Several Democrats, in contrast to the Republicans, called on their party to add new language in support of digital assets to the party platform to strengthen its pro-cryptocurrency stance. They called for replacing SEC Chairman Gary Gensler and choosing a vice presidential candidate who supports cryptocurrencies, calling on the party to speak out in support of regulatory policies that "promote innovation" to safeguard the United States' leadership in the global digital economy.

Key Points

- Some Democrats want their party to align with the Republicans and increase support for cryptocurrencies.

- 14 incumbent members of Congress and multiple congressional candidates jointly signed a letter asking the Democratic National Committee to adopt a positive digital asset policy.

- The letter called for the replacement of the chairman of the Securities and Exchange Commission, and Gary Gensler should be replaced by a head who supports innovation.

- These elected officials believe that crypto should be seen as bipartisan and that the Democratic Party should support innovative technologies.

- The Democratic Party is undergoing a generational change, and new leaders want to speak out on innovation in financial services.

- The Republicans have previously added cryptocurrency-friendly statements to their party platform.

- The Democratic Party hopes to enhance global competitiveness by advocating innovation, better protecting consumers and promoting financial inclusion.