Beyond some of the most vocal policies currently being promoted by former President Donald Trump, the 2024 GOP platform promises to “Make America Great Again” while supporting innovation in the US. As part of the innovation initiative, crypto gets a shout-out—something diametrically opposed to the current Biden administration and its determinably anti-digital asset posture.
According to the GOP platform, Republicans will “end Democrats’ unlawful and unAmerican Crypto crackdown and oppose the creation of a Central Bank Digital Currency [CBDC]. 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 statement above will provide hope to the beleaguered digital asset industry, which has long wanted a bespoke regulatory regime as opposed to the current regulation by enforcement being pursued by the Securities and Exchange Commission (SEC) under Chairman Gary Gensler’s leadership.
As for Artificial Intelligence (AI), Trump states that he will repeal Executive Orders that hinder AI innovation while supporting its development “rooted in Free Speech and Human Flourishing.”
The Platform predicts that:
“Republicans will tackle Inflation, unleash American Energy, restore Economic Growth, and secure our Borders to preserve Social Security and Medicare funding for the next Generation and beyond. We will ensure these programs remain solvent long into the future by reversing harmful Democrat policies and unleashing a new Economic Boom.”
As with most political promises, goals tend to be broad and details few. The rubber hits the road when an Administration takes over, and cajoling Congress to do your bidding is pretty tough. Lofty ambitions can only be accomplished with a lot of hard work and political horse-trading. For either Presidential candidate, the next four years in office will also be determined by control of Congress – and even then, that is no guarantee.
That being said, the current President has not been very supportive of Fintech, capital formation, and digital assets, so if Trump is victorious, there could be a significant change in policy within the Executive branch.
