According to Politico, cryptocurrency exchange Coinbase, blockchain development company Ripple, and venture capital firm Andreessen Horowitz (a16z) plan to send representatives to both the Republican National Convention (RNC) and the Democratic National Convention (DNC).
These companies will first “present their positions to Republican power brokers” in order to support election outcomes that are favorable to the industry’s policies, highlighting the broad support for the cryptocurrency industry within the Republican Party.
Politico quotes Republican Congressman Dusty Johnson emphasizing the growing importance of cryptocurrencies, calling it an issue that “more and more people are interested in.”
Participating in both the RNC and DNC represents the ongoing commitment of these companies to the cryptocurrency policies of both parties. All three companies are members of the super political action committee Fairshake, which raised $177.9 million and spent $70.9 million during the 2024 election cycle. The goal of this super PAC is to benefit US candidates who support cryptocurrencies, regardless of their party affiliation.
It is currently unclear whether the representatives of these companies have already arrived at the RNC, which will conclude on July 18. The DNC is scheduled to take place from August 19 to August 24.
Differences between the two parties on cryptocurrency issues
The Republican National Committee’s Platform Committee passed and released the 2024 party platform document titled “Make America Great Again” last week. This platform vows to end the “illegal and un-American suppression” of the cryptocurrency industry in the United States. In addition to opposing the creation of central bank digital currencies (CBDCs), the platform draft also includes a commitment to “defend the right to mine Bitcoin” and allow cryptocurrency holders to self-custody their tokens.
This policy direction aligns with the recent stance expressed by former US President Donald Trump on cryptocurrencies. Despite being shot over the weekend, Trump plans to attend and deliver a speech at the upcoming “Bitcoin 2024” conference, scheduled to take place from July 25 to 27, according to reports.
The Republican Party confirmed Trump as its presidential candidate after a vote on July 15. Additionally, Trump announced that Ohio Senator J.D. Vance will be his running mate for this election. Vance has previously expressed support for cryptocurrencies and even publicly stated that he owns $250,000 worth of Bitcoin in 2022.
On July 13, the Democratic National Committee released its platform draft, which does not mention cryptocurrencies. Despite current US President Joe Biden issuing an executive order in 2022 aimed at ensuring responsible innovation in digital assets, authorities and Democrats have still faced criticism for their strict treatment of the industry.