Cryptocurrency: Democrat Policies Are Worst Party In US For Crypto

grarpamp grarpamp at gmail.com
Tue Dec 21 15:52:44 PST 2021


https://decrypt.co/88040/democrats-bitcoin-policy

Democrats Are Blowing the Bitcoin Vote

Democrats are alienating an important constituency with its
anti-crypto rhetoric, ceding the crypto vote to Republicans.

Joe Biden does not own any Bitcoin.

Congressman Tom Emmer (R-MN) took to Twitter this week to wish his
followers a hearty "gm," which Decrypt readers know is crypto-speak
for good morning. It was just a tweet, but as one Washington observer
noted, Emmer is the second GOP member of Congress to offer up a "gm,"
while no Democrat has done so.

So what? Does it matter if politicians throw around a piece of crypto slang?

It might matter a great deal. The "gm" gap is significant because it
underscores a broader trend in U.S. politics: Republicans are becoming
the party of crypto, while Democrats are earning a reputation as
anti-crypto. While figures like Sen. Cynthia Lummis (R-WY) push bills
to boost the industry, Democrats are taking their cue from tech-averse
figures like Elizabeth Warren (D-MA), who has declared she views
crypto as a thing for "shadowy super-coders."

President Biden's pick to run the OCC was a vocal crypto skeptic; she
withdrew her nomination earlier this week. Other Biden appointees,
most notably SEC Chair Gary Gensler, have disparaged crypto at all
turns and erected regulatory barriers to slow its growth and even
drive it from American shores.

This is a terrible mistake.

While there are legitimate concerns over crypto—notably scams and rug
pulls, and its implications for the U.S. dollar as a reserve
currency—that is no reason to shun it. Like any technology, crypto and
blockchain can be used for good or bad; the tech is apolitical. And
those who mock it—like Rep. Brad Sherman (D-CA) did during a rant in
Congress this week—are likely to be seen as fossils akin to the
politicians in the 1990s who blasted a then-new technology called the
Internet.

Why are Democrats opposed to crypto? Their hostility may be rooted in
the libertarian leanings of many early crypto adopters, few of whom
are inclined to support a party associated with big government. What
they're missing is that Bitcoiners will happily support any politician
who supports Bitcoin, no matter how flawed, from Nayib Bukele to Ted
Cruz.

Today, crypto is used by millions of Americans, and is especially
popular among younger people and Blacks—two groups that are important
Democratic constituencies. By ridiculing crypto and adopting
paternalistic policies, such as Gensler's inexplicable aversion to
Bitcoin spot ETFs, the party risks alienating these voters in the same
way its embrace of "Latinx" has reportedly turned off Hispanics.

The irony is that crypto offers Democrats an opportunity, and some
younger members of the party clearly see this. This was evident during
this week's Congressional hearing when Rep. Antonio Torres (D-NY)
asked how crypto can lower the cost of his remittances for his
constituents in the Bronx, and when Rep. Jake Auchincloss (D-MA)
proposed writing bipartisan rules to promote Web3. Colorado's
Democratic governor, Jared Polis, has also been an advocate for crypto
and helped found the Congressional blockchain caucus.

Alas, their voices have been drowned out by older figures like Warren,
Biden, and Gensler, who have made clear that the Democratic party line
is that crypto is dangerous. In adopting this stance, they are
rejecting a fast-growing constituency that also contains numerous
potential millionaires and billionaire donors. Republicans like
Lummis, who has raked in a bundle from crypto owners, and Emmis, who
leads a national committee to get Republicans elected, appear to
recognize the importance of these crypto whales.

The Democrats are already expected to take a drubbing turning next
year's mid-term elections, and angering the crypto community won't
improve their chances. Fortunately for party leaders, they still have
eleven months to change their tune.

Saying gm would be a good start.


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