Republican Committee drafts pro-Bitcoin agenda for 2024 elections

A Republican National Committee panel has approved a draft of its 2024 party platform that strongly supports Bitcoin and cryptocurrency rights. The draft, which faces a final vote on Tuesday, explicitly states the party’s commitment to defending Bitcoin mining and individual custody of digital assets.

The platform’s economic agenda, outlined in “Chapter Three: Build the Greatest Economy in History,” rests on five pillars: cutting regulations, making Trump-era tax cuts permanent, securing fair trade deals, ensuring low-cost energy, and championing innovation. Within the innovation pillar, the draft takes a bold stance on crypto:

Republicans will end Democrats’ unlawful and unAmerican Crypto crackdown and oppose the creation of a Central Bank Digital Currency. 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.

Trump’s shift on Bitcoin

This shift towards supporting cryptocurrencies signals a notable departure from the party’s previous views and mirrors ex-President Donald Trump’s recent change of heart regarding Bitcoin. Initially criticizing Bitcoin in 2019 as highly volatile and lacking inherent value. Trump now sees it as a potential strategic asset for the U.S. as the 2024 election looms closer.

The proposal also covers various new technologies. It commits to revoking President Biden’s AI executive order and endorsing AI advancement based on free speech and human progress. Furthermore, it details strategies for enhancing manufacturing in space near Earth and sending astronauts back to the Moon and eventually to Mars.

The platform’s economic agenda includes the permanent establishment of the Trump Tax Cuts and Jobs Act. In addition, tax exemption for hospitality workers’ tips and the advocacy of an “America First” trade strategy. Furthermore, it promises to increase energy production in all sectors and simplify permitting procedures.

Nevertheless, this favorable stance towards Bitcoin could profoundly impact both the cryptocurrency sector and U.S. economic strategies. By framing Bitcoin as a valuable asset, the Republican Party hints at a potential shift in the perception and regulation of digital currencies at the national level.