Cryptocurrencies

This is how Donald Trump gets his pro-crypto course supported by Republicans in America


Former United States President and presumptive Republican Party nominee Donald Trump has further solidified his recent efforts to win over the crypto industry in a newly released policy document. The platform, released on July 8, states that “fostering innovation” within the crypto sector is one of the party’s key economic goals.

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Pledge to end “illegitimate and un-American” approach to crypto

In the document, the Republican Party pledges to end the Democrats’ “illegitimate and un-American approach to crypto” and oppose the creation of a central bank digital currency (CBDC). They say they will defend the right to mine Bitcoin and ensure that every American has the right to self-custody of their digital assets and conduct transactions free from government oversight and control.

Approval by Republican National Committee

Importantly, the platform has been approved by the Republican National Committee (RNC). The move follows talks between Trump and the committee on Monday, said Ben Proto, a Connecticut committee member and the state party chairman. According to CNN the platform was approved by a vote of 84 to 18, and will be considered next week at the full party convention in Milwaukee.

Trump’s Crypto U-Turn

The platform’s launch follows months of Trump campaign efforts to win over the crypto industry. On May 21, Trump launched a website that facilitates campaign donations in the form of digital assets via Coinbase. Four days later, Trump claimed the United States should lead the global crypto sector on Truth Social, and on June 6, he blasted Democrats for creating a hostile regulatory environment targeting the crypto industry.

Incredibility of Trump’s pro-crypto stance

However, many analysts are unconvinced by Trump’s apparent pro-crypto turn. Critics note that Trump failed to prioritize protecting web3 innovation during his previous term as US president, and in 2021 he described Bitcoin as a scam and the broader crypto sector as a “disaster waiting to happen.” during an interview with Fox.

Involvement of prominent web3 figures in policy platform

Preston Byrne, a web3-focused attorney, gave some insight in how Trump’s pro-crypto stance took shape. In February, when crypto wasn’t yet a campaign issue, a Trump campaign surrogate reached out to him for ideas on crypto policy. Byrne called Ryan Selkis, and together they came up with the document. Byrne noted that many of his and others’ suggestions had been adopted into official GOP policy.



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