Why, for Some, Crypto Is the Defining Political Issue of Our Times

With all due respect to Molly Jane Zuckerman and Jeff Albus, co-authors of the Blockworks column who dismissed the idea of ​​voting for pro-crypto politicians in the upcoming US elections, voting your conscience is a good thing. Despite the title (“Only a fool would only vote for crypto”), the post was fairly measured – but definitely annoying.

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“Voting for a candidate you wouldn’t otherwise support just because they favor deregulating a for-profit industry is a compromise you shouldn’t make,” editors Zuckerman and Albus wrote. They are certainly not the first to express this sentiment. Fortune editor Jeff John Roberts argued that crypto’s growing alignment with Trump supporters like Senator Tom Emmer is a bad deal.

While all of these people are correct to some extent that political support for crypto is often about people’s purses rather than a moral struggle, there is no denying that crypto is an increasingly relevant political issue. And for some, this is the defining issue of our time. Crypto is not just an investment opportunity, it is a movement, a philosophy and a way of life; There are also people who truly believe this.

Zuckerman and Albus’ issue is about so-called cryptocurrency becoming a “single-issue vote,” whether in favor of Democratic or Republican candidates; but in reality, the entire conversation they engage in is actually about whether or not to vote for Trump. For some crypto supporters, the problem is existential; Four more years of Biden mean more unscrupulous regulation with sanctions, more gridlock hindering real crypto legislation, and more anti-crypto rhetoric from the highest political office.

During President Biden’s reign, US lawmakers and regulators have become increasingly hostile to crypto, and their actions are undeniably having a major impact on the course of the entire global industry. Just last week, for example, re-staking platform EigenLayer, which has been called one of the most important blockchain innovations since Ethereum launched a decade ago, was heavily criticized for designing a highly restrictive airdrop. But under the current regulatory regime, that was EigenLayer’s only move unless it wanted to sue the U.S. Securities and Exchange Commission.

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It’s true that cryptocurrency has bipartisan support, but it’s clear that crypto gets more love from Republicans (and frankly has for years). Politico reported that a critical vote “in which the House of Congress passed a major crypto policy bill for the first time” was essentially dead on arrival with the Democrat-controlled House and Senate. Meanwhile, the most vocal supporters of crypto today are Republicans like Senators Emmer and Cynthia Lummis.

So can you really blame people like Ryan Selkis, Mike Dudas, or Mark Cuban for thinking that the industry needs to align with Republicans if they want decent crypto policy in the US?

Critics may be right to say that former President Donald Trump, who backed crypto at a dinner at Mar-a-Lago last week, has recently taken an interest in crypto because he has made millions selling NFTs, or because there is another avenue for him to do so. Painting President Biden as out of touch. But these moments matter. At a time when the entire US crypto industry feels like it’s under attack from the government, it’s probably nice to know that someone with as much influence as Trump is willing to speak out in support.

See also: Will Biden Have the Final Word on Controversial Crypto Rule? | Idea

I understand that many people think that crypto votes for Trump are like drinking from a poisoned chalice. After all, Trump’s cabinet tried (and failed) to enact emergency rules while in office that would ban “self-hosted wallets,” which is exactly what makes crypto a viable technology in the first place. There is no guarantee that if Trump is re-elected, Biden will be any more bullish on cryptocurrency than he is now; and it seems unlikely that either candidate will fully understand or appreciate why crypto is technologically powerful.

I understand that ideally voters should care more about issues like abortion, the environment, and immigration policy than cryptocurrency. (Most likely.) I understand Zuckerman and Albus’ distaste for Trump, his sexual assault accusations, fraud allegations, and election denialism. I understand why it’s a questionable proposition for cryptocurrency to portray itself as a conservative, convenient way to achieve it. 40%+ of the population To turn their minds against it, as Laura Shin brilliantly points out.

See also: Crypto Is an Election Issue This Year. Is this a good thing? | Idea

However, I also understand why people like Selkis make crypto a political cause. In fact, they realize that cryptocurrency is already a partisan issue and are acting accordingly. It’s common to hear that the industry itself is apolitical because blockchains try to be “credibly neutral,” but this is simply not true. Crypto is a check on the government; This is and always has been a political project. As I wrote in 2021:

“If Bitcoin solves the climate crisis, it will happen with successful, freer markets, not progressive planning. If Bitcoin expands access to basic financial services, it will never solve economic inequality; You cannot redistribute the huge assets of the early Bitcoiners without destroying the technologically protected property rights of the system. “If Bitcoin prevents war by reducing state power, it will also dismantle the progressive welfare state.”

To be clear: I’m not arguing for anyone to vote a certain way. Frankly, I agree that ideally crypto wouldn’t be an election issue. I wish it wasn’t used for politics. But cryptocurrency exists along with all the other problems and is currently affected by politics. And it’s only natural that people who think about and use crypto every day would highlight it as the most important topic; especially considering that this is not just a philosophy but also an investment.

It’s unclear why someone would suggest people vote against their own interests. For some, crypto is a microcosm of everything that matters; Because in the end, the important thing is to let people decide for themselves what they value.