US Republicans Vow to Stop Crypto Crackdown

The US Republican Party promised to stop its crackdown on crypto (Photo; Doc. New York Post)

JAKARTA - The United States Republican Party has officially adopted a pro-crypto stance, in line with their Bitcoin-optimistic leader, Donald Trump. In the GOP 2024 platform released ahead of this year's federal election, the Republican Party set out policies that focus on protecting Bitcoin and crypto, promising to end crackdowns deemed illegitimate and inconsistent with American values.

The GOP 2024 platform explicitly states its commitment to supporting innovation in the economy, including the crypto industry. In Chapter 3 of the platform, the Republican Party promises to "build the greatest economy in history" by supporting innovation.

Quoted from Crypto Potato, the Republican party said, "Republicans will end the Democrats' illegitimate and inconsistent crypto crackdown and oppose the creation of a Central Bank Digital Currency [CBDC]."

This commitment comes after Congressman Tom Emmer passed an anti-CBDC bill last month, which received almost unanimous support from Republicans and almost total rejection from Democrats in the House.

In addition, the GOP platform also promises to protect the rights of citizens to mine Bitcoin, manage their own crypto assets, and ensure that all Americans can transact free from government oversight and control.

“Couldn’t ask for more than this,” tweeted Nic Carter, a partner at Castle Island Ventures, regarding the GOP platform on Monday. Taproot Wizards advisor Dan Held called the platform “very supportive of Bitcoin and crypto.”

The GOP platform marks the Republicans’ first formal endorsement of crypto as part of their long-term agenda, in line with their presidential candidate, Donald Trump. Trump has pledged this year to protect the Bitcoin mining industry and stop anti-crypto senators like Elizabeth Warren from touching citizens’ crypto assets. He also promised to free Ross Ulbricht, the founder of the black market Bitcoin Silk Road, who has been sentenced to life in prison.

Republicans have also pledged to support innovation in artificial intelligence (AI), in which some publicly traded Bitcoin miners have become increasingly involved.

“We will repeal Joe Biden’s dangerous executive orders that stifle AI innovation and impose radical left-wing ideas on the development of this technology,” the document reads. “In exchange, Republicans support the development of AI rooted in free speech and human well-being.”