November 5 is shaping up to be America’s first “crypto election.” Pro-crypto political action committees have received hundreds of millions of dollars. Both Kamala Harris and Donald Trump have expressed support for innovative technologies and cryptocurrencies. The executive director of Stand With Crypto, a lobby group funded by Coinbase, believes that the crypto voter is real and ready to engage in this election cycle.
However, it must be acknowledged that the idea of a substantial constituency of crypto voters is not grounded in reality. Most Americans have more pressing concerns such as food prices, healthcare, jobs, and the overall state of the nation.
The industry may push the narrative that there is a need to cater to crypto voters who prioritize light regulation on exchanges and companies. But this narrative seems fanciful when considering the bigger picture.
Stand With Crypto claims that 52 million Americans own cryptocurrency and want their voices heard in elections. They argue that US policymakers are failing to update the financial system despite widespread belief in its necessity. However, it’s worth noting that these arguments may primarily benefit individuals like Coinbase CEO Brian Armstrong rather than everyday crypto owners.
Despite Trump’s claim that the Biden-Harris administration is hostile towards crypto, bitcoin has quadrupled in price since the 2020 election. The entire crypto market has also seen significant growth. Additionally, almost half of all corporate spending on this election comes from cryptocurrency sources.
While there is no doubt about the presence of both money and rhetoric related to cryptocurrencies in this campaign, it remains unclear if either candidate genuinely cares about these issues. Harris recently mentioned encouraging innovative technologies like AI and digital assets but made no concrete promises or commitments.
Trump has sold NFTs and allows campaign contributions with cryptocurrency but doesn’t seem fully invested or knowledgeable about it himself.
while November 5 may be touted as America’s first “crypto election,” it appears that both candidates’ interest in cryptocurrencies may be more superficial than genuine.
