Crypto’s Election Push: A Purple Bus and a Letter Writing Campaign Target Swing States
A big purple bus emblazoned with "AMERICA ❤️ CRYPTO" is crisscrossing five key swing states, part of a multi-pronged effort by the Stand With Crypto Alliance to mobilize voters ahead of the presidential election. Their ultimate goal is not just to increase voter turnout among crypto enthusiasts but also to make cryptocurrency a major election issue. This comes at a time when crypto companies are pouring money into the 2024 election, with nearly half of all corporate donations this cycle coming from crypto firms.
Key Takeaways
- Stand With Crypto’s bus tour focuses on registering voters and advocating for crypto-friendly policies.
- The group is pushing for a crypto question at the upcoming presidential debate and has launched a letter-writing campaign to pressure ABC News to include it.
- Donald Trump has positioned himself as the pro-crypto candidate, while Kamala Harris’ stance remains unclear.
- The alliance is backing crypto-friendly politicians in Congress and sees the November election as a defining moment for the crypto sector.
- Several top Coinbase executives, including Chief Legal Officer Paul Grewal, will speak at the tour’s final event in Washington, D.C., on Sept 18.
A Push for Crypto in the Election Debate
The Stand With Crypto Alliance, founded last year, has initiated a letter-writing campaign urging ABC News to include a crypto-related question during the first presidential debate between Donald Trump and Vice President Kamala Harris. The group is rallying supporters with a pre-written letter to send to the network, emphasizing the importance of cryptocurrency in the American economy.
"I am one of the 52 million Americans who own cryptocurrency," the letter states. "On behalf of myself and all American crypto owners, I urge you to ask the candidates their position on cryptocurrency and its place in the American economy."
Trump has been vocal about his support for crypto, even branding himself as the pro-crypto candidate. He has pledged to fire SEC Chair Gary Gensler, who has taken a tough stance against crypto companies. In contrast, Harris has yet to publicly articulate her position on digital assets, but the Biden administration’s crackdown on the crypto industry has created a potential opening for Trump.
Bipartisan Support and Lobbying Efforts
The Stand With Crypto Alliance has also been actively lobbying Congress with a focus on bipartisan legislation. They point to the recent passage of the Financial Innovation and Technology for the 21st Century Act by the House of Representatives, which was supported by over 70 Democrats.
The group has given Trump and his running mate, Ohio Sen. JD Vance, an "A" grade for their pro-crypto stances. Harris and her running mate, Tim Walz, received an "N/A" grade, pending further clarity on their positions.
A Multifaceted Approach to Mobilizing Crypto Voters
The Stand With Crypto Alliance is employing a multifaceted approach to reach crypto enthusiasts. Beyond the bus tour and letter-writing campaign, the group has been active online, engaging with potential voters through social media and voter registration tools. They have also held rallies and concerts featuring music artists like The Chainsmokers.
The group boasts over 104,000 registered voters through their efforts, highlighting its growing reach among cryptocurrency supporters.
Looking Ahead: A Defining Election for Crypto
The November election is widely perceived as crucial for the future of the cryptocurrency industry. Many crypto advocates believe that the outcome will have a significant impact on how the sector is regulated and perceived in the United States.
The Stand With Crypto Alliance remains active in campaigning for favorable crypto policies, emphasizing the importance of "sensible, reasonable regulation" that allows the industry to flourish. However, it is unclear how much influence they will ultimately have on the policy decisions of the next administration.
Democrats Show Increased Interest in Crypto
Although Kamala Harris has not yet taken a formal stance on crypto, members of her team have been engaging with industry leaders in recent months. Several Democratic lawmakers, including Rep. Wiley Nickel and Rep. Ro Khanna, have expressed optimism about potential pro-crypto policies from the Democratic side.
In a notable development, Senate Majority Leader Chuck Schumer recently stated that a crypto bill could pass the Senate this year. While this signal is positive for the crypto industry, it remains to be seen if it translates into concrete legislative action.
Despite the ongoing debate and uncertainty surrounding the future of crypto regulation, the Stand With Crypto Alliance has successfully spurred conversation and raised awareness about the importance of cryptocurrency in the upcoming election. Whether this will be enough to impact the outcome remains to be seen.
