- GOP adopted a pro-crypto platform to counter Biden’s strict crypto regulations.
- Trump topped Polymarket predictions with 62%, ahead of Biden’s 21%.
In response to President Joe Biden’s stringent measures against cryptocurrency, the Republican Party, under former President Donald Trump, has adopted a draft platform supporting digital asset innovation.
Republican Party’s stride into crypto
This platform, approved on the 8th of July, aimed to outline the priorities of the entire party and the GOP politicians regarding the increasing interest in digital assets as they prepare for the upcoming November elections.
Taking a step further, the Republican National Committee has also adopted the 2024 Republican Party platform, which might increase Trump’s chances even more.
According to the document,
“Republicans will end Democrats’ unlawful and unAmerican Crypto crackdown and oppose the creation of a Central BankDigital Currency.”
The document further elaborated,
“We will defend the right to mine Bitcoin, and ensure every American has the right to self-custody of their Digital Assets, and transact free from Government Surveillance and Control.”
The reason behind Trump’s shift towards crypto
This marks Trump’s most significant move in consideration of the growing influence of crypto voters this election season.
According to a June poll conducted by the National Crypto Council in the US, an overwhelming 83% of crypto voters preferred candidates who…
“Wants to write clear rules for cryptocurrency so that investors can continue to have choices, and the industry can continue to grow and create jobs.”
Hence, this initiative is destined to attract more crypto users, especially in light of the recent scrutiny of crypto firms by the Securities and Exchange Commission (SEC) under Biden’s administration.
Additionally, the Republican Party also plans to protect crypto advocates from central bank digital currencies (CBDCs), or “digital dollars,” due to concerns over potential surveillance.
This move is notable given Trump’s previous dismissal of Bitcoin [BTC] and other cryptocurrencies as non-monetary and excessively volatile back in 2019.
Is Trump likely to win the election?
Despite Trump’s sudden shift in attitude towards crypto raising some speculation, the crypto community appears to favor Trump over Biden.
Felipe, an X (formerly Twitter) user, summed it up well when he articulated,
“The GOP officially releases its stance on #Bitcoin…. you aren’t bullish enough on a Trump victory in November.”
Polymarket’s predictions market data further confirmed this sentiment and indicated that Trump is leading with 62%, compared to Biden who is at 21%.
Source: Polymarket
It is important to note that Biden had briefly fallen to third place amidst rumors of Kamala Harris taking his position.
However, the latest update shows Biden back in second place, while Trump leads the pack with his position remaining unchanged.
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