During the recent Massachusetts Senate debate, a crucial discussion unfolded between John Deaton, a Bitcoin advocate, and his opposition, Elizabeth Warren, the head of the anti-crypto movement in Washington D.C.
When challenged by Deaton, Warren declined to fight back, stating “I’m fine if people want to buy and sell crypto,” despite her previous attacks on the sector. This exchange speaks volumes about the Democrats’ attitude towards the Bitcoin industry and their failure to support it.
It’s hard to ignore that Bitcoin has become a partisan issue in the U.S., with most Democrats, including potential presidential candidate Kamala Harris, siding with Warren’s stand against Bitcoin. Harris, for instance, vaguely promised support for blockchain and digital assets without any substantial commitments.
Furthermore, Harris recently proposed a policy that focuses on race and excludes most Americans, which failed to strike a chord with the industry.
On the other hand, Republicans have shown clear support for Bitcoin. They’ve proposed legislation to stimulate more innovation in the field, defended it against Democratic assaults, and even included it as an official part of their party platform. They’ve also personally invested in Bitcoin, showing their commitment to the industry.
The current leading presidential contender, Donald Trump, has pledged to foster the growth of the industry by proposing specific policies. He recently raised $25 million from private donors at the Bitcoin 2024 Conference and has held discussions with American Bitcoin miners about their needs.
While Republicans have embraced Bitcoin, Democrats have consistently voted against Bitcoin-friendly regulations and criticized the industry.
Just four months ago, Democratic Congresswoman Maxine Waters suggested implementing a Central Bank Digital Currency (CBDC) instead of banning it, likening it to the new “space race”. This shows where the Democrats stand in the Bitcoin vs CBDC debate.
If Harris wins the presidency, there’s a fear that she may continue her past pattern of attacking the crypto industry. The upcoming election is a critical fight for the control of the U.S., with different industries picking sides. If Bitcoin enthusiasts want the industry to flourish and to avoid the attacks of the past four years, they’ll need to make their presence felt at the polls this November – and that might mean voting Republican.
The views expressed in this article are those of the author and do not necessarily reflect the views of BTC Inc or Bitcoin Magazine.