The Republican National Committee (RNC) has recently embraced a platform that aims to boost cryptocurrency mining while opposing the development of a Central Bank Digital Currency (CBDC).
Under the leadership of Michael Whatley and Lara Trump, daughter-in-law of Donald Trump, the RNC has officially adopted its election platform, which includes a section dedicated to crypto innovation. The platform was unveiled on Monday as the party prepares for the upcoming November election.
The document states, “Republicans will put an end to the Democrats’ unlawful and un-American crackdown on cryptocurrency, and stand against the creation of a CBDC. We will protect the right to mine Bitcoin and ensure that every American has the freedom to control their digital assets and engage in transactions without government surveillance and control.”
This platform reflects the growing interest in digital assets among Trump and other Republican politicians. Digital assets play a prominent role in the platform’s “economy section,” as part of the party’s innovation initiatives. The platform committee overwhelmingly approved the new draft, which is set to be finalized with a vote on Tuesday.
This shift in stance is significant for Trump, who previously expressed skepticism towards cryptocurrency but has recently become a vocal advocate. On June 10, he announced his desire for all remaining bitcoin to be mined in the United States, with hopes of the country dominating the energy sector.
Trump has also personally engaged with digital assets, launching branded non-fungible tokens and accepting cryptocurrency donations for his campaign and affiliated political action committee.
Opposition to CBDCs has been a recurring theme for Trump and other Republicans during the 2024 campaign. While the U.S. is still in the research phase, similar to China and Europe, in exploring government-backed digital tokens, Republicans argue that the Democrats’ push for CBDCs could lead to increased financial surveillance of citizens.
As we look ahead to the 2024 election, the Republican Party’s strong support for Bitcoin and crypto innovation is becoming increasingly evident. This demonstrates a clear trend of backing digital assets within the RNC, positioning the party as a leader in crypto innovation. This stands in contrast to the more reserved approach taken by the Biden Administration.