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After every incident, we saw US politicians targeting cryptocurrencies, and now they are paying the price. At times, they blamed cryptocurrencies for everything from terrorist activities to global warming. They even defended absurd claims that BTC miners were causing environmental destruction and that all terrorist activities worldwide were financed with crypto.
US and Cryptocurrency Opposition
We witnessed days when politicians condemned crypto with over 100 signatures. They argued that crypto was the root of all evil based on imaginary data without any significant research. After the FTX collapse, they made statements that would make you think all fraudsters worldwide were gathering around crypto. However, SBF participated in many congressional hearings as an expert and served as the Democrats’ Golden Child.
According to a recent report by NBC News, one of the politicians spreading false information about crypto paid a heavy price. New York’s 16th Congressional District Representative Jamaal Bowman needed to win the Democratic primary to retain his seat in 2025. However, the Fairshake political action committee (PAC) launched a campaign against Bowman’s re-election. They spent $2 million and promoted the idea that he spread “dangerous conspiracy theories,” causing him to lose the primary.
While in Congress, Representative Bowman opposed the Financial Innovation and Technology (FIT21) Act for the 21st Century, the Anti-CBDC Surveillance State Act, and a joint resolution that overturned a Securities and Exchange Commission (SEC) rule related to banks’ crypto transactions.
Bowman, not only targeted by crypto opponents, was also a target of Israeli lobbies for speaking out against Israel’s genocide.
Cryptocurrencies and Politics
Fairshake, which has about $169 million in contributions from crypto firms like Coinbase and Ripple, could make a significant impact in the November 2024 elections with its crypto-political move. The recent approval of the SEC’s spot ETH ETF can also be linked to this.
The Biden administration realized, albeit late, that its anti-crypto stance cost it votes. It is taking steps to thaw the ice with investors. Meanwhile, Trump has been openly advocating for crypto freedom for some time. The election movement led by Coinbase has garnered over a million signatures, and support is growing.
