Today, a groundbreaking development from America has made headlines. Fourteen Congress members wrote a letter to the Democratic National Committee (DNC). We will provide the details of the letter below. However, Trump’s support for the cryptocurrency sector has so alarmed the Democrats that they seem unable to tolerate any negative discourse in this area. They fear losing the election. Let’s look at the details of the letter.
Why Was the Letter Written?
The authors of the letter stated that they wrote it to encourage Democrats to adopt a forward-looking approach towards cryptocurrencies and Blockchain technology.
The letter expressed that this field has enormous potential for American innovation, economic growth, and financial inclusion. The following sentences about public misperception are interesting:
Senate Majority Leader Chuck Schumer, House Speaker Nancy Pelosi, and most of the House Democratic leadership, who represent the rising stance of the Democratic Party and the United States, have recently supported pro-cryptocurrency legislation. However, due to the current SEC’s approach to these transformative technologies, there is a public perception that the party has a negative outlook on cryptocurrencies. We believe this previous hostility does not reflect our Party’s progressive, forward-looking, and inclusive values. A renewed leadership offers an opportunity to change this perception.
Emphasis on Surveys in the Letter
The letter interestingly emphasizes a survey and states:
More than 52 million Americans have adopted cryptocurrencies and see them as tools for democratizing finance, promoting innovation, and creating new economic opportunities. According to recent surveys, 19% of voters have purchased cryptocurrencies, 19% identify as Democrats, 18% as Republicans, and 24% of cryptocurrency-owning voters identify as independents. The data shows that cryptocurrencies are adopted at higher rates among Gen Z, Black and Latin Americans, and immigrant communities (important voters for the Democratic Party) compared to traditional financial products. These technologies, reflecting their transformative potential, are revolutionizing opportunities for these communities.
Voters Identify Cryptocurrencies as an Important Issue
Another important aspect of the letter is the emphasis that the voter base that owns and adopts cryptocurrencies should not be ignored. The highlights on this topic are as follows:
From an electoral perspective, cryptocurrency and Blockchain technologies have a significant impact on victories up and down the ballot. Cryptocurrency ranks high in the minds of voters in swing states, and a balanced approach to crypto that protects consumers while promoting innovation is a clear positive for policymakers and candidates. More than 20% of voters in key battleground states identified crypto as an important issue in the 2024 elections, and it is crucial for our party to present a compelling case to crypto voters while ensuring thoughtful and appropriate regulations benefit consumers.
Criticism of the Current Financial System
Another issue addressed in the letter shows how much voters’ opinions are valued. The highlights here are as follows:
The current financial system has left Americans behind. According to recent surveys, 4 out of 5 voters agree with the statement, “The current financial system favors elites over ordinary people.” Cryptocurrencies and Blockchain technology represent a revolutionary change that can increase transparency, reduce fraud, and create a more inclusive financial system. We believe this technology is bipartisan, and the Democratic Party should support these innovations to help reaffirm the United States’ leadership position in the global digital economy.
Congress Members Call on the Administration to Act
The Congress members who signed the letter finally called on the administration to act and clearly outlined the actions to be taken:
- Add Pro-Crypto Language to the Party Platform
- Choose a Vice Presidential Candidate Knowledgeable in Crypto Asset Policy
- Select a Pro-Innovation SEC Chair
- Work with Industry Experts.
The authors of the letter are as follows:
Congress Member Collin Allred (TX-32)
Congress Member Nikki Budzinski (IL-13)
Congress Member Angie Craig (MN-02)
Congress Member Don Davis (NC-01)
Congress Member Dan Goldman (NY-10)
Congress Member Josh Gottheimer (NJ-05)
Congress Member Vicente Gonzalez (TX-34)
Congress Member Ro Khanna (CA-17)
Congress Member Jared Moskowitz (FL-23)
Congress Member Wiley Nickel (NC-13)
Congress Member Brittany Pettersen (CO-07)
Congress Member Pat Ryan (NY-18)
Congress Member Hillary Scholten (MI-03)
Congress Member Ritchie Torres (NY-15)
Shomari Figures (Candidate-AL-2)
Andrei Cherny (Candidate-AZ-01)
Yassamin Ansari (Candidate-AZ-03).
