Democratic Crypto Supporters Call for Crypto-Friendly Party Platform

Many Democrats want their party to adapt to the pro-crypto stance already adopted by their Republican rivals and add new language to the party platform.

The letter calls for the replacement of Securities and Exchange Commission Chairman Gary Gensler with a “pro-innovation” agency head.

More than a dozen Democrats in the U.S. House of Representatives and a long list of candidates for congressional seats are pushing their national committees to adopt a pro-crypto stance, according to a letter they sent Saturday.

Lawmakers including Reps. Josh Gottheimer (D-N.J.), Ro Khanna (D-Calif.), Wiley Nickel (D-N.C.), Ritchie Torres (D-N.Y.) and others signed a letter to the Democratic National Committee demanding a “forward-looking approach” to digital assets, asking their party to add supportive language to the official platform, select a crypto-supporting vice presidential candidate and replace Securities and Exchange Commission Chairman Gary Gensler with a crypto-supporting agency chair.

“We believe this technology is neutral, and the Democratic Party must lead these innovations to help reaffirm the United States’ leadership position in the global digital economy,” said the letter, written by 14 incumbent lawmakers and 14 congressional candidates and announced at the lawmakers’ Bitcoin 2024 event in Nashville, Tennessee.

The Republican Party had previously added a crypto-friendly plugin to its official platform.

Read More: Trump Speaks at Bitcoin Conference on Saturday. Here’s What Attendees Like ‘Crypto Patriot’ Hope He’ll Say

Democrats have specifically targeted Gensler at the SEC, demanding that party leaders formally advocate for a “pro-innovation” SEC chair who embraces a regulatory approach to digital assets, fosters innovation, ensures American global competitiveness, promotes financial inclusion and protects consumers.

“As the Democratic Party navigates a historic time of generational change, we are incredibly proud to see these Democratic leaders and future leaders come together in support of innovation and the next generation of financial services,” Colin McLaren, director of engagement at crypto industry advocacy group Cedar Innovation Foundation, said in a statement.

UPDATE (July 27, 2024, 15:07 UTC): Added quote from letter.

UPDATE (July 27, 2024, 15:20 UTC): Added comment from Cedar Innovation Foundation.