Blockchain
Cryptocurrency is emerging as a 2024 election issue
BUFFALO, N.Y. — Over the past decade or so, digital cryptocurrency like Bitcoin has gone from a technological novelty to an industry with a multi-billion dollar global market.
BronxCrypto founder Julio Barrios said that many people don’t understand the industry, so he started an educational platform several years ago.
“I come in and teach classes and seminars, workshops,” Barrios said. “I do free workshops at libraries all over the Bronx.”
He said the sector has been marred by misunderstandings and bad actors, which has led government leaders to approach it with caution.
“It happens with all technologies,” Barrios said. “It starts out being used by criminals. It’s being used by people trying to do illegal things, and then all of a sudden when people see the potential of blockchain, that’s when they jump on board.”
Kyle Bligen, financial policy director for the House of Representatives, a tech industry coalition, said the Biden administration has generally been hostile toward cryptocurrencies, but Democratic presidential candidate Kamala Harris may be changing its tune.
“We have noticed a slight shift in tone in recent reporting, where her deputies and close associates are actually reaching out to the industry, trying to make sure she has a comprehensive understanding of what cryptocurrency and blockchain technology is and how she can better engage with the industry going forward,” he said.
Meanwhile, Republican candidate Donald Trump is starting to make cryptocurrencies a key component of his campaign. Over the weekend, he spoke at a Bitcoin conference in Nashville, laying out several specific policy plans, including creating a strategic reserve similar to the one the government has for oil.
“The actual mechanics of this, how it would play out and what the actual market benefits would be, have yet to be clarified, but it was the first time I’ve seen someone at the level of a presidential candidate or someone in the administration call for that kind of policy,” Bligen said.
The House of Representatives said that while Republicans, through Trump, are embracing the industry, they hope Democrats will come together to create a bipartisan regulatory plan. U.S. Sen. Kirsten Gillibrand is one of the party’s leaders on the issue.
“If we want to make the market safe for Americans to participate in, we need basic transparency, accountability, know-your-customer rules, anti-money laundering rules, safety and soundness rules, and I have drafted legislation to provide exactly that,” Gillibrand said.
He said that regulating cryptocurrencies and promoting American innovation should not be partisan.
“I think cryptocurrency and blockchain are not in the top five issues for most New Yorkers or Americans, and so our elected leaders have not had experts on their staff who can give them guidance on what regulation is needed,” Gillibrand said.
The Chamber of Progress said polls show pro-crypto voters may prioritize the issue above others when choosing a candidate. Barrios said a whole-of-government approach is needed.
“America has to see this,” Barrios said. “They have to wake up. We can’t let China control the majority of this Bitcoin mine.”
The organization said that more than 20 million Americans buy, trade, or sell cryptocurrencies, and citing surveys, they say that more than 52 percent of Americans nationwide support the technology.