Former Democratic Representative Tim Ryan believes that cryptocurrency is gaining traction within the Democratic Party. This growing interest was highlighted when the U.S. House of Representatives passed bill FIT21 with a significant majority of 279 to 136, including 71 Democrats in favor.
Ryan’s comments to MarketWatch underscore a shift in the Democratic stance towards cryptocurrency regulation, suggesting that his colleagues are increasingly interested in the crypto industry beyond the perspectives of the Biden administration and financial regulators.
Gary Gensler’s Position on Crypto
Gary Gensler, Chairman of the Securities and Exchange Commission (SEC) appointed by President Biden, has been a vocal skeptic of crypto regulation. He strongly opposed the FIT21 bill after it passed in the House. Industry lobbyists argue that Gensler’s influence on Democratic lawmakers stems from their reliance on party-appointed regulators for guidance on complex financial issues.
Ryan pointed out the importance of Congressional responsibility in shaping the nation’s approach to crypto, suggesting that Gensler’s tenure may soon end. “Gensler will be gone in a year or two, and these members of Congress are charged with the Constitutional obligation to set the direction of the country for the next decade or two,” Ryan said. Gensler is expected to complete his term as SEC Chairman in June 2026.
Shifting Democratic Stance on Crypto
This shift indicates a broader change within the Democratic Party. President Biden’s evolving stance on crypto, including his recent announcement to accept campaign donations in cryptocurrency, reflects this transformation. Dan Gambardello, founder of Crypto Capital Venture, noted the irony in the administration’s sudden embrace of crypto donations, saying, “So, the Biden administration and the SEC spend years trying to crush crypto and even sue Coinbase… But now, they’re scrambling to set up crypto donations through Coinbase?”
Bipartisan Crypto Support
Former President and likely Republican nominee Donald Trump has also been vocal about his support for crypto. Trump has dubbed himself the “crypto president,” advocating for improved domestic Bitcoin mining practices and incorporating crypto into his financial dealings. Republicans, led by figures like Trump, increasingly endorse crypto, pushing for the U.S. to lead in the global crypto economy.
While there is a growing bipartisan embrace of crypto, the political dynamics are pressuring Democrats to more actively engage with the industry. As the crypto market evolves, Democrats face the challenge of staying ahead in regulating and supporting this rapidly changing sector.
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