Crypto adoption has transcended party lines within the United States, highlighting a rare instance of bipartisanship in the midst of political deadlock. While the growth of crypto technology has fueled some political divisions, it’s proving to be a topic that garners support from various political factions.
Nuanced Perspective on Crypto’s Partisanship
Jonathan Jachym, Global Head of Policy at US-based crypto exchange Kraken, believes that crypto’s fundamental principles, such as financial empowerment, asset ownership, and decentralization, are non-partisan issues. He emphasizes that these issues are confronted globally by legislators as they navigate challenges within the existing financial system.
In Congress, Coinbase’s Legislative Portal reports 26 Republicans and 22 Democrats in the House of Representatives showing support for crypto, with 24 Republicans and 11 Democrats in the Senate expressing positivity toward crypto. A recent national survey also indicates a near-even distribution of crypto ownership among Democrats, Republicans, and Independents.
Unity Amidst Challenges
Despite potential division sown by malicious actors, Jachym asserts that crypto remains an inclusive and transformative technology with the potential to enhance lives. This is why both ‘red’ and ‘blue’ states within the US are progressing with tailored regulatory frameworks for crypto assets.
Bipartisan Moves in the Crypto Space
Notable examples of bipartisan cooperation include the formation of the Congressional Blockchain Caucus, comprised of Democrats and Republicans. The caucus aims to study blockchain technology and Congress’s role in its development. Additionally, both political parties accept contributions from the crypto industry.
1) I was a significant donor in both D and R primaries.
Supporting constructive candidates across the aisle to prevent pandemics and bring a bipartisan climate to DC.
And working with them to support permissionless finance.
— SBF (@SBF_FTX) November 5, 2022
Beyond Political Disputes
Bradley Allgood, CEO of Fluent Finance, emphasizes that crypto’s neutrality and ideals of decentralization and transparency transcend contemporary political squabbles. He notes that individual cryptocurrencies can carry inherent political biases based on their governance models.
Critics from Diverse Camps
Criticism of crypto arises from both sides of the aisle, with figures like Representatives Brad Sherman and Elizabeth Warren on the Democrat side and Senators Roger Marshall and Lindsey Graham from the Republican side voicing concerns. Despite this, Aharon Miller, COO of Oobit, underscores that crypto’s impact spans beyond politics, ushering in financial inclusion, lower transaction costs, and transparency.
When you’ve made enemies with the bankers and Elizabeth Warren, you know you’re doing the right thing. https://t.co/w2WflrkJOu
— Tyler Winklevoss (@tyler) July 28, 2023
Miller stresses the importance of fostering responsible innovation and cooperation between regulators, policymakers, and the industry to fully harness crypto’s transformative potential.