Vivek Ramaswamy Drives Republican Shift Toward Bitcoin Support

Former President Donald Trump, who once criticized cryptocurrencies as unstable and potentially illegal, now supports Bitcoin and the broader digital asset sector.

This change in stance is reflected in the new platform adopted by the Republican National Committee, which now champions Bitcoin mining rights and opposes Central Bank Digital Currencies (CBDCs).

Earlier this year, the Department of Energy’s EIA demanded extensive data from Bitcoin miners, a move seen as excessive by many in the industry. In response, the GOP’s new platform promises to protect Bitcoin mining and self-custody of digital assets from intrusive regulations.

The shift is partly attributed to Vivek Ramaswamy, a prominent advocate for cryptocurrencies within the Republican Party. Ramaswamy has called for a more lenient regulatory approach, criticizing the SEC’s handling of digital assets and advocating for their recognition as commodities.

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His influence, along with support from figures like Senator J.D. Vance, has significantly impacted the party’s stance on crypto.

Additionally, Florida Governor Ron DeSantis has enacted a law banning the use of federally-backed CBDCs in the state, aligning with the GOP’s opposition to such measures.

As the Republican Party gears up for the next election, its evolving position on digital assets signals a potential shift in US financial policy, with Trump pledging to safeguard the future of Bitcoin and crypto innovation in America.

Source

Alexander Stefanov