In a draft party platform passed on Monday, the Republican Party set out its goals surrounding crypto and artificial intelligence (AI). These plans include ending what it sees as the “crypto crackdown” by the current party in power, as well as ensuring Americans can transact without government surveillance.
“Republicans will end Democrats’ unlawful and un-American crypto crackdown and oppose the creation of a Central Bank Digital Currency,” the document says.
This comes after a span in which the U.S. Securities and Exchange Commission (SEC) has actively investigated numerous crypto companies in an era-defining crypto crackdown. In this draft party platform, Trump’s Republicans have set out the goal to put an end to this war.
Many crypto advocates are against central bank digital currencies (CBDCs), or “digital dollars,” due to fears of surveillance. As a result, it’ll please much of the crypto crowd that the Republicans are setting out to ban the progression of this technology. The GOP also aims to protect Bitcoin mining rights in the country.
“We will defend the right to mine Bitcoin, and ensure every American has the right to self-custody of their digital assets, and transact free from government surveillance and control,” the party platform continues.
Senators Elizabeth Warren and Roger Marshall proposed a bill in late 2022 to place restrictions on self-custody crypto wallets, a measure that industry advocates called “unconstitutional”—and “opportunistic,” too, in the wake of the FTX exchange collapse. Republican Senators have sought to protect self-custody wallets, in opposition to the proposed bill.
Many crypto industry advocates view the party’s statements as wholeheartedly pro-crypto, and a key issue that may sway voters in the upcoming presidential election.
“I think [the Republicans] probably see it as a winning issue for them and a wedge issue,” Kris Klaich, policy director at crypto lobbying group the Chamber of Digital Commerce, told Decrypt. “The Democrats have generally been more flat-footed and certainly a little bit more negative than Republicans in general [on crypto].”
The Republicans are also looking to repeal Joe Biden’s AI executive order that aimed to bring new standards for safety and security. This is because it “hinders AI innovation and imposes radical left-wing ideas” on development, the party claims.
By removing this, the party plans to “support” AI development that’s rooted in free speech and “human flourishing.”
Additional reporting by Sander Lutz. Edited by Andrew Hayward