non-fungible tokens (NFTs) and announced that his campaign will accept cryptocurrency donations. This move aligns with his broader strategy to embrace digital innovation and appeal to the growing community of crypto enthusiasts
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Trump’s platform vows to halt the regulatory actions perceived as hostile to cryptocurrencies, which have been a hallmark of the current administration under President Biden.
Staunch Opposition To CBDCs
However, the platform firmly opposes CBDCs. Republicans argue that such digital currencies could lead to increased financial surveillance by the government.
This position contrasts sharply with the approaches taken by other jurisdictions, such as China and Europe, which are actively exploring or implementing CBDCs.
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The inclusion of pro-crypto language in the Republican platform has significant political and economic implications. Could a second Trump era boost the prices of assets like gold and crypto ?
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.