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As America counts down to the 2024 elections, the final event of the “America Loves Crypto” tour took place yesterday in Washington, D.C. Prominent speakers including Coinbase CEO Brian Armstrong, ConsenSys CEO Joseph Lubin, and North Carolina Congressman Wiley Nickel addressed a capacity crowd at the Black Cat music venue.
The Necessity of Bipartisan Support for Crypto
The speakers agreed that supporting cryptocurrency in America requires a bipartisan effort. Armstrong and Congressman Nickel emphasized the importance of retaining and advancing crypto innovation in the U.S.
Nickel remarked, “If we want to do something in Washington, it’s critical to do it bipartisanship. If we politicize the issue by having one party oppose crypto, we will poison the well in Washington for decades.”
Nickel highlighted that 20% of American adults own some form of cryptocurrency, and this voter group has the power to influence elections. Therefore, he stated that supporting crypto is more of a political necessity than a technological one.
Biden Administration and Regulatory Challenges
Since President Biden took office in 2020, unwanted regulatory hurdles have been imposed by officials from the SEC, the Department of Justice, and the Department of Energy. Nickel’s support for crypto signals a shift in the historically distant stance of the Democratic Party towards crypto.
Armstrong commented, “I started coming to D.C. five years ago, and when I first arrived, most people didn’t know what crypto was… Now everyone knows what crypto is; we are the hot topic on everyone’s lips.”
The Role of Crypto in the Political Arena
A prominent executive from a financial institution, who wished to remain anonymous, assessed the evolution of crypto in the political arena and noted the Democratic Party’s insufficient commitment. He viewed the veto of the law that would invalidate SAB 121, allowing highly regulated financial institutions to hold cryptocurrencies, as a significant awakening.
The executive pointed out that despite the crypto industry’s significant fundraising for election campaigns, it still bears a strong stigma, and policymakers have not shown the respect this single-issue voter group deserves.
The “America Loves Crypto” tour aimed to address this stigma through live music and grassroots community-building activities. The event concluded with Alex Pall and Drew Taggart, known as The Chainsmokers, performing classic hits, unreleased tracks, and the striking chant, “Down with Gary Gensler.” The Chainsmokers established a tech and crypto-focused fund called Mantis Venture Capital in 2020.
With stops in states like Arizona, Nevada, Michigan, Wisconsin, Pennsylvania, and Washington, D.C., participants hoped that over 1.4 million “Support Crypto” advocates nationwide could be a decisive factor come November. As the political power of cryptocurrency rises, the importance of bipartisan support becomes even clearer. Before the upcoming elections, the crypto community’s united and effective voice will play a critical role in shaping the regulatory environment.
