Trump Doubles Down On Pro-Crypto Pivot In RNC-Backed Policy Doc

The Republican policy platform takes aim at the Democrat Party for waging an “unAmerican” crypto crackdown in recent years.

Donald Trump, the former U.S. president and presumptive nominee of the Republican Party, has doubled down on his recent efforts to court the crypto industry in a freshly published policy platform document.

The July 8 platform — a formal assertion of the party’s policy objectives ahead of the November presidential election — asserted that “champion[ing] innovation” within the crypto sector is among the party’s principal economic goals.

“Republicans will end Democrats’ unlawful and unAmerican Crypto crackdown and oppose the creation of a Central Bank Digital Currency [CBDC],” the document said. “We will defend the right to mine Bitcoin, and ensure every American has the right to self-custody of their Digital Assets, and transact free from Government Surveillance and Control.”

Significantly, the platform was approved by the Republican National Committee (RNC). The move followed conversations between Trump and the committee on Monday, according to Ben Proto, a committee member from Connecticut and the state’s party chair.

CNN reported that the platform was approved by an RNC vote of 84 in favor to 18 against, and will be reviewed at next week’s full party convention in Milwaukee.

The platform also pledges to support innovation in artificial intelligence and aerospace, in addition to promoting national energy generation, introducing tax cuts, and an “America-first” trade policy.

Trump’s pro-crypto pivot

The publication of the platform follows months of the Trump campaign seeking to court the crypto industry.

On May 21, Trump launched a website supporting campaign donations in the form of digital assets via Coinbase, the largest U.S.-based cryptocurrency exchange.

Four days later, Trump asserted that the United States must lead the global crypto sector on Truth Social. “I am very positive and open-minded to cryptocurrency companies and all things related to this new and burgeoning industry,” he said.

On June 6, Trump took aim at the Democrats for overseeing a hostile regulatory environment targeting the crypto industry, even claiming he would act as a “crypto President” if re-elected.

Less than one week later, Trump hosted several executives representing U.S.-based Bitcoin mining firms at his Mar-a-Lago resort. Afterward, Trump took to Truth Social to proclaim that every remaining BTC should be mined in the United States, adding that Bitcoin offers the “last line of defense” against a CBDC.

However, many analysts have been unconvinced by Trump’s apparent pro-crypto pivot.

Critics note that Trump failed to prioritize protecting web3 innovation during his previous tenure as U.S. president, Trump described Bitcoin as a scam and labeled the broader crypto sector a “disaster waiting to happen” during an interview with Fox in 2021.

“Just like Biden, Trump was previously anti-crypto and is pandering to get votes,” said Adam Cochrane, a partner at Cinneamhain Ventures,. “Trump isn’t someone to honor his transactions.”

Republicans engage prominent web3 figures on policy platform

Preston Byrne, a web3-focused lawyer, shed some light on how Trump’s pro-crypto stance took shape.

“Back in February, when crypto wasn’t yet an election issue, a Trump campaign surrogate reached out to me for crypto policy ideas,” Byrne tweeted. “I called up Ryan Selkis and we brainstormed the document on the left. After submitting it, Ryan took charge while I stepped back to avoid direct political involvement.”

He noted that many of his and others’ suggestions had been adopted into the GOP’s official policy.

“If the Biden administration had pinged crypto people on these issues, instead, I think most of us would have made the exact same suggestions,” Byrne continued. “They didn’t want to hear them. Now they’ve probably lost the crypto vote for the next several cycles.”