What happens when your political party molds its identity around one man? Look no further than the Democrats for the answer.
Politico reported Wednesday that there are “fissures in the resistance” regarding upcoming cryptocurrency legislation set to be voted on next week in the Senate.
The Republican-led bill would create stablecoins linked to the value of the U.S. dollar for issuers of cryptocurrency.
Although some Democrats are in favor of the bill, others are less than thrilled, as Politico says President Donald Trump’s sons have created a firm issuing a stablecoin and the president himself has launched a “memecoin.”
In essence, one side of the party sees the benefit of regulating the crypto market, while the other is simply horrified at the idea that the party could support anything that would benefit anyone with the name Trump.
Sen. Chris Murphy, a Connecticut Democrat, said of the bill’s impact, “This bill essentially endorses the president’s corrupt stablecoin business.”
New Jersey Democratic Sen. Cory Booker understood that his colleagues were concerned, but felt differently.
“We should be dealing with that issue, but not letting it undermine an effort to provide safeguards, regulations, and guardrails to this emerging industry,” he said.
During procedural votes last week, two-thirds of Democrats were against the stablecoin bill. One of the leading figures on that side is Massachusetts Democratic Sen. Elizabeth Warren, who commented, “We should not be helping along Donald Trump’s crypto corruption.”
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The other side, led by New York Democratic Sen. Kirsten Gillibrand, feels the issues raised about Trump are secondary to what the bill would actually accomplish.
Comments made by Sen. Ray Luján of New Mexico show where the priorities of the Democratic Party should actually be.
Luján said Trump is “going to ignore the law, outright break the law,” whatever that law is. So, he said, the focus should actually be on the American people who stand to benefit from the bill.
“There are many Americans that are also using stablecoins and digital assets in other ways. So, should there be no rules to ensure that we’re going to have more consumer protections for them? I think that there should be,” Luján said.
This is a massive, glaring issue for the party.
Since Trump entered the realm of politics, Democrats have focused less on principles and more on being the opposition, no matter the cost.
It is simply beyond them to ever concede anything to Trump, even if the subject matter looks good on its face.
Recall in March when every Democrat except New York Rep. Laura Gillen kept their seat as Trump made 13-year-old cancer survivor DJ Daniel an honorary member of the Secret Service.
They could not applaud that young man’s courage, optimism, and love of country because that would indirectly give credit to Trump.
The cryptocurrency debacle shows the “Trump bad” position can only take you so far.
Some Democrats are finally conceding that bipartisanship is actually better for the country.
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