US Politics and Crypto | DCN Newsroom
Here, we leverage our team's commentary and expertise to riff on trendy topics in blockchain and crypto. Welcome to the weekly roundup from @DCNDailyCrypto.
Hear from the experts on our team opine on the biggest news this week: US Politics and Crypto.
Will @realDonaldTrump tap @elonmusk for Crypto support in the election? With Trump's conviction, some like @twobitidiot are calling for measures like buying Bitcoin as a response. Mistrust in government is at a low.
Furthering the unease around the industry, President Biden vetoed the #SAB121 bill, which could have clarified digital assets in the US.
The @ethereum #ETF recently passed as well. Should we care about @RealRossU and Trump's posturing? There's just so much happening at the regulatory and macro level that it's hard to keep up.
But Crypto's finally a topic of relevancy. I guess we've made it.
Matt Diemer,
Host and Founder of Daily Crypto News
A narrative has been created around crypto. One side argues that it's only for nefarious use cases such as money laundering, sex trafficking, terrorist financing, and fraud. The other side understands that technology does not exist in a bubble of right and wrong; rather, the use of technology is pioneered through the creation of seemingly trivial projects, memes, NFTs, shitcoins, and other such endeavors. These build upon existing technology to achieve something truly groundbreaking in the future.
If we recall the Internet of the 1990s, we remember the AOL 1003-hour CD-ROMs that were delivered to our mailboxes. Using them led to entering silly chat rooms full of chaos. What we often forget is that those silly chat rooms, games, and rudimentary websites, which many thought were just a waste of time, actually evolved into the robust Internet we have today.
Not standing with crypto at this point is akin to not standing with the Internet in the 1990s. We don't know how this technology will evolve, and at this stage, 90% of it does look pretty stupid. But I promise you that in 30 years, what we're doing now will have changed the world forever. Now is the time to take a stand to ensure that technology, innovation, business, and privacy are not hindered by those who do not look toward the future, do not embrace new technology, and are fearful of progress.
My last thought is on how much technology changes the future projections of countries, nations, and their power. Throughout history, countries with lesser technology have fallen to the might of superior technology. From who had the most advanced gunboats, muskets, and rifles to long-range missiles, stealth aircraft, ICBMs, the Internet, banking and finance, and now blockchain technology, the evolution of finance and money in a globalized digital world is clear. The one who embraces this and achieves a level of strategic and technological superiority will hold the reins for generations. Who will it be? Will it be the United States or someone else? And if you believe no government should be in control and that we need to democratize the globe, the question remains: does this power fall into the hands of the people to self-custody and transact with a true global, secure, deflationary currency, as opposed to government-issued fiat that has been eroding wealth around the globe?
These choices will be made now by the actions we take and by the people we elect. I feel that once in a generation, the people find a way to organize and secure their future prosperity. From feudal uprisings in the past to organized labor in the industrial revolution, and now to the custody and transaction of money outside of government control and issuance, we have a once-in-a-century shot to level the playing field and maintain some sense of sovereignty for the average everyday individual.
Matt is a long-time crypto podcast host, previously hosting Decrypt Daily for
and also helped found the
Samuel Mbaki,
Writer and Editor at Daily Crypto News
Crypto regulation in the US has been heavily politicized for a long time now. Since Bitcoin blockchain went live, the US lawmakers have not introduced a cohesive regulatory framework to regulate the space. Instead, politicians and several financial assets regulatory bodies have villified crypto assets and took advantage of the wave to stir reactions on social media or benefit by charging crypto companies for wrongs not done.
Crypto assets have been viewed as means to enable wrong doers like drug and human traffickers, tax cheats, fraudsters and terrorists to achieve their financial needs away from government’s scope. While a small percentage of crypto has been continually used for such heinous activities, it has been proven that most of it is done via fiat.
That calls for crypto to be given a fair chance in the US markets, a move that has proven to be complicated in the least. The leaders who are serving are continually calling for war against crypto assets e.g Senator Elizabeth Warren with only a handful who are defending it full time e.g Rep Tom Emmer and Senator Cynthia Lummis. This shows that voters need to be very careful in the upcoming elections if at all they wish to give crypto industry a chance to mature and thrive in the US.
Samuel is a crypto researcher and writer at Daily Crypto News. He is a tech enthusiast with a strong computer science background and an interest in web3.
Vincent Sullivan,
Advisor to Daily Crypto News
Life and politics are unpredictable, and shifts can occur at lightning speed. These changes can be instantaneous or unfold over decades. In the case of the Ethereum ETF, a dramatic turnaround happened within 48 hours. Initially, Trump declared his support for cryptocurrency emphasizing the importance of keeping it in the U.S. to prevent it from moving overseas. This was a powerful statement. However, shortly afterward, the Biden administration seemed to react to positive polling data or social media feedback on Trump's statement, prompting the SEC to demand updated filings from Wall Street the next morning before 10 AM.
Later that week, Congress passed a bill allowing traditional banks to hold Bitcoin, only for it to be promptly vetoed by Biden. Now, the launch of these ETFs is delayed, with some predicting a 30-day wait. Why the sudden shift in sentiment? It's simple: after Trump was found guilty on charges, the Biden administration, believing they had appeased crypto holders, reverted to their usual anti-crypto stance.
This creates uncertainty for investors, traders, venture capitalists, and developers in the crypto space, a trend likely to continue throughout the summer, mirroring the volatility of the past three years. Despite this, the core thesis remains unchanged: Wall Street will increasingly provide avenues for the average investor to enter the crypto market without directly holding crypto. Frankly, this is probably a positive development. There are still numerous issues to address, such as interoperability, usability, account abstraction, asset recovery, security, and better support for those leveraging on-chain assets to ensure their safety.
I, like many others, want more people to enter this space. However, we must make it significantly more secure, safe and accessible for the average person, who often lacks the time and patience for the current complexities.
Cyber Strategy Institute Inc is a leading cybersecurity expert dedicated to helping organizations mitigate risk and protect against cyber threats.
Patrick Brendel,
Advisor to Daily Crypto News
The most important thing about the crypto debate emerging on the national U.S. politics scene is that crypto has emerged as a topic of relevance in national U.S. politics.
For crypto folks who intended to make that a primary issue driving their voting behavior, it’s now “put up or shut up” time for Republicans and Democrats, and their respective presidential choices Trump and Biden.
Trump’s position on crypto is similar to his positions on basically anything – he’s for it or against it, variously, depending on how it impacts him personally. Since he was in the White House, he’s seen some success in crypto (i.e. Trump Trading Cards NFTs), and it appears he’s now seeing it as a positive for him politically … or at least as another means to receive campaign funding.
Meanwhile, Biden vetoed a bill that would have overturned a piece of SEC policy on crypto, saying it wasn’t an anti-crypto move, but that the bill would have broader negative implications on federal rule-making authority. In the veto message, he pledged support for creating a rational framework for digital assets.
On balance, Biden’s and Trump’s moves comprise a net positive for crypto in the U.S. in the longer term. It’s no longer just a pet topic for marginal independent candidate RFK Jr.
Trump has staked his place as the friendlier crypto candidate compared to Biden and his gradually maybe-thawing position. It is highly unlikely crypto will be a major factor in November. With no direct policy proposals, and likely no immediate repercussions for having a pro- or anti- crypto stance between now and the election, it’s impossible to know whether, in fact, Trump or Biden (or Republicans or Democrats) will be better or worse for the crypto sector over the next several years. Good luck, voters!
Patrick is a veteran media professional with nearly two decades of experience in journalism. He is an advisor to Daily Crypto News.
Kyle Heise,
Advisor to Daily Crypto News
Wild times in the US and the world -- but when is it not? It's good to see crypto becoming relevant across the US. Crypto is inherently an anti-government tool. However, the power of the state is like water. It's all relentless and all-consuming –– it has no concept of time. Where the world of crypto operates on a 24/7 hyper-attentive schizo FOMO rocket blast crash mentality, the government takes an approach more of a slow slog. One which has a long game of protecting its own interests.
Take President Biden's rejection of SAB121. He said there must be a more cohesive approach to crypto in his reasoning. While I do agree with the President's comments in principle, he has the influence and power to make that a reality. Instead, the government is more concerned about how to turn crypto into an instrument of power for itself. In many ways, the calls to buy Bitcoin, go off-grid, and the like are calls to limit the government's power.
There's an impending debate among crypto that could be arriving––One that pits the industry against itself. When mass adoption comes will it be in the form of a decentralized, transparent, and secure blockchain technology? Or will be be getting a new form of the Googles or Yahoos or AOLs which preceded? Can we, the people, protect ourselves from the encroachment of government usurpation to a tool that was built to prevent it?
Buy bitcoin. Don't vote against your interests. Participate in DAOs. Build the world you want to see.
Kyle is a multilingual blockchain and AI content creator and PR specialist. He is an advisor to Daily Crypto News.
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