Promises by the Harris campaign to reverse the crypto policies under the Biden administration have been met with suspicion from industry executives and crypto investors alike.
The 2024 Democrat Party platform was unveiled on Friday, outlining the party's key priorities and stances on various issues ahead of the upcoming presidential election. However, despite weeks of messaging from the Harris-Walz campaign and senior Democrat officials promising a crypto "reset," pivoting from the Biden administration's anti-crypto policies, the platform made no mention of cryptocurrencies or digital asset policy.
The 91-page party platform covered a wide range of topics, including "corporate greed," housing, education, US foreign policy, and geostrategic power. Notably, the platform emphasized cost-cutting measures and highlighted the need to address rising costs.
Interestingly, the platform largely focused on increasing government spending through expanded social entitlement programs and protecting Social Security, despite the House Budget Committee's warning that Social Security is expected to become insolvent in May 2024.
The Harris campaign's promises to reverse the Biden administration's crypto policies have been met with skepticism from industry executives and crypto investors.
Fred Thiel, CEO of MARA, expressed doubt that Bitcoin ( BTC ) would be mentioned in the Harris platform and stated that the mining giant might consider opportunities outside the US depending on the outcome of the 2024 presidential election.
At a recent campaign event for Harris titled "Crypto4Harris," Senate Majority Leader Chuck Schumer promised pro-crypto policies if Harris were elected President. During the meeting, which Schumer attended virtually, the senior Democrat highlighted the geostrategic implications of not embracing digital assets and warned that other countries would if the US failed to innovate.
The Democratic Party will vote on finalizing its 2024 platform on Aug. 19, 2024. While some experts believe the platform will be passed as written, others, such as Vivek Ramaswamy, anticipate that Harris and the Democratic Party might adjust their stance on digital assets to secure votes from single-issue crypto voters.
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