Republican Party Releases Platform Draft: Trump Vows to End "Illegal Crackdown" on Crypto Industry and Defend Bitcoin Mining
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Republican Party Releases Platform Draft: Trump Vows to End "Illegal Crackdown" on Crypto Industry and Defend Bitcoin Mining
2024 is a major global election year, with nearly half the world's population participating in elections across 64 countries. In this year’s elections, cryptocurrencies—especially Bitcoin—are emerging as a key issue.
Navigating Web3 tides with focused insightsBy Chloe, PANews
On Monday, July 8, the Republican National Committee released its official platform for the 2024 U.S. presidential election, expressing support for multiple policies favorable to the cryptocurrency industry. Titled "Make America Great Again," this document breaks from past platforms' lengthy, detailed sections by simplifying its content into ten easily digestible chapters aimed at voters.
The Republican platform vows to end what it calls the "illegal and un-American attacks" on America’s crypto industry. In addition to opposing a U.S. central bank digital currency (CBDC), the platform promises to defend the right to Bitcoin mining and states that “crypto holders should be allowed to self-custody their tokens.” It further declares: “We will defend the people's right to conduct transactions free from government surveillance and control.”
First Platform Update in Eight Years: Ending Democratic 'Illegal and Un-American' Crackdowns
From July 15 to 18, the Republican Party will hold its national convention in Milwaukee, Wisconsin. The event will not only formally nominate Donald Trump as the party's presidential candidate for the 2024 election but also adopt and unveil the new party platform, drawing global attention.
The Republican Party has relied on its previous platform since 2016, making this year’s update particularly significant. The new platform is widely seen as a "Trump-era" blueprint for America’s future policy direction. With Trump leading significantly in national polls following recent debates, the platform’s content has drawn broad interest and will deeply influence the party’s political trajectory.
Titled “Make America Great Again,” the 2024 platform explicitly dedicates itself to “the forgotten men and women of America” and presents its full agenda through ten clear, voter-friendly chapters, including “Fighting Inflation,” “Securing the Border to Stop the Immigration Crisis,” “Building the Strongest Economy in History,” “Achieving the American Dream,” and “Protecting American Workers and Farmers.”
In Chapter Three, “Building the Strongest Economy in History,” the GOP outlines five economic pillars: cutting regulations, making Trump-era tax cuts permanent and eliminating the tip tax, pursuing fair and reciprocal trade agreements, ensuring reliable and abundant low-cost energy, and promoting innovation. On innovation, the party specifically highlights three areas: cryptocurrency, AI, and space exploration.
Regarding cryptocurrency, the Republicans state they will end the Democrats’ “illegal and un-American” crackdowns and oppose the creation of a U.S. central bank digital currency (CBDC). They pledge to defend the right to Bitcoin mining and ensure individuals have the right to self-custody their digital assets, conducting crypto transactions without government surveillance or control. On AI, the party says it will repeal President Biden’s “dangerous policies” that hinder AI innovation and instead support AI development grounded in free speech and human flourishing.
Opposition to a central bank digital currency (CBDC) has been a consistent stance for both Trump and the broader Republican campaign in the 2024 election, driven by concerns that a U.S. CBDC could be used to monitor and control citizens. Republican Representative Tom Emmer of Minnesota previously introduced the “CBDC Anti-Surveillance State Act,” aiming to halt the Federal Reserve’s development of a “digital dollar.” Emmer argues such a currency would enable widespread government monitoring of financial transactions.
“A CBDC is entirely government-controlled money and could give the federal government unprecedented access to Americans’ transaction data,” he said.
2024 Is a Global Election Year — Crypto Support May Decide Electoral Wins
2024 is a major global election year, with nearly half the world’s population participating in elections across 64 countries. In this year’s electoral landscape, cryptocurrency—especially Bitcoin—has emerged as a pivotal issue. So far, candidates who support crypto are showing higher chances of victory. For example, in Latin America, pro-Bitcoin candidates have won decisively in El Salvador and Argentina.
While both Democrats and Republicans in the U.S. include voices both for and against crypto, overall the Republican Party appears more supportive, whereas Democrats remain relatively cautious.
However, CCN notes that while Trump recently positioned himself as a crypto advocate during a fundraising event in San Francisco, beyond advocating for Ross Ulbricht’s release from prison, he has yet to detail specific cryptocurrency policies he would implement if re-elected. Nevertheless, there is no denying that this year’s elections will set the tone for how digital assets are regulated in the coming years, and many candidates now recognize crypto’s growing influence and importance.
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