Despite weeks of assurances from the Harris-Walz 2024 presidential campaign and senior Democratic officials that a crypto ‘reset’ would shift away from the Biden administration’s anti-crypto stance, the 2024 Democratic Party Platform did not address cryptocurrencies or digital asset policy. The 91-page document, released on August 19, covers a wide range of topics, including “corporate greed,” housing, education, U.S. foreign policy, and global power dynamics.
According to a report by Vince Quill for Cointelegraph, a focus on cost-cutting appeared throughout the platform, yet it did not offer solutions to the fundamental issue of rising costs driven by monetary debasement or propose austerity measures to manage the U.S. government’s soaring $35 trillion debt. Instead, the platform frequently advocated for increased government spending through expanded social entitlement programs and preserving Social Security, despite its projected insolvency, as noted by the House Budget Committee in May 2024.
At a Crypto4Harris Town Hall meeting on August 14, Democratic Senator Chuck Schumer, the Majority Leader of the United States Senate, pledged his commitment to advancing bipartisan pro-crypto legislation by the year’s end, contingent on Kamala Harris securing the presidency, as reported by Tom Mitchelhill for Cointelegraph. The meeting, organized by a grassroots group pushing for a pro-crypto shift in Harris’s campaign policies, aimed to promote a more supportive stance on digital assets.
During the event, Schumer emphasized the growing importance of cryptocurrency in the global financial system, warning that the U.S. risks falling behind in innovation if it doesn’t actively engage with the industry. He argued that the U.S. must create a regulatory environment that fosters innovation while ensuring user protection, rather than allowing the crypto industry to relocate to countries with fewer regulations. Schumer also highlighted the need for bipartisan collaboration in the Senate to pass legislation that would help the U.S. maintain its leadership in technological innovation, framing this effort as essential not only for promoting innovation but also for safeguarding national security and consumers from potential abuses in the crypto space.
Schumer’s comments come amid uncertainty about Vice President Harris’s position on cryptocurrency, as she has yet to clarify her stance, leading to speculation that she might continue the Biden administration’s cautious approach. The Crypto4Harris group is working to influence her campaign to adopt a more favorable view of cryptocurrency.
Other political figures also took part in the event, including Democrat Congressman Wiley Nickel, who voiced his support for the crypto industry, and Senator Debbie Stabenow, Chair of the Senate Agriculture Committee. Stabenow stressed the need for a regulatory framework that protects consumers while encouraging innovation and advocated for regulating crypto assets as commodities under the Commodities Trading Futures Commission (CFTC).
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