In a bold move, U.S. House of Representatives members have called on Democrats to reassess cryptocurrency policy. In a recent letter to Democrats, they called for a new SEC chairman and a pro-crypto running mate. Notably, this change comes amid the growing dominance of cryptocurrencies in the U.S. political landscape and a surge in the popularity of President Donald Trump due to his recent pro-crypto stance.
U.S. Congressman Seeks Pro-Crypto Policy
Rep. Willie Nickels, along with 14 other Democrats, including Rep. Ro Khanna, penned a letter calling for major reforms, outlining four main demands for the Democratic National Committee:
- Include pro-digital asset language in party policy platform
- Selecting a Vice Presidential Candidate with Digital Asset Policy Knowledge
- Electing a Pro-Innovation SEC Chairman
- Engage with industry experts
The U.S. congressmen argue that digital assets hold great potential for innovation, economic growth and financial inclusion in the U.S. They believe the SEC's current approach gives the impression of hostility toward cryptocurrencies, which is at odds with the party's progressive values.
Meanwhile, the letter notes that while leaders such as Senate Majority Leader Chuck Schumer and Nancy Pelosi already support transparent crypto regulation, the party needs to take a stronger stance to reflect its commitment to innovation. In particular, the letter highlights growing frustration in the crypto community over the SEC's abuse of its powers.
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The letter highlights the widespread acceptance of digital assets among the American public and their potential to democratize finance and promote economic opportunity. More than 52 million Americans have adopted digital assets, the letter notes, with adoption especially strong among key Democratic constituencies such as Gen Z, Black and Latino Americans and immigrant communities.
Meanwhile, the House members note that cryptocurrency is a top issue for voters in battleground states, with more than 20% perceiving it as extremely important in the 2024 elections. By promoting a balanced approach, they aim to promote innovation while protecting consumers, positioning Democrats as champions of technological progress.
The House members stressed the need to include pro-digital asset language in the party platform, field a vice presidential candidate with digital asset policy expertise, field a pro-innovation SEC chairman, and actively engage with industry experts. They argue that digital assets are bipartisan and will help restore U.S. leadership in the global digital economy.
Meanwhile, Rep. Nickel also highlighted President Trump's previous anti-cryptocurrency stance at Bitcoin Conference 2024. Nonetheless, President Trump's recent shift to a pro-crypto stance has been praised by many in the cryptocurrency market.
Notably, some critics see the letter as a strategic move to attract crypto proponents, despite many arguing that it is already “too late” to shift the focus to cryptocurrencies.
But the call for a new SEC chairman and a pro-crypto running mate marks a major shift in the Democrats' approach to digital assets, as they seek to embrace cryptocurrencies to appeal to a growing base of voters and position themselves as leaders in the rapidly evolving digital economy.
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