Blockchain
Clay McInnis: Cryptocurrency and the Future
Since taking office, President Biden and his SEC regulators have initiated measures that could potentially disrupt the digital assets industry. These actions have far-reaching implications, as they could push the thriving cryptocurrency industry out of the country and undermine America’s competitiveness in the coming decades.
Congressional Republicans have worked diligently to pass legislation that would prevent Biden’s SEC from continuing its attack on the digital assets sector. Former President Donald Trump has signaled that, if re-elected, he would end Biden’s war on cryptocurrencies. In May, the former president told those who support cryptocurrencies: “You better vote for Trump.” And he has promised that his second term will be a significant boon for digital assets, and industry leaders have taken notice.
Earlier this summer, President Trump raised $12 million overnight from a fundraiser hosted by tech venture capitalists and cryptocurrency advocates David Sacks and Chamath Palihapitiya. Major Republican donor Jeffrey Yass of Susquehanna International Group, whose interests include Bitcoin, has donated $70 million to support Republicans in the upcoming election. The cryptocurrency-funded Defend American Jobs PAC has already committed $16 million to support Republican candidates.
The 2024 election cycle could become the most expensive in our nation’s history. Some experts speculate that the total amount spent on presidential and congressional races could exceed $10 billion. Therefore, developing new fundraising streams has never been more important than it is today.
However, Washington Republicans’ support for digital assets is not merely transactional. They understand that the future of the American and global economy could likely rely on blockchain technologies. This economic movement is grassroots and cannot be stopped or ignored. These leaders understand that they must embrace the future.
Young Americans are almost as likely to own cryptocurrencies as they are to own real estate, according to a Policygenius survey. Zoomers are more likely to own crypto assets than traditional stocks. Experts estimate that as many as 93 million Americans own one or more cryptocurrencies, more than the number of households that own dogs. It is clear that the role of the digital asset industry in American life will only grow as young Americans increasingly become the nation’s breadwinners.
Cryptocurrencies are the way of the future and will undoubtedly play a central economic role throughout the 21st century and beyond. Many Alabamians have already embraced the benefits of digital assets. Recent surveys show that nearly one-fifth of Alabamians own some form of digital asset, indicating that many in our state value the industry’s transparency and decentralization.
I firmly believe that our state leaders should embrace these technological advancements and harness the innovative spirit of the cryptocurrency industry. This could potentially generate new investment and job opportunities for Alabama, mirroring the success we have seen in other industries in recent decades. In the past, Alabama has demonstrated its ability to embrace the future and has benefited tremendously from it. This should be no different. The potential economic benefits of adopting cryptocurrency are vast and offer a promising future for our state and its citizens.
Other states are already taking advantage of the booming digital asset sector. Wyoming, Florida, Texas and others have pledged to make their states centers for crypto innovation. We must not be left behind, and immediate action is needed to position our state as a leader in this area.
Clay McInnis manages workforce development for a large construction company and resides in Baldwin County. He serves on the board of directors of the Alabama Blockchain Alliance, whose mission is to create opportunities for Alabama citizens by positioning the state as a leader in the blockchain industry.
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