Cryptocurrency is becoming a growing, bipartisan issue in many countries—the recent passage of a legal framework for digital assets in the European Union is a positive step for the sector. However, in the United States, there is still a lack of legislative progress.
Billionaire Mike Novogratz believes a small minority in the United States Democratic party, such as Gary Gensler, Elizabeth Warren, Sherrod Brown, Janet Yellen and Lael Brainard, generally do not view cryptocurrency in a positive light. Novogratz believes this to be a rather unfortunate position, as cryptocurrency should be an inclusive, non-partisan issue.
The negative attitude towards crypto may be linked to a scandal surrounding FTX, a crypto asset exchange. In November, the exchange declared bankruptcy after a sharp rise and subsequent collapse of its native token. Furthermore, the former CEO of FTX, Sam Bankman-Fried, was accused of conspiring to make illegal campaign donations, as well as defrauding customers and mishandling billions of dollars of funds.
After the scandal, three Democratic campaign groups reportedly planned to return over $1 million worth of Bankman-Fried's political contributions. This could have led to a sense of mistrust and a partisan divide, with Democrats staying away from cryptocurrency as a result. However, it remains imperative that cryptocurrency is seen as a non-partisan issue, as it is in many other countries.
Raising awareness of the legitimacy of cryptocurrency and its usage could help break down the partisan divide in the US and push for progress in the industry. There is potential for blockchain technology to enhance a wide range of sectors, such as finance, healthcare, and logistics, and its regulation should be handled carefully and collaboratively.
It also remains vital that cryptocurrency's role as a possible means of preventing corruption is made clear--public oversight, decentralization and immutability provided by blockchain can help ensure that donations given to political groups and campaigns are traceable and transparent. This could in turn help restore public trust in cryptocurrency and prevent any further partisan divides in the US.
Gabriel Gray
- 2023-04-25
Breaking Down the Partisan Divide in the United States With Cryptocurrency
Mike Novogratz believes a small minority in the United States Democratic party hold a negative view of cryptocurrency, potentially linked to the FTX scandal. Raising awareness of the legitimacy of blockchain technology and its usage could break the partisan divide and push for progress in the industry.
