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- The United States US Republican party is pushing for more support for Bitcoin mining.
- The politicians are against CBDCs or Digital Dollar in a bid to spite the Democrats.
The Republican National Committee Platform has put its foot forward to defend Bitcoin (BTC) mining and oppose the creation of Central Bank Digital Currencies (CBDC). The platform is supported by former president Donald Trump and formed with an agenda to win the White House and Republican Majorities in the House and Senate.
US Republican Platform’s Crypto Agenda
The platform says it plans to address the core threats to the survival of the US economy by placing determined Republican Leadership in emerging industries. As regards the crypto industry, the platform hopes to focus on defending citizens’ rights to mine Bitcoin.
Besides pledging to support Bitcoin mining activities in the US, the Republican National Committee says it will ensure Americans’ custody rights are protected from Government interference. However, the platform opposes the creation of a US digital currency. This sentiment aligns with that of pro-Bitcoin Presidential candidate, Robert F. Kennedy Jr.
Kennedy noted in our earlier report that a CBDC would give the government detailed knowledge of all citizen’s transactions, potentially leading to coercion or manipulation. His bias against CBDCs also stemmed from a determination to preserve the use of physical cash.
Note that the platform’s support for Bitcoin mining contradicts the stance of the present US administration. As a reminder, President Joe Biden, together with the Democratic Party has not hidden its harsh stance against crypto adoption. In fact, the president recently proposed measures to curb Bitcoin mining in the country, as mentioned in our earlier post.
Lawmakers are seeking to reintroduce the DAME Act, which was proposed a year ago in the US 2024 budget. DAME proposes an excise tax of 30% on electricity used by miners, which would effectively wipe out the industry in the US. Surprisingly, Trump has emerged as the crypto-friendly candidate this year, in a bid to differentiate himself from President Biden.
Donald Trump Switch to Support Bitcoin
The former president was less inclined towards crypto during his first tenure in office. He even described digit assets as “a disaster waiting to happen,” previously. Also, during his service at the Oval Office in May 2018, Donald Trump reportedly directed then-Treasury Secretary Steven Mnuchin to “go after Bitcoin [for fraud].”
However, Trump has shifted towards a pro-crypto stance in the current presidential election season. His stance towards crypto became well-noticed after pro-Bitcoin candidate Vivek Ramaswamy dropped out of the race in January, as noted in our earlier post.
At the moment, Trump is now raising campaign funds through crypto donations. According to our earlier report, Tyler Winklevoss has endorsed Trump for the upcoming election with a $1 million donation in Bitcoin.
Per BTC, the coin seems to be enjoying the recent attention it is getting in the current US election season. Bitcoin has surged mildly by 1.09% in the past 24 hours, with its price set at $58,717. The trading volume decreased by 4.6% to $26.7 billion, with the market cap pegged at $1.1 trillion.
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