The Republican National Committee (RNC) just adopted a platform that plans to boost crypto mining and oppose the creation of a CBDC.
The Republican National Committee, led by Michael Whatley and Donald Trump’s daughter in law Lara Trump has officially adopted their election platform that includes a section on crypto innovation. The platform was made released Monday as the party gears up for the November election.
“Republicans will end Democrats’ unlawful and un-American Crypto crackdown and oppose the creation of a Central Bank Digital Currency (CBDC),” the document states. “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.”
This platform reflects the increasing interest in digital assets among Trump and other GOP politicians.
Digital assets were prominently featured in the platform’s ‘economy section’ as part of the innovation initiatives. The platform committee overwhelmingly approved the new draft, which is scheduled for a final vote on Tuesday.
Trump and crypto
This shift marks a significant change for Trump, who previously expressed skepticism towards cryptocurrency but has become a vocal advocate in recent weeks. On June 10, Donald Trump announced that he wanted all remaining bitcoin (BTC) mined in the United States, hoping the country could dominate the energy sector.
Trump has also personally engaged with digital assets, launching several sets of branded non-fungible tokens and accepting crypto donations for his campaign and affiliated political action committee.
CBDCs
Opposition to CBDCs has been a recurring theme for Trump and other Republicans during the 2024 campaign. The U.S. remains in the research phase like other regions, including China and Europe, as they explore government-backed digital tokens.
Republicans argue that Democrats’ push for CBDCs could lead to increased financial surveillance of citizens.
As we look ahead to the 2024 election, the Republican Party’s strong support for Bitcoin and crypto innovation is becoming increasingly evident. This demonstrates a clear trend of backing digital assets within the RNC, setting the stage for the party to be seen as a leader in crypto innovation.
This contrasts the more reserved approach taken by the Biden Administration.