The crypto industry has expressed concerns about the Democratic Party’s apparent indifference to digital assets and blockchain technology in its latest party manifesto. This perceived rejection has prompted the Republican Party to embrace the emerging financial sector even more, further deepening the political party divide over the emerging technology.

Republican Party Takes Over Crypto Mantle

As a Bitcoinist reported On Monday, the Democratic Party’s 2024 platform, unveiled this week at the Democratic National Convention, surprisingly made no reference to cryptocurrency, Bitcoin or blockchain.

This lack of support was met with dismay by the crypto community, who had hoped for more recognition and support from the party now led by Vice President Kamala Harris.

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

Democrats have tried to do both, paying lip service to crypto during the campaign while maintaining their hostility toward the disruptive technology. But the complete absence of crypto support from the Democratic Party platform only confirms that party leaders want to continue what they’ve been doing for the past four years: trying to destroy crypto. Make no doubt about it: the Republican Party is the party of crypto.

Hagerty’s sentiments reflect the growing perception that the Democratic Party is ambivalent, if not outright hostile, toward the industry. This contrasts with the increasingly vocal support for digital assets and blockchain innovation.

Offering an alternative view

Republican Senator Cynthia Lummis of Wyoming is spearheading this pro-crypto push. Earlier this year, she and Hagerty introduced the Law for the Prevention of Illegal Financing through Partnershiplegislation aimed at promoting communication between federal law enforcement agencies and private crypto companies to combat illicit finance.

In addition, Lummis has proposed a new idea to strategically Bitcoin Reserve for the United States. Under her proposal, the government would acquire one million Bitcoin over five years, which would amount to about 5% of the total Bitcoin supply. Lummis believes the move could reduce the country’s growing $34.99 trillion national debt.

“Establishing a strategic Bitcoin reserve will firmly secure the dollar’s ​​position as the world’s reserve currency in the 21st century and ensure we continue to lead the world in financial innovation,” Lummis said during a keynote address at the Bitcoin 2024 conference.

The Republican Party’s embrace of digital assets, led by figures such as former President Donald Trumpappears to be a strategic move to capitalize on the sector’s growing popularity and appeal to disaffected voters who feel the Biden administration and regulators have been too tough on digital assets.

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

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