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Former US President Donald Trump’s Republican Party has vowed to end what it called the Democratic Party’s “unlawful and unAmerican” crackdown on the crypto industry if it wins November’s elections.
“Republicans will end Democrats’ unlawful and unAmerican Crypto crackdown and oppose the creation of a Central Bank Digital Currency,” said the Republican National Committee in a document that outlines its policy platform. “We will defend the right to mine Bitcoin, and ensure every American has the right to self-custody of their Digital Assets.”
Republicans See Crypto As An Innovative Industry, Oppose CBDC
The announcement mentioning the committee’s new platform highlighted the top 20 policy “promises.” Digital assets were listed under innovation initiatives in the economy section.
Throughout the 2024 campaign, opposition to central bank digital currencies (CBDCs) has been a focal point for Trump and other Republicans. Jurisdictions such as China and Europe have started to pursue the idea of a government-backed digital token, while in the US it remains in the research phase.
One of the reasons that the US is falling behind when it comes to the implementation of a CBDC is the fear that a government-based token could be used as a surveillance tool.
Federal Reserve Says US “Nowhere Near” Adopting A Government-Backed Digital Token
Democrats are eager to proceed out of the research phase, but Republicans argued in the document that citizens should be able to “transact free from Government Surveillance and Control.”
Government officials and Federal Reserve Chair Jerome Powell have said that control of such a theoretical digital token would lie with members of the banking system, and not the government.
NEW 🇺🇸 – Fed Chair Jerome Powell reaffirms to Senator Lummis that the Fed cannot introduce a CBDC without approval from Congress.#Bitcoin pic.twitter.com/sT2Tftm9qF
— Swan (@Swan) March 7, 2024
Officials from the Federal Reserve have also said that a CBDC will not be rolled out and adopted prior to receiving the necessary approval from Congress and the White House.
In March, Powell told the Senate Banking Committee in a hearing that the Federal Reserve is “nowhere near recommending – or let alone adopting – a central bank digital currency in any form.” He added that “people don’t need to worry about it.”
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