The Democratic Party is progressively adopting cryptocurrencies, therefore indicating a major change in the political terrain. Former Ohio Representative Tim Ryan has noted this increasing trend altering the party’s position on digital currencies and their control.
SEC’s Skepticism And Congressional Responsibility
Appointed by US President Joe Biden, Gary Gensler, Chairman of the Securities and Exchange Commission (SEC), has been outspokenly negative of cryptocurrencies. Reflecting his wary attitude on crypto control, he fiercely opposed the FIT21 measure once it passed the House. Industry lobbyists contend that Gensler’s influence has changed many Democratic legislators, who often rely on party-appointed regulators for knowledge on intricate financial concerns.
Rising Democratic Support For Cryptocurrency Regulation
Previously seen with mistrust by many Democrats, cryptocurrencies are becoming popular inside the party. Approved by the US House of Representatives with a clear majority of 279 to 136, the FIT21 measure is now before the Senate for additional review. Especially 71 Democrats supported the measure, so indicating a significant change in the party’s perspective on crypto control.
Total crypto market cap at $2.38 trillion on the daily chart: TradingView.com
Ryan responded on this change, noting that his Democratic colleagues are now more likely to interact with crypto concerns than to completely submit to the Biden administration and banking authorities.
Ryan does stress, though, that Congress—not officials—has constitutional authority to define long-term policy choices. Although Gensler’s term is transitory, he contends that legislators have an obligation to evaluate the more general, long-term effects of bitcoin control.
With Gensler expected to leave office in June 2026, Ryan suggests that Congress should take a proactive role in shaping the nation’s approach to digital currencies.
Bipartisan Support And Future Implications
Not just the Democratic Party but also other political parties find increasing acceptance of cryptocurrencies. Declared the “crypto president,” former US President Donald Trump, a presumed Republican nominee, supports better domestic Bitcoin mining methods and actively uses crypto in his business activities.
Notable also is the changing attitude of the Biden government on cryptocurrencies. Reflecting a realistic attitude to using new financial technology, the government intends to allow campaign donations in cryptocurrencies despite earlier mistrust.
So, the Biden administration and the SEC spend years trying to crush crypto and even sue Coinbase…But now, they’re scrambling to set up crypto donations through Coinbase?
Wow, they really do think Americans are stupid. pic.twitter.com/PTdSs2OFu1
— Dan Gambardello (@cryptorecruitr) June 13, 2024
Dan Gambardello, founder of Crypto Capital Venture, pointed out the irony in the administration’s change, noting on X (formerly Twitter) that the Biden government and the SEC had spent years trying to discredit cryptocurrencies, even going so far as to sue Coinbase, but now, “they’re scrambling to set up crypto donations through Coinbase!”
Featured image from Attucks Adams, chart from TradingView
