DNC Report: Democrats Express Favor for Bitcoin and Cryptocurrencies, But No Specific Policies
Bitcoin was not a big topic at this week’s Democratic National Convention (DNC). None of the speakers on the main stage at Chicago’s United Center said a word about electronic cash systems or other crypto assets. And you probably wouldn’t have overheard a conversation about Bitcoin or cryptocurrencies anywhere in the hallways of the stadium.
But despite the party’s decision not to include bitcoin or cryptocurrencies in its official platform, some senior Democrats said this week that the Harris administration would be more proactive on bitcoin and crypto than the Biden administration, though they did not provide specifics. And at satellite events for the conference, some Democrats spoke passionately about why the party should embrace bitcoin and cryptocurrencies.
Rep. Wiley Nickel (D-North Carolina), a Bitcoin and cryptocurrency supporter, said he believes the Harris administration will take a different approach to the cryptocurrency industry than the Biden administration.
“Vice President Harris has been working in the Biden-Harris administration, but now she’s coming into this campaign with her own positions on issues,” Rep. Nickel told Bitcoin Magazine at the convention.
“She’s only just now starting to articulate her policy positions because so much has happened over the last few weeks. It’s not an immediate process of her saying what she’s going to do differently than President Biden, but she’s going to have different positions on issues and she’s going to make that known,” he added.
On Wednesday, Bloomberg reported that Vice President Harris would introduce policies supporting the cryptocurrency industry if elected, according to her chief policy adviser, who spoke at a Bloomberg News roundtable at the convention.
The article mentions how Harris plans to get involved in the cryptocurrency industry, but again, does not provide specifics on how she plans to get involved. Harris is also quoted as saying she plans to encourage “innovative technologies” by “cutting out unnecessary bureaucracy and unnecessary regulatory hassle” and providing “clear rules of the road,” but there is no direct mention of Bitcoin or cryptocurrencies in Harris’s quotes in the article.
Rep. Nickel declined to give specifics on what Harris’s policies might look like and said he would not speak for Harris. But he did note the success of the Crypto4Harris town hall on Wednesday, Aug. 15, which was attended by Democratic lawmakers Chuck Schumer (D-NY), Kirsten Gillibrand (D-NY), Debbie Stavero (D-MI), and billionaire crypto enthusiast Mark Cuban, and said he sees “real momentum among Democrats on this issue.”
Rep. Nickel also asked Bitcoin and cryptocurrency enthusiasts to heed certain warnings.
“The anti-cryptocurrency names you hear are completely made up by people who are trying to damage her campaign,” Rep. Nickel said of rumors that Harris is bringing back Biden administration economic advisers Brian Reese and Bharat Ramamurti, who were behind Operation Chokepoint 2.0.
“I don’t put (credibility) on weird names that are being touted for big jobs. I’ve heard of Gary Gensler for Treasury Secretary. I can tell you he has zero chance of being confirmed by the Senate,” he added.
“That won’t happen.”
Pro-Bitcoin/Pro-Crypto Democrats Speak at Satellite Event
At an event held at the University of Chicago, Clive Messidor, executive director of the Blockchain Foundation and former Obama administration official and communications director for the Department of Commerce’s Economic Development Administration (EDA), spoke on a panel titled “The Democratic Party’s Future Direction on Digital Assets and Cryptocurrencies.”
Today: I’m speaking in Chicago during the DNC convention!
I am delighted to be on this panel. @Progress Chamber & @BusinessForwardIt also features:@RepWileyNickel | @clidvanel | @JBSDC @paradigm| @KyleBligen
= The Democratic Party’s Path on Digital Assets and Cryptocurrencies = pic.twitter.com/WIYggp1V9o
— Cleve Messi (@cmesi) August 21, 2024
Mesidor shared his views on the importance of cryptocurrencies, which differ markedly from those of notorious anti-cryptocurrency Democrats like Senator Elizabeth Warren (D-MA) and Rep. Brad Sherman (D-CA).
“Senator Liz Warren and Rep Brad Sherman are stuck in time,” Mesidor said on the panel.
“They’re determined to fight the big money, and they’re laser-focused on beating the big guys, so their blind spot is that communities of color are the biggest adopters of crypto. Black and Latinx communities are driving national adoption of this $2 trillion market,” she added.
“Let me be clear, consumer protection is important. We need protections. But if you don’t couple that with financial inclusion, then you’re saying that we’re going to continue to (support) policies that will prevent all the communities that have capitalized on Bitcoin over the last 15 years, that have made Bitcoin something, that have built products and services on the blockchain.”
Mesidor, a Latina, spoke emotionally about how she felt Democrats were missing one of the main narratives on bitcoin and cryptocurrencies, while also acknowledging why they might be reluctant to look favorably on the crypto industry.
“Democrats have PTSD,” she said in an interview after the panel discussion.
“(They) have PTSD because decades ago, what we call today’s predatory lenders came to them and said we were going to democratize finance. The internet was supposed to democratize us, right? It had to be decentralized. And Big Tech today is not diverse,” she added.
New York State Assemblyman Clyde Varnell (D), a member of the state’s Black, Puerto Rican, Hispanic and Asian American Legislative Coalition, also served on the panel.
Barnell recalls being first introduced to cryptocurrency in the mid-2010s and being impressed by how it facilitated financial literacy among inner-city youth.
“I went to a lot of high schools and there were kids (who owned cryptocurrencies) watching the markets with the same muscle as seasoned investors,” Vanel recalled.
“There was a convenience store in my neighborhood that had a Bitcoin ATM. I went there and saw young people lining up to buy different types of Bitcoin. It was really amazing,” he added.
Barnell was happy to see his local residents buying Bitcoin not only because they could make a financial profit by investing in it, but also because blockchain technology offered his local residents an alternative to the traditional financial system that some people (including his father) did not trust.
“My dad never used a bank, he never trusted a bank,” Barnell said. “He used a check cashing place.”
Barnell also discussed the use cases for remittance payments using Bitcoin and cryptocurrencies.
“When he sent money to other countries, he spent a lot of money,” Barnell said of his father. “What does it mean to make it easier for people like him to transfer value?”
Barnell is keen to see the Democrats take interest in Bitcoin and cryptocurrencies, as he understands their benefits.
“I am very pleased that this event is coming on the heels of this campaign that demonstrates the importance of financial inclusion through digital technologies,” said Barnell. “Ten years ago, this would not have happened at a national convention.”
Not far from where Mesidor and Vanel spoke was an event called CryptoDNC, which was attended by Rep. Bill Foster (D-IL) and the aforementioned Wiley Nickel.
🎉 New speaker announcement!
We are delighted @RepBillFoster You have been invited to be the featured speaker at our next Wednesday event in Chicago in 2024. @Democratic Party Convention
RSVP now to secure your spot!
Register: https://t.co/mJzVzchfx2
Or sign up below 👇👇 pic.twitter.com/V9lnPlgmox
— CryptoDNC (@crypto_dnc) August 16, 2024
During a fireside chat at the event, Rep. Nickel said not embracing encryption would be like not embracing the Internet 25 years ago.
Are the Democrats serious?
Have Democrats really changed their stance on Bitcoin and cryptocurrencies? Or are they just flattering single-issue voters who voted for Trump because of his support for cryptocurrencies?
This is the question that is on the minds of most Bitcoin and cryptocurrency enthusiasts. One reason why many are hesitant to trust the Democrats’ proposed 180 on cryptocurrencies may be because the Biden administration has supported SEC Chairman Gary Gensler’s regulatory-enforcement approach to the crypto industry for the past three and a half years.
Rep. Wiley Nickel seems serious about trying to get Democrats to “reset” their approach to cryptocurrencies, but is Harris really listening? And can the likes of Reps. Varnell and Mary Dore be vocal enough in favor of cryptocurrencies to get the attention of a potential Harris administration?
I guess we’ll have to wait and see.
