No mention of crypto in US Democratic Party’s 2024 platform

Despite several senior Democratic officials suggesting that the presidential campaign of United States Vice President Kamala Harris would pivot from the anti-crypto policies of the Biden administration, the 2024 Democratic Party platform makes no mention of cryptocurrencies or digital asset policy.

The 91-page party platform touches on everything from “corporate greed,” housing and education to US foreign policy and geostrategic power.

Cost-cutting was a recurring theme in the lengthy document, though it does not address monetary debasement or suggest austerity measures to control the spending of the US government, which currently has a staggering  $35 trillion in debt .

Rather, there are multiple calls to increase government spending through measures such as expanding social entitlement programs and protecting Social Security.

The sincerity of Harris’ crypto “reset” comes under fire

Promises from senior Democrats that the Harris campaign would reverse the Biden administration’s crypto policies have been  met with suspicion from industry executives and crypto investors alike. 

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Fred Thiel, CEO of MARA, recently told Cointelegraph that he did not expect to see any mention of Bitcoin ( BTC ) in the Harris platform and explained that the Bitcoin mining giant might consider opportunities outside of the US depending on who wins the 2024 presidential election.

At a recent unaffiliated campaign event for Harris titled “Crypto4Harris,” Senate Majority Leader Chuck Schumer promised voters  pro-crypto policies if Harris was elected president in November. During the meeting, which Schumer attended virtually, the senior Democrat leader cited the geostrategic implications of not embracing digital assets. Schumer opined that if the United States does not innovate on digital assets, other countries will.

Any hope of a turnaround between now and November?

The Democratic Party will vote on finalizing its 2024 platform on Aug. 19, 2024. While most experts believe the platform will likely be passed exactly as written, others, such as former Republican presidential candidate Vivek Ramaswamy, believe Harris and the Democratic Party may change their tune on digital assets.

On Aug. 13, Ramaswamy told CNBC that he expects the Harris campaign to pivot on crypto, even if only through rhetoric and campaign promises, in order to garner votes from single-issue crypto voters.

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