Crypto wasn’t mentioned once as the Democrats set out their priorities for the next four years, but some argue this indicates that Biden’s aggressive crackdown will end. The 2024 Democratic National Convention kicked off in Chicago yesterday, where Kamala Harris was formally confirmed as the party’s presidential nominee.

In recent days, there have been murmurings that her campaign was gearing up to adopt a more open stance toward crypto regulation, in contrast to Joe Biden’s aggressive clampdown. Groups such as Crypto4Harris have emerged, with senior Democrats and entrepreneurs arguing that Donald Trump doesn’t have a monopoly on proposing informed policies.

During a virtual town hall, Senate Majority Leader Chuck Schumer even declared that crypto legislation can be passed this year — ending years of paralysis in Congress.

BREAKING: Democrat Senate Leader Chuck Schumer just said to @Crypto4Harris that he plans to support crypto innovation through passing a bipartisan bill in the Senate this year.

So as the DNC kicked off, with the likes of Joe Biden and Hillary Clinton speaking, there was some optimism that digital assets might get a mention. However, the Democrats’ 92-page document outlining their priorities failed to mention crypto at all.

This will be a disappointment to ardent believers in this industry’s potential, who don’t want Trump to secure a second term in the Oval Office. Further concern arose when rumors circulated that Gary Gensler, accused of “regulation by enforcement” during his stint as SEC chair, could be tapped as the next treasury secretary if Harris wins in the fall. Custodia Bank CEO and Bitcoin supporter Caitlin Long dismissed these reports, calling the speculation false.

Given crypto’s omission from the agenda, it would be easy to assume that American investors should expect more of the same: gray areas, inconsistency, and a flight of top talent to rival economies more open-minded to digital assets. However, some BTC-holding Democrats argue that this could herald a reset in how crypto is treated by legislators.

Crypto analyst Adam Cochran believes that the absence of digital assets from the party platform may indicate a more hands-off approach — and an end to “anti-crypto rhetoric.” Cochran pointed out that not mentioning crypto could be seen as a pivot. For years, there had been anti-crypto rhetoric, with figures like Senator Elizabeth Warren lobbying for a more aggressive stance against crypto. But now, there are signs that the party is heading in another direction.

Cochran noted that there would have been cause for alarm if the party platform had pushed for the SEC to have greater powers, an outright ban on crypto, or a strategy designed to make trading impractical for consumers and businesses alike. He wrote:

“Crypto doesn’t need government handouts to succeed. It needs a non-hostile environment. Proactive and supportive policy is great, but it also takes time to develop.”

Not everyone agrees with this analysis. The Bitcoin Voter Project, established by prominent U.S. mining firms, claimed that “the Democrats are missing a huge opportunity to energize and activate millions of left-leaning Bitcoiners.”

Sure, crypto was worth a mention in a 92-page party platform. But Harris may have bigger issues to tackle. Global conflicts, climate change fears, economic uncertainty, and housing shortages are major concerns. Given that the total crypto market cap stands at $2.2 trillion, which is less than 10% of America’s annual GDP, does the industry have an overinflated view of its importance?

It will be interesting to see how much crypto influences American voters in the ballot box come November. From education to the economy, healthcare to gun control, immigration to abortion, many challenges face the country. It seems naive to think that many Bitcoiners will cast votes based on this issue alone.

Between now and Thursday, there seems to be little for the crypto industry to look forward to on stage in Chicago. But given how unpredictable and dramatic the race has already been, a lot can change in the next 76 days.

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