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Cryptography is an election issue this year. This is a good thing?
An online survey conducted by blockchain conglomerate Digital Currency Group found that more than 20% of voters in several swing states consider encryption a key issue in the upcoming US elections. The poll is the latest sign that encryption is increasingly becoming an election issue, with more and more politicians on both sides of the issue willing to tolerate or condemn encryption.
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This is in marked contrast to the last presidential election cycle, before the days of so-called single-issue voters like Ryan Selkis (who speaks at Consensus in May) took it upon themselves to try to find and support pro-crypto politicians.
Cryptography is also on the minds of the candidates themselves. Former President Donald Trump made a U-turn on your previous reviews of crypto, apparently because he sees the industry as potentially powerful (and profitable) ally. Outsider candidate Robert F. Kennedy has also become a vocal supporter of Bitcoin (RFK will also speak at Consensus in May).
Interestingly, encryption appears to be of particular importance in key battleground states, including Arizona, Michigan, Montana, Nevada, Ohio and Pennsylvania, according to a Harris Poll online survey of more than 1,000 voters in each state commissioned by the DCG in early April. A third of voters with “cryptopositive” views think politicians should make crypto regulation a priority.
“This data shows that crypto is top of mind for voters in Senate swing states and that a pro-crypto stance is a positive outcome for lawmakers and candidates,” said Julie Stitzel, senior vice president of policy at DCG, in a statement. . “The poll also underscores a strong desire among policymakers to establish reasonable regulations that protect consumers without stifling innovation.”
The data comes at a time when crypto companies and influential advocates have become increasingly vocal about the political vs. risks of crypto. In October, for example, potential voters helped raise more than $2 million for the Coinbase-led nonprofit. Stick with Crypto which aims to influence state and federal crypto policy.
The super PAC is reportedly focusing its attention on ousting or influencing crypto skeptics such as Senator Sherrod Brown, who faces a close re-election in Ohio. Fairshake, perhaps the largest crypto super PAC, said it is devoting resources to four Senate races this year: primaries in Maryland, Michigan, Montana and the aforementioned Ohio.
While fighting for what you believe in is certainly a noble cause, the general public is often disgusted and disconcerted by the obvious flows of money into politics. This may be especially true for crypto following the FTX scandal, which saw Sam Bankman-Fried finance at least one in three members of Congress and funneled money into races across the country (with mixed results).
There is also never a guarantee that, once in power, politicians will do or support what they said during the campaign. Take Gary Gensler, who although he was not elected, was expected to be a more lenient head of the US Securities and Exchange Commission (SEC) due to his experience teaching about the industry at MIT.
All I can say is that if influence can be bought, it can also be sold.