Coinbase, Ripple, and a16z to Advocate for Crypto Policies at RNC and DNC
Coinbase, Ripple, and Andreessen Horowitz (a16z) have announced plans to send representatives to both the Republican National Convention (RNC) and the Democratic National Convention (DNC) in order to advocate for policies favorable to the cryptocurrency industry.
According to Politico, the firms will be presenting their case to GOP power brokers in support of policies that benefit the crypto sector. There is a growing interest in crypto among Republicans, with Rep. Dusty Johnson (R-S.D.) acknowledging the importance of the issue.
Attending both conventions demonstrates the companies’ commitment to bipartisan crypto policies. As members of the Fairshake super PAC, which has raised $177.9 million and spent $70.9 million during the 2024 election cycle, Coinbase, Ripple, and a16z are working to support US candidates who are pro-crypto, regardless of their party affiliation.
It remains to be seen how the company representatives will influence the discussions at the conventions, but their presence underscores the increasing significance of crypto in the political landscape.
Republican and Democratic National Conventions
The Republican National Convention (RNC) will end on July 18, while the Democratic National Convention (DNC) is set to take place from August 19 to August 24.
Companies’ Stance on Cryptocurrency
Despite being contacted by CryptoSlate for comment, the companies have not responded yet. The firms’ attendance at the conventions comes after the release of new party platforms.
After a recent vote, the RNC included various crypto issues in its 2024 platform. They oppose a central bank digital currency (CBDC) and the Democratic party’s actions against the crypto industry. The platform supports the protection of crypto mining and self-custody rights, as well as advocating for crypto transactions free from government surveillance and control.
This aligns with Donald Trump’s views on crypto, which he expressed in recent campaign appearances. Trump was confirmed as the RNC’s presidential candidate on July 15.
On July 13, the DNC released its draft platform, which did not mention crypto at all. The Biden administration and Democrats have faced criticism for their handling of the crypto sector.
The Importance of Responsible Development of Digital Assets
In 2022, the administration issued an executive order with the goal of promoting responsible development of digital assets. However, despite this directive, regulators continue to impose strict measures on the sector, causing concern among industry players.
It is crucial for the digital assets industry to prioritize responsible development in order to ensure long-term sustainability and growth. This includes implementing robust compliance measures, promoting transparency, and fostering innovation in a regulated environment.
Regulators should work collaboratively with industry stakeholders to strike a balance between fostering innovation and protecting investors. By creating a clear regulatory framework that encourages responsible development, the digital assets sector can thrive and contribute positively to the economy.
