The Republican National Committee (RNC) in the United States passed on July 8 a draft of a policy platform that advocates for cryptocurrency adoption and Bitcoin mining.
Page nine of the draft explicitly states, “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.”
HUGE BRREAKING: The National Republican Party (GOP) adds ‘#Bitcoin Rights’ to their party platform – Supports Ban of CBDCs.
This is a huge moment where an entire party is now absorbing many of the critical advances that have been made at the state level to defend ‘#Bitcoin… pic.twitter.com/Y3JF3pXr3y
— Dennis Porter (@Dennis_Porter_) July 8, 2024
Additionally, the draft promises to end what it calls the Democrats’ “unlawful and unAmerican Crypto crackdown.” The document also strongly opposes the creation of a Central Bank Digital Currency (CBDC).
State Policy Influence Evident in RNC Pro-Bitcoin Policy Platform
While it’s notable that the Republican Party has taken a pro-Bitcoin stance, industry experts believe that state-level policy has helped influence this decision.
Dennis Porter, CEO and Co-Founder of Satoshi Action Fund – a U.S. based non-profit dedicated to Bitcoin innovation – told Cryptonews that the RNC’s policy platform contains language that Satoshi Action Fund developed for state-level policy.
“Satoshi Action Fund coined the terms ‘right to mine’ in Bitcoin rights that have passed in both Louisiana and Oklahoma,” Porter said.
Right to self custody
Right to mine
Right to P2P
Right to node
Right to transact#Bitcoin rights are on the rise.
What’s next?
Eliminate Capitol gains on #Bitcoin.
— Dennis Porter (@Dennis_Porter_) July 9, 2024
Indeed, Oklahoma passed a bill to protect Bitcoin (BTC) rights on May 13 this year. The bill guarantees the right to self-custody, along with the right to mine Bitcoin at home and through commercial operations.
Louisiana also passed House Bill 488 into law on June 19, which goes into effect Aug. 1. This legislation ensures continued access to Bitcoin, while placing restrictions on CBDCs.
“These bills center around rights individuals should inherently have,” Porter remarked. “This is also typically how bottom-up politics works. Policy starts at the state level.”
Pro-Crypto Policy Makers Educate Republican Party
It shouldn’t come as a surprise that similar language is being used in the Republican Party’s pro-Bitcoin policy platform.
Eric Peterson, Policy Director for Satoshi Action Fund, told Cryptonews that the organization has engaged with policymakers for years.
“Satoshi Action Fund launched in June 2022, but we have been educating both individuals and policymakers for years through a grassroots approach,” Peterson said.
He added that while Satoshi Action Fund is not claiming to have written the Republican’s policy platform, he believes it was clearly influenced by the organization.
President and Founder of The Texas Blockchain Council, Lee Bratcher, told Cryptonews that former Republican Presidential Candidate Vivek Ramaswamy also likely influenced the GOP’s policy platform.
“Vivek Ramaswamy unveiled his policy platform for digital assets at the North American Blockchain Summit in late 2023,” Bratcher said. “His fingerprints are all over the RNC’s pro-Bitcoin and digital asset innovation platform plank.”
Bratcher added that Bitcoin miners’ proactive engagement with Republican frontrunner Donald Trump played a major role in his thinking about Bitcoin and U.S. economic competitiveness.
Perianne Boring, Founder and CEO of The Digital Chamber (TDC) – an advocacy group for blockchain technology and digital assets – told Cryptonews that TDC has been working closely with the Republican party for years.
For example, she noted that TDC facilitated the “Crypto for Congress” project earlier this year, which helped educate U.S. Congress members on blockchain innovation.
“We also gave Congress members campaign contributions in Bitcoin,” Boring said. “The GOP platform reiterates what we have been calling on for years. We are now seeing pro-Bitcoin and pro-crypto policy formally adopted.”
Industry Success Is Apparent, But Democratic Party Involvement Needed
Peterson also believes that the GOP’s support for Bitcoin demonstrates industry success.
“This shows that groups like us have helped influence politicians to view Bitcoin, cryptocurrencies, and blockchain technology as winning political issues,” he said.
While this may be the case, Porter remarked that the Satoshi Action Fund wants to see Republicans and Democrats competing over pro-Bitcoin and digital asset policy moving forward.
“Right now, this seems one-sided,” he said. “We hope for a future where both parties will have ideas on how to adopt and utilize this technology.”
The upcoming U.S. 2024 election is expected to play an influential role in the future of cryptocurrency and blockchain adoption in the country.
A recent Digital Currency Group poll highlighted cryptocurrency as a major issue for US voters in the upcoming 2024 election.
The Trump campaign has so far taken a more supportive stance toward Bitcoin and digital asset adoption.
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