“I am not a fan of Bitcoin and other cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air. Unregulated cryptoassets can facilitate unlawful behaviour, including drug trade and other illegal activity.”
The official Republican Party position has dramatically changed since the harsh words of President Donald J Trump in 2019 when he condemned the crypto-industry.
The Republican National Committee (RNC) adopted an ambitious program earlier this month to protect bitcoin holders’ rights and promote innovation within the digital asset industry in the US.
The official Republican platform promises that they will “defend the right to mine bitcoin.” It’s a necessary departure from current policies.
The Energy Information Administration of the US Department of Energy (EIA), published an article in February of this year. “emergency” The survey was sent to companies that mine bitcoins, requesting highly sensitive data such as machine specifications, locations and contracts with their energy suppliers. EIA demanded this information and promised to release even the commercially sensitive parts.
This was an unprecedented attack on crypto miners. This prompted groups like the Texas Blockchain Council, to file legal actions to protect the crypto industry’s rights against federal outreach. Republicans pledged to “defend the right to mine bitcoin” It is, therefore, very much welcome.
The Republicans made other promising promises. They have said that they will “ensure every American has the right to self-custody their digital assets and transact free from government surveillance and control.”
The CBDC has also been strongly opposed by the group. “Republicans will end Democrats’ unlawful and un-American crypto crackdown and oppose the creation of a Central Bank Digital Currency,” The party said.
This is all very positive news for those in the digital asset sector. This still leaves us with a few questions. What made President Trump decide to embrace the huge potential of decentralized financial systems and digital assets instead? Why has the pro-digital assets agenda risen to prominence in Presidential politics?
Vivek RAMASWAMY is the man most responsible for changing Republican minds on crypto. Former Republican presidential candidate Vivek Ramaswamy is gaining more influence within the GOP’s inner circle. Donald Trump Jr. made a joke at this month’s Republican Convention that Ramaswamy could be his running mate by 2036. Since his 2016 presidential campaign, Ramaswamy has clearly been one of those leading voices in the Republican Party who have guided the party towards cryptic technology.
Ramaswamy created a buzz in GOP circles by releasing a detailed, comprehensive crypto plan at the North American Blockchain Summit, held last year in Texas.
What was his pledge? The most striking measure was perhaps his pledge to fire the majority of employees from the over-staffed Securities and Exchange Commission and to order those who remain to cease bullying the crypto industry. Ramaswamy has defined many cryptos like bitcoins as commodities and therefore outside the SEC’s jurisdiction.
“I think it’s nothing short of embarrassing that Gary Gensler, the current leader of the SEC, in front of Congress could not even say whether Ethereum counted as a regulated security or not,” Ramaswamy spoke during the Republican debates of last year. “This is just another example of the administrative state gone too far.”
Ramaswamy, a prominent advocate in the crypto-space for the innovation of digital currencies and their use as tools for social good. financial freedom. He has claimed that the First Amendment should protect the developers’ right to code, and not allow federal agencies to overstep their bounds.
He also stated that the consumers have the right to own digital wallets hosted by themselves, independent of government control. The Republicans have now adopted this policy for the 2024 campaign. This shows the influence Ramaswamy has on Republican policies.
Ramaswamy isn’t the only one who positively influences Republican policy. In May of last year, Ron DeSantis brought into effect a Florida law that banned the use of CBDC in the state. Regulation “prohibits the use of a federally adopted CBDC by excluding it from the definition of money within Florida’s Uniform Commercial Code.”
These efforts were crucial in bringing the Republican Leadership to the forefront of CBDC dangers. They also prompted them to take immediate action.
Ramaswamyâ€TMs crypto-activism has probably had the greatest impact in persuading the Republican Party as a whole that supporting cryptocurrency innovation fits with their natural instincts and political philosophy.
The current federal attacks on the crypto industry are a sham, he has said. “an embodiment of our national decline” It is an attack against innovation and entrepreneurship – two values that the Republicans claim to cherish.
Ramaswamy, too, has noted Bitcoin mining as a negative. “a frontier in American innovation” in the same tradition as American heroes such as Thomas Jefferson – who Ramaswamy thinks “would have been a Bitcoin miner.” It seems that this rhetoric worked well in persuading President Trump and Republican leader to be pro-bitcoin.
J.D. Vance, Trump’s most recent choice for Vice President in the Republican Party is also a key rising figure. He shares the same views as Vivek on digital assets. Vance. Vance has been vocal in his support of bitcoins and digital assets. He also comes from a venture capital background. Young and aware of the importance to win over younger voters, he is a young senator.
Then, how will you proceed? “four more years” What will President Trump do for US digital assets?
Let’s end as we started, with another quote from the President – one that shows, thanks to the efforts of Vivek Ramaswamy, Senator Vance and others, just how much the Republican stance on crypto has changed over the last few years.
“I will end Joe Biden’s war on crypto. We will ensure that the future of crypto and the future of Bitcoin will be made in America.”
Mark Shut and Lee Bratcher have written a guest blog. Their opinions are solely theirs own These views do not reflect the opinions of BTC Inc.
“This article is not financial advice.”
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Source: bitcoinmagazine.com