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GOP Make Combating Crypto Crackdown an Official Stance

Trump's pro-crypto stance makes it onto the party's official 2024 platform.
David C David C Jul 9, 20241 min read
GOP Make Combating Crypto Crackdown an Official Stance

By adopting Donald Trump’s platform, the official positions and principles set by his campaign, the Republican National Committee now actively supports crypto. 

What's the scoop?

  • Key Points: Republicans aim to end what they call Democrats' "unlawful and unAmerican Crypto crackdown,” defend the right to mine Bitcoin, and ensure Americans can self-custody and transact without government surveillance.
  • Opposition to CBDCs: The platform opposes the creation of a Central Bank Digital Currency (CBDC).
  • Trump’s Shift: Over the past few years, Trump has shifted from skepticism to solid support for crypto, even launching his own NFTs.
  • Campaign and Donations: Trump’s campaign and an affiliated political action committee accept crypto donations.

Bankless Take:

Officially adopting Trump’s pro-crypto stance marks a significant step in solidifying the Republican party’s approach to digital assets. While the immediate impact will be more political than practical, the platform’s strong opposition to CBDCs, support for Bitcoin mining, and self-custody views certainly match the industry’s core values. While many in the industry believe these endorsements signal a favorable regulatory environment is on the horizon, it remains to be seen how these promises translate into action.

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David C

Written by David C

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David is a writer/analyst at Bankless. Prior to joining Bankless, he worked for a series of early-stage crypto startups and on grants from the Ethereum, Solana, and Urbit Foundations. He graduated from Skidmore College in New York. He currently lives in the Midwest and enjoys NFTs, but no longer participates in them.

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