The cryptocurrency ecosystem continues to gain traction in U.S. politics, highlighted by the Republican National Committee’s (RNC) Platform Committee approving a draft of Donald Trump’s 2024 Republican Party Platform, which notably supports cryptocurrency innovation.
According to a recent report by Jordan Finneseth for Kitco News, the platform, outlining the party’s priorities ahead of the November election, signifies a burgeoning commitment to the digital asset sector—a trend accelerating since 2023. According to the 2024 GOP Platform Make America Great Again document, Trump and his fellow Republicans aim to halt what they describe as the Democrats’ “unlawful” targeting of the crypto sector.
The document states that Republicans will terminate the Democrats’ perceived crackdown on cryptocurrency and oppose the establishment of a Central Bank Digital Currency (CBDC); the platform emphasizes defending the right to mine Bitcoin and ensuring Americans’ rights to self-custody of digital assets, allowing transactions free from government surveillance and control:
“Republicans will end Democrats’ unlawful and unAmerican Crypto crackdown and oppose the creation of a Central Bank Digital Currency. We will defend the right to mine Bitcoin, and ensure every American has the right to self-custody of their Digital Assets, and transact free from Government Surveillance and Control.“
CBDCs have become a contentious topic, with Republicans accusing Democrats of advocating for digital fiat to enhance financial surveillance of U.S. citizens. The explicit mention of the cryptocurrency industry in the platform marks a significant shift in political discourse, underscoring the growing significance of digital assets in mainstream policymaking.
A recent Harris Poll revealed that 77% of respondents believe a U.S. presidential candidate should possess an “informed perspective” on cryptocurrency. Additionally, 33% of U.S. voters now consider a candidate’s stance on crypto when evaluating their political options. As the election nears, the RNC’s pro-crypto stance could influence voter sentiment and shape the future regulatory environment for cryptocurrencies, mirroring broader debates about innovation, privacy, and financial freedom in the digital age.
The Kitco report also mentions that the U.S. Senate Committee on Armed Services has instructed Secretary of Defense Retired General Lloyd Austin to explore blockchain technology applications for supply chain management and other national security uses within the U.S. Department of Defense (DOD).
The National Defense Authorization Act (NDAA) for the fiscal year 2025 report, released on 9 July, includes multiple authorizations for Army, Navy, Air Force, and Defense-wide programs. The committee acknowledges the potential of blockchain technology for broader national security purposes, emphasizing that as other nations invest in blockchain research and development, it is crucial for the U.S. to maintain global leadership in this critical technology.
The committee notes that data-driven security, transparency, accountability, and auditability of supply chains are vital to U.S. national defense and economic competitiveness. It also believes that blockchain technology could enhance the cryptographic integrity of the defense supply chain, improve data integrity, and reduce the risk of data manipulation or corruption by near-peer competitors.
The DOD has been directed to provide a briefing to the Senate Armed Services Committee by 1 April 2025, detailing the potential applications of blockchain technology for supply chain management and other national security purposes. The briefing should cover key areas, including the benefits and risks of implementing blockchain in supply chain tracking and management, the current state of blockchain adoption within the DOD and defence industrial base, and the resources required for such activities.
Furthermore, the committee recommends pilot programs or research and development efforts to explore blockchain use in national security applications, including supply chain management, cybersecurity for critical infrastructure, and procurement auditability. An analysis of blockchain adoption in the supply chain industry and foreign countries like China and Russia is also requested, along with feasibility and cost estimates.
To solidify the integration of blockchain technology into law, the committee has also called for recommendations for legislative or regulatory actions to support supply chain transparency and auditability through blockchain technology.
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