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Blockworks Column: The Politicization of Cryptocurrency Is No Accident

BlockBeats2024/05/13 10:34
By:BlockBeats
Original title: "Only a fool would vote on crypto alone"
Original author: Molly Jane Zuckerman, Blockworks
Original translation: Kaori, BlockBeats

Editor's note: This article is a column published by the crypto media Blockworks. Its main point of view is that presidential candidates from both parties in the United States are trying to use the cryptocurrency industry to obtain money and votes, and cryptocurrency has become an election topic. It is not a major factor. It questions whether cryptocurrency is really so important to individuals and whether it is worth sacrificing other moral and social issues for cryptocurrency. The author believes that the politicization of supporting cryptocurrency has led some candidates to use cryptocurrency to attract supporters during the campaign, even if these candidates do not understand cryptocurrency or really support it.


Presidential candidates from both parties in the United States are using the cryptocurrency industry.


You will notice that I did not say that cryptocurrency will be a hot topic this election season, nor that the cryptocurrency space will play any role in shaping the election discourse.


No. It’s clear to me that some of the major players in this presidential race are planning to use the crypto world for money and votes — and those in crypto should stop cooperating.


Why should favorable crypto legislation take precedence over everything else? Maybe you truly believe that the financial system is broken, and that the path forward for crypto in America is the best way to create a new, more equal society where all people can thrive.


But that’s not what I see.


What I see is a small group of wealthy people who have created wealth through crypto, seeking government to let them continue to grow their wealth unchecked.


Right now, among die-hard crypto evangelists, “voting for crypto” means voting for a Republican president. According to this side of the debate, any other decision would effectively lead to the demise of the crypto industry in America.


This fear (whether real or not) has led some of the major figures in Web3 to push crypto supporters to become single-factor voters. Their message is clear: Choose your 2024 candidates based solely on their crypto stance, or else.


In other words, Americans should prioritize their own selfish economic interests over broader social and moral issues. When you promote the idea of voting for the U.S. crypto industry above all else, you’re deciding to ignore all the other issues that are truly at risk this election season — healthcare, Social Security, gun legislation, women’s rights, LGBT issues, immigration, and more.


Let me be clear — I don’t care if you vote Republican, Democrat, or third party, as long as you care about the issues involved and truly believe that the candidate in question represents your views. But voting for a candidate you wouldn’t otherwise support simply because they favor deregulating an industry you run for profit is a compromise you shouldn’t make.


The Politicization of Cryptocurrency Is No Accident


It’s undeniable (and perhaps unfortunate) that cryptocurrency has become a partisan issue.


The Blockchain technology that underpins the entire crypto industry is neither good nor bad in and of itself. But it’s the behavior of individuals and how they use this technology that has drawn scrutiny from regulators over the years. That has turned the neutral tech stack into a deeply partisan issue, with sharply divided views on its integration into the U.S. financial system and beyond.


On the left side of the political spectrum — the same side that already favors tighter financial regulation — politicians often place cryptocurrencies in the global context of scams, money laundering, and market manipulation to bolster their calls for regulation. Their mantra is to keep consumers safe.


Lawmakers on the right — who are generally already in favor of less financial regulation — instead argue that tight cryptocurrency regulation will undermine innovation and hamper technological progress. Their goal, they say, is to keep American innovation moving at a rapid clip, far ahead of other countries like China.


However, their alleged motivations arguably only apply during election season. Because all politicians really want is your attention, your money, and ultimately your vote. As with most issues, when the time comes, neither party is likely to make much meaningful change. Instead, it will be the actions of innovators in the crypto space that will drive progress — something you’d think anyone who truly supports limited government would appreciate.


The idea that cryptocurrencies are needed to “vote” into office has led to the de-platforming of some very unsavory people who don’t actually have anything to do with crypto at all — other than a shared desire to solicit donations from this niche, newly wealthy group of Americans.


Last fall, Vivek Ramaswamy did a fireside chat on the Messari mainnet to promote his presidential cryptocurrency plans months before dropping out of the race. According to consensus, Robert F. Kennedy Jr. will give the speech this year, and when the announcement was made, the headlines called him the “Pro-Crypto Presidential Candidate.” I can think of many other qualifiers for RFK Jr. that are more headline-worthy than his stance on cryptocurrencies.


The bottom line is that crypto Twitter has largely embraced former President Donald Trump’s rhetoric in support of NFTs and cryptocurrencies. I can’t tell if this support is genuine or more based on the fact that he has made millions of dollars selling NFTs with his image on them.


Supporting these candidates simply because they appear to make positive noises about crypto is not about taking power back from Wall Street or helping the world become a more financially equitable place — it’s about being fooled by empty campaign rhetoric.


The idea that any presidential (or gubernatorial or senator) candidate is trying to win over the crypto crowd because they truly believe in crypto is laughable. These candidates are looking for crypto, nothing more. Those in the crypto community who support such candidates are either willing to pretend that these officials even understand the fundamentals of how crypto works behind the scenes (not to mention its impact on the broader financial and democratic framework), or they are willing to compromise their own morals and the ethics of the possibility of future crypto legislation on the moon.


To give you an obvious example: if you believe Donald Trump will truly support the cryptocurrency industry, then when you vote, you must be willing to overlook his judicially admitted sexual assault allegations, blatant institutional fraud, and real attempts to overthrow American democracy.


Is cryptocurrency really that important to you?


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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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