Bitcoin was not a huge subject at the Democratic National Convention (DNC) today. None of the speakers at the occasion said a word about the electronic money system or other crypto properties from the occasion’s primary phase at Chicago’s United Center. And you’d have been difficult pushed to have actually overheard a discussion on Bitcoin or crypto throughout the halls of the arena either.
However, in spite of the truth that Democrats picked not to consist of Bitcoin or crypto in their main platform, some high-ranking Democrats did state today that a Harris administration would be more pro-Bitcoin and pro-crypto than the Biden administration has actually been — however without providing specifics. Also, at satellite occasions for the conference, some Democrats spoke passionately about why their celebration needs to accept Bitcoin and crypto.
Congressman Wiley Nickel (D-NC), a Bitcoin and crypto supporter, spoke with the concept that a Harris administration will take a various method to the crypto market than the Biden administration has.
“Vice President Harris has been working for and as part of the Biden-Harris administration, but now she’s coming into this campaign with her own positions on issues,” Rep. Nickel informed Bitcoin Magazine described in an interview at the convention.
“A lot has happened in the last few week’s, so she’s [only now] starting to come out with policy positions. It’s not going to be an immediate process of her coming out with things she would do differently from President Biden, but she will have different positions on issues, and she will make those known,” he included.
On Wednesday, Bloomberg reported that Vice President Harris will present policies to support the crypto market if chosen. This was according to her senior project consultant for policy, who spoke at a Bloomberg News roundtable at the convention.
The post discussed how Harris prepares to engage with the cryptocurrency market — however, once again it didn’t offer any details on how she prepares to do so. It also estimated Harris stating that she prepares to “cut needless bureaucracy and unnecessary regulatory red tape” while motivating “innovative technologies” by offering “transparent rules of the road,” though none of Harris’ prices estimate in the piece consisted of any direct recommendations to Bitcoin or crypto.
Rep. Nickel didn’t offer any specifics on what Harris’ policy may appear like either, as he stated he didn’t wish to speak on behalf of Harris, but did keep in mind the success of the Crypto4Harris city center, an occasion hung on Wednesday, August 15, that included Democratic legislators consisting of Sen. Chuck Schumer (D-NY), Sen. Kirstin Gillibrand (D-NY) and Sen. Debbie Stabenow (D-MI) along with billionaire crypto lover Mark Cuban, sharing that there’s “a real sense of momentum amongst Democrats on the issue.”
Rep. Nickel also asked Bitcoin and crypto lovers to hearken a particular caution.
“The anti-crypto names you hear are just totally invented by folks who are trying to damage her campaign,” stated Rep. Nickel about reports of Harris bringing the similarity Brian Reese and Bharat Ramamurti, financial consultants from the Biden administration who lagged Operation Chokepoint 2.0, back into the fold.
“I don’t [give] any credence to the weird names that you hear being thrown around for big jobs. I heard Gary Gensler for Treasury Secretary. I can tell you that there’s 0% chance that he would be able to be confirmed by the Senate,” he included.
“That one is not happening.”
Pro-Bitcoin/Pro-Crypto Democrats Speak At Satellite Events
At an occasion held at a University of Chicago center, Cleve Mesidor, Executive Director of the Blockchain Foundation and previous Obama appointee who worked as the Director of Public Affairs at Commerce’s Economic Development Administration (EDA), spoke on a panel entitled “Democrats’ Path Forward On Digital Assets & Crypto.”
TODAY: I’m Speaking in Chicago During DNC Convention!
I’m thrilled to be part of this panel hosted by @ProgressChamber & @BusinessForward, which also functions: @RepWileyNickel | @clydevanel | @JBSDC @paradigm| @KyleBligen
= Democrats' Path Forward On Digital Assets & Crypto = pic.twitter.com/WIYggp1V9o
— Cleve Mesidor (@cmesi) August 21, 2024
Mesidor shared her viewpoint on the significance of crypto, which varied significantly from the point of views of infamously anti-crypto Democrats like Sen. Elizabeth Warren (D-MA) and Rep. Brad Sherman (D-CA).
“Senator Liz Warren and Congressman Brad Sherman are stuck in time,” stated Mesidor on the panel.
“They are so determined to fight big money, so laser focused on hitting the big guys, that their blind spot is the fact that communities of color are the largest adopters of cryptocurrency. Black and Latino communities lead national adoption of this $2 trillion market,” she included.
“Let’s be clear, consumer protection is important — we need guardrails. But if you don’t couple it with financial inclusion, you’re just saying to all of the communities who capitalized on bitcoin over the last 15 years — who made it something, who built products and services on blockchain — that you’re going to continue [supporting] policies to make sure they can’t continue to participate.”
Mesidor, a Latina herself, was psychological as she spoke, as she feels that Democrats are missing out on among the significant stories around Bitcoin and crypto. At the exact same time, she acknowledged why they may be worried to look positively upon the crypto market.
“Democrats have PTSD,” she informed me in an interview after the panel.
“[They have] PTSD because decades ago the predatory lenders, as we call them today, came to them and said we were going to democratize finance. The internet was supposed to democratize us, right? It was supposed to be decentralized. And today, big tech is not diverse,” she included.
New York Assemblyman Clyde Vanel (D), a lawmaker who’s part of the New York State Black, Puerto Rican, Hispanic, and Asian Legislative Caucus, was also on the panel.
Vanel remembered initially being presented to crypto in the mid-2010s and being impressed by how it catalyzed a boost in the monetary savviness of central city youth.
“I went to different high schools and there were high school kids [who owned crypto] using the same muscles that seasoned investors do, watching markets,” stated Vanel.
“We had a convenience store in my neighborhood [that had a] Bitcoin ATM. I went to the convenience store and saw a line of young people buying different denominations of Bitcoin — amazing,” he included.
Vanel wasn’t simply pleased to be seeing his constituents getting bitcoin since of the monetary advantages they might have gained from purchasing it, but since blockchain innovation also provides those from his neighborhood an option to the standard monetary system, which some — including his own dad — don’t trust.
“My dad never used a bank, never trusted a bank,” stated Vanel. “He used check cashing places.”
Vanel also discussed the remittance payment usage case for Bitcoin and crypto.
“When he sent money to another country, he spent a lot of money doing so,” stated Vanel, still discussing his dad “What does it mean to make sure that we make it easier for people like him to transfer value?”
Because Vanel comprehends well the advantages of Bitcoin and crypto, he’s delighted to see Democrats beginning to come around to it.
“I’m very excited that this event is happening on the heels of this campaign to show the importance of financial inclusion [via] digital technology,” stated Vanel. “10 years ago, this wouldn’t have happened at the National Convention.”
Not far from the occasion at which Mesidor and Vanel spoke, an occasion entitled CryptoDNC occurred, including looks by Reps. Bill Foster (D-IL) and the abovementioned Wiley Nickel.
🎉 New speaker statement!
We're happy to have @RepBillFoster as a highlighted speaker throughout our occasion next Wednesday in Chicago throughout the 2024 @DemConvention
Make sure to RSVP now to protect your area!
Register: https://t.co/mJzVzchfx2
Or register below 👇👇 pic.twitter.com/V9lnPlgmox
— CryptoDNC (@crypto_dnc) August 16, 2024
During a fireside chat at the occasion, Rep. Nickel shared that not welcoming crypto innovation would resemble not welcoming the web 2 and a half years earlier.
Are The Democrats Serious?
Have the Democrats actually altered their tune concerning Bitcoin and crypto or are they simply catering single-issue citizens who would otherwise vote Trump since of his pro-crypto position?
This is the concern that appears to have actually stayed on the minds of a lot of Bitcoin and crypto lovers. Part of the factor numerous appear reluctant to rely on the Democrats’ proposed 180 on crypto might be since of the Biden administration’s assistance of SEC Chair Gary Gensler’s policy by enforcement method to the crypto market over the last 3 and a half years.
Rep. Wiley Nickel appears to be making an earnest effort to get the Democrats to “reset” their method to crypto, but is Harris actually listening? And can the similarity Assemblyman Vanel and Ms. Meridor raise their pro-crypto voices loudly enough to get the attention of a possible Harris administration?
We will need to wait and see.
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