Democrats have always been the party of innovation and forward thinking. We run on a platform of aspiration and abundance, breaking down barriers and empowering the poor. Why then hasn’t the party of progress embraced blockchain’s promise of democratization and innovation?
Democrats should seize the opportunity to support this technology by adding a pro-innovation, pro-cryptocurrency vice presidential candidate to their ticket. If we don’t, we risk losing ground to a Republican Party that has positioned itself as a champion of Web3 innovations. Former President Donald Trump spoke at a Bitcoin conference in recent weeks and promised to make America a cryptocurrency “superpower.” Democrats need to catch up.
From Roosevelt’s New Deal to JFK’s commitment to space travel, Democrats have championed technological and social progress, transformative policies that have reshaped American society and our standing on the world stage. To continue this legacy, Democrats must support blockchain innovators and recognize the role of technology in the pillars of their policy agenda: helping vulnerable communities, reducing reliance on traditional financial institutions, and increasing access to capital for those who have historically been excluded from entrepreneurship and economic opportunity.
Let’s address the bigger issue: the Republican Party’s current grip on the cryptocurrency industry. From the GOP’s adoption of a pro-blockchain stance in its official platform to the rise of its crypto industry ally JD Vance to Trump’s running mate, the right has been ramping up its support for the technology as the 2024 presidential election approaches. These moves should serve as a wake-up call for Democrats. It’s a signal for us to take the lead in an area that is rapidly gaining traction and relevance, especially as Democrats work to maintain and regain their congressional majority and woo younger voters.
In the wake of the financial crisis, the pandemic, and the general disarray in Washington, Gen Z, Millennials, rural communities, and communities of color have lost faith in the financial system and institutions of power. The decentralized nature of cryptocurrencies is an attractive alternative for these demographics, a fact that will have major implications for this year’s elections. A recent Harris Poll found that a third of Americans say they will consider candidates’ views on cryptocurrencies when they vote. With that in mind, the Democratic Party’s advocacy for thoughtful, pro-growth regulation of cryptocurrencies would help strengthen our appeal to critical constituencies. Now that a vice presidential candidate is leading the Democratic ticket, it’s time to appeal to these groups of voters.
New York Senator Kirsten Gillibrand and other forward-thinking Democratic leaders—including Bronx Representative Ritchie Torres and my former Senate colleague from Buffalo, Representative Tim Kennedy—have begun to advocate for a regulatory environment that supports cryptocurrency innovation. These actions are commendable, but they are just the beginning of what must be a broader and more engaged approach. To nurture the cryptocurrency ecosystem, the country needs the right political buy-in from more than a handful of elected Democrats. We need strong support from the executive branch to ensure that appropriate rules and regulations establish the barriers to a fair and lucrative market.
Notice: Republicans, be careful who Harris picks as VP. One of them should scare us.
President Joe Biden’s executive order on the responsible development of digital assets is a step in the right direction. As Democrats, we must commit to supporting a regulatory framework that not only protects consumers but also encourages our local innovators. Failure to do so would allow authoritarian nations to dominate in this space. The United States must remain at the forefront of technological innovation, safeguard our economic interests, and advance our democratic values on the world stage. Who better to lead this charge than Democrats?
Let’s embrace blockchain and cryptocurrency by putting cryptocurrency on our political agenda and welcoming a pro-cryptocurrency, pro-innovation vice presidential candidate to our ticket. In doing so, we will not only expand our technology leadership, but also deliver tangible and immediate benefits to Americans across the economic spectrum. Kentucky Governor Andy Beshear stands out among potential running mate Kamala Harris. Beshear’s policies have made Kentucky a Bitcoin hub, spurring economic development and creating new jobs in the state’s former mining towns.
As Harris’s team selects a running mate, Senate Democrats can do their part and embrace Gillibrand’s common-sense, bipartisan, pro-innovation policy framework. This is more than a strategic policy decision: it’s a tremendous opportunity to embody the values we hold dear by ensuring that our policies reflect a commitment to innovation, equity, and inclusion. This is an opportunity that should not be squandered. The risks are too great.
David Carlucci, a Democrat, is a former New York state senator who represented parts of Rockland and Westchester counties from 2011 to 2020.
This article was originally published on Rockland/Westchester Journal News: Kamala Harris’ running mate to embrace blockchain
