US Senator Accuses Democrats Of Trying To ‘Destroy Crypto’ While Offering ‘Lip Service’

The crypto industry is voicing its concerns over the Democratic Party’s apparent indifference toward digital assets and blockchain technology in its latest party platform. This perceived snub has prompted the Republican Party to double down on its embrace of the nascent financial sector, further widening the partisan divide on the nascent technology.

Republican Party Seizes Crypto Mantle

As Bitcoinist reported on Monday, the Democratic Party’s 2024 platform, unveiled at the Democratic National Convention this week, notably omitted any mention of cryptocurrencies, Bitcoin, or blockchain. 

This absence of support has been met with dismay from the crypto community, which had hoped for greater acknowledgment and endorsement from the party now led by Vice President Kamala Harris.

According to a social media post by Fox journalist Eleanor Terret, in the wake of the industry’s absence from the Democratic platform, Republican Senator Bill Hagerty of Tennessee stated the following:

Democrats have been trying to have it both ways—paying campaign-season lip service to crypto while maintaining their hostility toward this groundbreaking technology. But the complete absence of crypto support in the Democratic Party platform only reconfirms that the party leaders want to continue what they’ve done for the last four years—to try and destroy crypto. Have no doubt about it: the Republican Party is the party of crypto.

Hagerty’s sentiments echo the growing perception that the Democratic Party has been ambivalent, if not outright antagonistic, toward the industry. This contrasts with the Republican Party’s increasingly vocal support for digital assets and blockchain innovation.

Offering An Alternative Vision

Republican Senator Cynthia Lummis from Wyoming, has been at the forefront of this pro-crypto push. Earlier this year, she and Hagerty introduced the Preventing Illicit Finance Through Partnership Act, legislation aimed at fostering communication between federal law enforcement agencies and private crypto companies to combat illicit finance.

Moreover, Lummis has proposed a novel idea to create a strategic Bitcoin reserve for the United States. Under her proposal, the government would acquire one million Bitcoin over a five-year period, representing around 5% of the total Bitcoin supply. Lummis believes this move could help reduce the country’s mounting $34.99 trillion national debt.

“Establishing a strategic Bitcoin reserve will firmly safeguard the dollar’s place as the world’s reserve currency into the 21st century and ensure we remain the world leader in financial innovation,” Lummis said during a keynote address at the Bitcoin 2024 conference.

The Republican Party’s embrace of digital assets, spearheaded by figures like former President Donald Trump, appears to be a strategic move to capitalize on the industry’s growing popularity and appeal to disgruntled voters who feel the Biden administration and regulators have taken a heavy-handed approach to digital assets.

As the race to the White House heats up, the partisan divide on crypto could become a key factor in the upcoming November elections as the Democratic Party’s silence on the issue has left an opening for the GOP to position itself as the champion of the crypto industry.

Featured image from DALL-E, chart from TradingView.com