Final event of the tournament America loves cryptocurrencies The tour took place yesterday in Washington, D.C., as the countdown to the 2024 election began. Speakers including Coinbase CEO Brian Armstrong, ConSensys CEO Joseph Lubin, and Rep. Wiley Nickel (D-N.C.) spoke to a packed crowd at the Black Cat Music Hall.
The speakers largely agreed on one idea: the importance of supporting cryptocurrencies in America through a bipartisan effort.
In their joint appearance on stage, Brian Armstrong and Rep. Nickel noted that they believe it is essential to preserve and promote innovation in the crypto space in America.
This importance, for Nickel in particular, is not just based on faith in the technology, but ostensibly due to the fact that 20% of American adults own some form of cryptocurrency, a voting bloc that Nickel believes “has the potential to influence elections.”
“If we want to do things in Washington, it’s critical that we do it in a bipartisan way,” Nickel added. “If we politicize the issue by having one party go to crypto versus another, it will poison the well in Washington for a decade.”
Since Biden took office in 2020, officials at the SEC, DOJ, and DOE have imposed a fair amount of unwanted regulatory hurdles. Nickel’s support for cryptocurrencies, notably, signals a change in tone from the historically hostile Democratic Party.
“I started coming to D.C. five years ago, and when I first got here, most people didn’t even know what crypto was,” Armstrong said. “I had a congressman ask me, ‘Isn’t this all just a video game or something?’ Once they found out what crypto was over the years, the conversation changed completely. Now, everyone knows what crypto is, we’re kind of the hottest party, the hottest topic on everyone’s lips.”
However, one attendee, an executive at a prominent financial institution who preferred to remain anonymous, spoke about the evolution of cryptocurrency policy and what he sees as a lack of commitment from the Democratic Party.
In particular, executives believe that the Biden administration Vetoing legislation that repeals Section 121 of the Senate RulesThe Digital Investment Act, which if signed would have allowed heavily regulated financial institutions to hold digital assets, was a major wake-up call.
They noted that the crypto industry, despite raising large amounts of money in campaign donations, still carries a strong stigma and that policymakers do not give the single-issue voter bloc the respect it deserves.
The America Loves Crypto Tour focused on addressing stigma with a mix of live music and grassroots community building. Alex Pall and Drew Taggart, better known as The Chainsmokers, closed out the event, entertaining the crowd with their classic hits, unreleased music, and most importantly, a shout-out to Gary Gesnler. The Chainsmokers themselves are no strangers to cryptocurrencies and have founded a company focused on technology and crypto. Mantis Venture Capital Fund in 2020.
With stops in Arizona, Nevada, Michigan, Wisconsin, Pennsylvania, and Washington, D.C., many attendees of the America Loves Crypto tour were hoping to reach more than 1.4 million people. Standing with cryptocurrencies Advocates across the country can show their strength as a real deciding factor in November.
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