Democratic Lawmakers Advocate for Pro-Crypto Platform in Upcoming Elections

U.S. House Democrats urge their party to embrace digital assets and support innovation-friendly leadership.

In a significant move, over a dozen Democratic lawmakers and congressional candidates have urged their national committee to adopt a pro-crypto stance. The request, detailed in a letter sent on Saturday, calls for the Democratic Party to support digital assets actively and replace current SEC Chair Gary Gensler with a leader favoring innovation.

Representatives Josh Gottheimer (D-N.J.), Ro Khanna (D-Calif.), Wiley Nickel (D-N.C.), and Ritchie Torres (D-N.Y.) are among the signatories advocating for the inclusion of crypto-supportive language in the party's platform. They emphasize the need for a vice-presidential candidate who backs crypto and suggest a "forward-looking approach" to digital assets.

"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," the letter states. The lawmakers also announced their stance at the Bitcoin 2024 event in Nashville, Tenn.

The Democrats' call for a pro-crypto platform follows the Republican Party's earlier adoption of similar measures. The letter specifically criticizes SEC Chair Gary Gensler, urging for his replacement with a "pro-innovation" leader who can foster innovation, enhance global competitiveness, promote financial inclusion, and protect consumers.

Colin McLaren, the engagement director for the Cedar Innovation Foundation, praised the Democratic leaders for their support of innovation and the next generation of financial services. "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," McLaren stated.

photo source / Blockonome