Senator criticises Democrats over crypto stance

The ongoing debate over cryptocurrency has intensified as U.S. Senator Bill Hagerty accused the Democratic Party of attempting to undermine the digital asset industry while only offering minimal support. 

This criticism emerged after the Democratic Party's 2024 platform, presented at the Democratic National Convention, omitted any mention of cryptocurrencies, Bitcoin (CRYPTO:BTC), or Blockchain technology. 

This absence has led to frustration within the crypto community, which had anticipated greater recognition and endorsement from the party.

Hagerty's remarks reflect a growing perception that the Democratic Party has been either indifferent or hostile toward the burgeoning sector. 

He emphasised that the Republican Party is positioning itself as the true supporter of cryptocurrency, contrasting with the Democrats' approach over the past four years.

In response to the Democrats' stance, the Republican Party has embraced the cryptocurrency sector more fervently. 

Senator Cynthia Lummis of Wyoming, a prominent advocate for digital assets, has introduced legislation to foster collaboration between federal law enforcement and private crypto companies to combat illicit finance. 

Additionally, Lummis proposed the creation of a strategic Bitcoin reserve for the United States, suggesting that the government acquire one million Bitcoin over five years. 

She argues that this move would help secure the U.S. dollar's position as the world's reserve currency and reduce the national debt.

As the 2024 presidential election approaches, the partisan divide over cryptocurrency could become a pivotal issue. 

With the Democratic Party's silence on the matter, the Republican Party has an opportunity to position itself as the champion of the crypto industry, potentially influencing the outcome of the upcoming election.