After nearly a decade of gridlock, the United States may finally be on the cusp of crafting a cohesive policy framework for digital assets. In Congress, lawmakers are mulling a variety of proposed bills governing everything from stablecoins and securities rules to sanctions. The 2024 presidential race, meanwhile, may be the first to see crypto as a focal point.
While both sides of the aisle are playing valuable roles, Republicans — especially influential congresspeople like Tom Emmer and Patrick McHenry — have emerged as the industry’s most important allies. However, the GOP’s pro-crypto bias may also be its downfall. From uncritical crypto “maximalism” to Orwellian surveillance paranoia, Web3’s industry bromides have crept into the party’s campaign rhetoric and, worse, its policy proposals. In seminal upcoming legislative opportunities, such as the House’s draft crypto regulatory bill, Republican policymakers must focus on putting “America first.”
Memeified campaign rhetoric
During his presidential campaign announcement in May, Florida Governor Ron DeSantis insisted that “the current regime, clearly, has it out for Bitcoin.” The candidate’s populist red meat has been the Republican “party line” on crypto in this election cycle. So far, it has been difficult to differentiate the rhetoric of GOP presidential hopefuls from that of “freedom-maximalist” influencers on Crypto Twitter.
For candidates like DeSantis, protecting Americans from “a federally controlled central bank digital currency surveillance state” ranks high among blockchain’s potential use cases. Even GOP longshot Vivek Ramaswamy, a biotech entrepreneur who claims to “understand this stuff in a much more deep and rich way” than DeSantis, says he views Bitcoin as a “decentralized alternative” to the U.S. dollar and wants to “make the 2024 election a referendum on fiat currency.”
@GOPMajorityWhip Tom Emmer joined me in this critical fight to protect our markets: “American investors and industry deserve clear and consistent oversight, not political gamesmanship. The SEC Stabilization Act will make common-sense changes to ensure that the SEC’s priorities…
— Warren Davidson
