GOP Embraces Crypto, Shaping Political Battle Ahead

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In a surprising turn of events, the political landscape in the United States has shifted significantly towards cryptocurrency. Scott Melker, host of the Wolf of All Streets podcast, and Aaron Arnold, host of Altcoin Daily, recently discussed this major development. With the Republican National Committee (RNC) officially adding language defending cryptocurrency to their platform, the stage is set for an intense political battle over the future of digital assets.

Scott Melker opened the conversation by highlighting the thawing in the political arena towards crypto. Notably, former President Donald Trump has embraced cryptocurrency, forcing President Joe Biden to soften his previously aggressive stance. The RNC’s inclusion of pro-crypto language in their platform is unprecedented, marking the first time that cryptocurrency has become a key component of a major political party’s election season agenda.

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Aaron Arnold expressed his excitement about this development, noting that it is a historic moment for crypto enthusiasts in the United States. The RNC’s platform promises to defend the right to mine bitcoin, ensure the right of self-custody, oppose central bank digital currencies, and reject the unlawful and un-American crypto crackdown. This positions the GOP as the pro-crypto party, just ahead of their National Convention starting on July 15th.

Healthcare, the economy, taxes, and jobs are major issues in the presidential election, but now, crypto has joined their ranks. Arnold pointed out that approximately 70 million Americans own cryptocurrency, representing about 20% of the population. With such significant numbers, it is no surprise that the RNC would adopt a pro-crypto stance. This move has the potential to sway a large portion of the electorate, particularly those who vote with their pocketbooks.

Interestingly, Joe Biden and his administration are also making moves in the crypto space. Power players will attend a bitcoin and crypto roundtable in Washington, D.C. on Wednesday, featuring prominent figures like Mark Cuban and Anthony Scaramucci. This could signal a shift in the Democratic Party’s approach to crypto, especially with the ethereum ETF expected this month and the Democratic National Convention coming up in August.

Scott Melker noted that many in the crypto industry have evolved into what they call “one-issue voters,” focusing solely on crypto policy. Trump has tapped into this sentiment, understanding the importance of this demographic. Regardless of who is elected, the situation for crypto is likely to improve. Even Biden, under pressure, could offer a significant improvement from the current regulatory environment, which has been hostile towards the industry.

Arnold emphasized that crypto should not be a partisan issue. With 20% of the country owning or having owned crypto, it makes sense for both parties to adopt fair policies and regulations. The RNC has recognized this, and it is now up to the Democratic Party to follow suit. The upcoming months will be crucial as both parties finalize their platforms and prepare for the debates and conventions.