Democratic Crypto Supporters Call for Crypto-Friendly Party Platform

• Several Democrats want their party to match the pro-crypto stance already occupied by their Republican rivals by adding new language to the party platform.

• The letter calls for the replacement of Securities and Exchange Commission Chair 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 committee to adopt a pro-crypto stance, according to a letter they sent on Saturday.

Lawmakers including Rep. Josh Gottheimer (D-N.J.), Ro Khanna (D-Calif.), Wiley Nickel (D-N.C.), Ritchie Torres (D-N.Y.) and others signed the letter to the Democratic National Committee requesting a “forward-looking approach” to digital assets, asking their party to add supportive language to the official platform, pick a vice-presidential candidate who favors crypto and replace Securities and Exchange Commission Chair Gary Gensler with an agency chief that supports crypto.

“We believe this technology is non-partisan, and the Democratic Party should also champion these innovations to help reaffirm the U.S.’s position as the leader in the global digital economy,” according to the letter from 14 sitting lawmakers and another 14 candidates for congressional office, which the lawmakers also announced at the Bitcoin 2024 event in Nashville, Tenn.

The Republican Party had previously adopted a crypto-friendly addition to its own official platform.

The Democrats specifically target the SEC’s Gensler, asking that the party leaders officially advocate for a “pro-innovation” SEC chair “who takes a regulatory approach to digital assets that fosters innovation, secures American global competitiveness, promotes financial inclusion and protects consumers.”

“With the Democratic Party going through a historic moment of generational change, we are very proud to see these Democratic leaders and future leaders unite in their support for innovation and the next generation of financial services,” said Colin McLaren, the engagement director for the Cedar Innovation Foundation, a crypto industry advocacy group, in a statement.

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

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