Cryptocurrency has unexpectedly become a significant player in American politics, transforming the upcoming November 5 election into what some call the first “crypto election.” With hundreds of millions of dollars flowing into political campaigns, critical figures like Kamala Harris and Donald Trump have suddenly taken positions on crypto, adding to the absurdity of its influence in the political sphere.
Crypto voters and their alleged influence
There is now talk of a new group of “crypto voters.” Stand With Crypto, a lobby group supported by Coinbase, claims this group is bipartisan and growing in political importance. The group assigns grades to politicians based on their stance on cryptocurrency, with Trump receiving an “A” for his pro-crypto policies. At the same time, Kamala Harris holds a “N/A” for her vague comments on “innovative technologies.”
Despite these claims, it remains uncertain if this group of crypto voters has the significant influence that lobbyists suggest. While some individuals may be concerned about cryptocurrency regulation, most Americans are still more focused on critical issues such as housing costs, healthcare, and general economic survival. Polls show that concerns over crypto regulation are not a priority for most voters.
Crypto’s growing presence in U.S. politics
Lobbyists and advocates claim that crypto is now a national priority, with some claiming that 52 million Americans own cryptocurrency. However, this figure needs more concrete evidence. Despite the push to make cryptocurrency a vital issue in this election, most Americans appear more focused on broader financial and economic concerns.
The pro-crypto super PAC, Fairshake, has already raised over $200 million, showing the industry’s substantial financial power. However, critics argue that this movement serves the interests of the crypto industry’s elites rather than the average voter. Bitcoin’s value has soared in recent years, and the broader crypto market has continued to thrive despite regulatory hurdles and recent scandals like the FTX collapse. The suggestion that the Biden-Harris administration is hostile to crypto appears exaggerated, as the U.S. remains a central hub for the global crypto workforce.
Candidates and their crypto stances
Kamala Harris has recently spoken about supporting “innovative technologies,” but her position on crypto remains ambiguous. Stand With Crypto initially gave her a “B” rating but later downgraded her to “N/A” due to a lack of clear policy statements. Harris seems to be treading carefully, balancing the tech industry’s interests with those of regulators.
Donald Trump, in contrast, has fully embraced the crypto community. He has promised to turn the U.S. into the “crypto capital of the planet,” leveraging his pro-crypto stance to attract support and funding from the industry. This marks a significant shift for Trump, who once referred to Bitcoin as a scam.
While cryptocurrency’s role in U.S. politics is undeniably growing, whether this will translate into meaningful influence at the ballot box remains to be seen. For now, the industry’s political power benefits primarily those at the top.