Crypto Emerges as a Key Election Issue

Donald Trump and other U.S. politicians’ embrace of crypto has sparked hope and encouraged stakeholders who see lobbying as a way to influence policymakers.

Donald Trump and other U.S. politicians’ embrace of crypto has sparked hope and encouraged stakeholders who see lobbying as a way to influence policymakers. However, lingering doubts about the sincerity of politicians should serve as a warning, reminding innovators that they thrive when prioritizing users’ needs over political interests.

Crypto Emerges as a Key Election Issue

In recent weeks and months, there has been significant discussion about the potential impact of a second Donald Trump term on BTC and the crypto industry. The former U.S. President’s vocal support for crypto has drawn attention from many, including financial freedom advocates. Crypto’s emergence as a key election issue has even prompted mainstream media outlets like The New York Times to publish op-eds exploring its growing importance.

Meanwhile, Trump’s endorsement of BTC and mining, along with the feedback he has received, appears to have prompted the Biden administration to reevaluate its crypto strategy. Before its recent about-face, the Securities and Exchange Commission (SEC) appeared not only determined to refuse approval of an ether ETF but also intent on stifling the cryptocurrency altogether.

The SEC’s lawsuits against Ethereum creators and public statements from Chairman Gary Gensler regarding ethereum (ETH) were interpreted by the crypto community as a clear sign of a bleak future for the number two cryptocurrency. While the SEC initially failed to force various crypto projects to close ranks, its approach of regulation through enforcement actions made clear its intention to pursue the entire industry.

Therefore, fighting back became the only option, and crypto proponents and companies have coalesced around lobbying groups sympathetic to their cause. This unity seemingly contributed to the recent shift in the SEC’s stance, evidenced by both its consideration of ether ETF applications and the growing number of pro-crypto lawmakers across the political spectrum, raises fundamental questions. This growing support of political actors, however, also raises questions.

Embracing Political Players Comes at a Cost

Are bitcoiners and crypto enthusiasts risking future regrets by supporting politicians who seemingly back their cause? What are crypto industry players offering in exchange for political backing, now deemed crucial?

Asking these questions is essential, as current actions may have future consequences. It’s also necessary because politicians often say one thing and do another. The recent Trump and Biden debate’s lack of crypto discussion highlights the potential risks of this approach.

To understand why partnering with the sometimes self-serving politicians is ill-advised, we must look back over 15 years. At the time, there was anger towards politicians and their parties stemming from failed policies that led to the 2008 financial crisis. In response to the crisis, Satoshi Nakamoto introduced a proposition that had been in the works before the meltdown. Known as bitcoin (BTC), this proposition was touted as “a purely peer-to-peer version of electronic cash [that] would allow online payments to be sent directly from one party to another without going through a financial institution.”

Indeed, the economic situation prevailing in most Western countries at the time convinced many people that bitcoin was a genius solution to help them insulate themselves in the future. While BTC emerged from a broken Western financial system, it nevertheless became an alternative long sought by those in the Global South, who had experienced similar crises without the means to challenge their financial systems.

As it increasingly became clear that BTC and crypto were their likely saviors, these alternatives were embraced by people from the Global South. Today, the growing usage of crypto in the Global South, particularly in the post-pandemic era, shows that BTC and digital assets are functioning more as alternative stores of value than investment tools. In regions where the U.S. dollar is scarce, stablecoins like USDT and USDC are used to settle cross-border obligations.

使用加密貨幣進行高效且具成本效益的匯款推動了其在南半球大部分地區的效用。光是這個用例就應該讓美國參議員伊麗莎白沃倫 (Elizabeth Warren) 等政客相信，比特幣和類似的創新利大於弊。然而，沃倫的無情攻擊和遏制其使用的努力表明事實並非如此。身為一位有影響力的民主黨人，或許也是拜登政府加密貨幣政策的關鍵貢獻者，華倫的行為產生了美國境外的影響。

例如，沃倫和其他美國政客將穩定幣發行商 Tether 和 Circle 作為目標，突顯了哈馬斯和其他所謂的恐怖組織的影響。使用 USDT 作為穩定幣被不良行為者使用的證據。如果美國國內外的監管機構按照沃倫的呼籲採取行動，限制加密貨幣的使用，許多依賴加密貨幣或基於穩定幣的匯款平台的家庭將遭受損失。

有趣的是，美國參議員很少談到比特幣（BTC）的潛在好處）或她公開信中的穩定幣。相反，她只關注加密貨幣被用於非法活動的情況。對於一個聲稱擁護公眾事業的人來說，這種關注是令人失望的。

如果沃倫參議員和她的同事們真正了解使美國成為最具創新性國家之一的因素（如果

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