KEY POINTS
- Eleanor Terrett reported that the platform was approved before Biden withdrew from the race
- One user said the failure to mention crypto in the platform is the reason he is supporting Trump
- Adam Cochran argued that not mentioning the industry is already the Democrats' "pivot"
- A prominent NFT investor said it's better for the Democrats to "leave crypto alone entirely"
The Democratic Party has finally published its 2024 platform, and it emphasizes the party's priorities, including on jobs, agriculture, small businesses, inflation, education, and many more. However, cryptocurrency, which has recently been making a mark in the political space, was left unmentioned.
"There is so much more to do. Democrats will fix the tax system to everyone has a fair shot. We will restore the right to choose. We will continue to bring down costs for families. We will continue to reject political violence of all forms and give hate no safe harbor," the Democratic National Committee (DNC) said in its preamble as part of the platform.
Platform's approval
According to FOX Business reporter Eleanor Terrett, the platform was drawn up and approved before U.S. President Joe Biden dropped out of the race and was replaced by Vice President Kamala Harris.
The platform is reportedly "expected to pass as written" but it remains to be seen whether changes will be made or additions will be inserted in time.
Crypto reacts
Many crypto users took to X to express their dismay over the platform not mentioning Bitcoin, the world's top digital asset by market value, nor the broader crypto industry.
One user said the zero mention of crypto is a signal that it's now "time for everybody who cares about this industry to swiftly move away from anything Dem related," while another said it's the reason why he is supporting Republican presidential candidate Donald Trump.
Another user noted that he isn't surprised since Bitcoin can't be "debased" and it can't be "controlled" so the party isn't really interested in the industry "and ideally want it gone."
One user had an interesting take on the matter, saying the decision to not include crypto in the platform is just part of the Democratic Party "staying in character" and ultimately "shooting themselves in the foot."
The other side of the coin
Amid the rage and frustration among many crypto users and enthusiasts, several had a unique perspective of the decision and noted that instead of being completely negative, the Democrats' move could actually be a good signal.
Prominent crypto analyst Adam Cochran said the Democratic Party's move of not even mentioning crypto "is the pivot." He noted that the industry has suffered "anti-crypto rhetoric," specifically from Sen. Elizabeth Warren of Massachusetts and regulators pinning down the sector for alleged money laundering.
Having been tagged in this by plenty of idiots, let me point out:
— Adam Cochran (adamscochran.eth) (@adamscochran) August 19, 2024
-Not mentioning crypto *IS* the pivot.
For years we’ve had anti-crypto rhetoric, Warren shouting for an “anti-crypto army” and Treasury, OFAC and the Fed going chokepoint claiming crypto is about money… https://t.co/y8hI2EEcKJ
He went on to note that the party's 2024 platform had "nothing" about a crackdown on crypto, nor any language pointing to the controversial "chokepoint strategy," and no mention of banning the industry altogether due to the proliferation of scams.
Ape Yacht Club member @franklinisbored had a similar take, saying he would "rather the government leave crypto alone entirely" instead of seeing it entering the scene at some point. "Once we start depending on one politician or one political party, crypto loses what makes it great," he pointed out.
I’d rather the government leave crypto alone entirely. Once we start depending on one politician or one political party, crypto loses what makes it great.
— Franklin (@franklinisbored) August 19, 2024
So I think the Democrats can be okay without mentioning crypto or anti-crypto language.
The Republican Party mentions… pic.twitter.com/65dHxZjgFy
Another user argued that it could be a "relief" the Democrats didn't mention crypto at all in their platform as he was expecting them to say digital assets will be banned.
The voice of crypto
Meanwhile, crypto has become an industry significant enough to take center stage in Republican circles. By comparison, the GOP 2024 platform puts crypto on top position among its innovation priorities this year.
Harris has yet to discuss her thoughts on crypto, while Trump has repeatedly expressed support for Bitcoin and the crypto industry in recent months. On the other hand, some Democrats insist that the Democratic nominee seeks a "reset" with the sector and quite interestingly, she took the lead from Trump on crypto prediction platform Polymarket some two weeks ago.
