Crypto Alliances in the 2024 US Presidential Election: A Game of Thrones Paradox
Summary:
The article draws parallels between the shifting alliances in HBO's Game of Thrones and the potential alliances within the 2024 US presidential election, focusing particularly on the role of cryptocurrency. It outlines President Biden's antagonism towards the crypto industry and suggests the possibility of a crypto/Trump alliance. The piece also mentions the increasing impact of the crypto community on electoral outcomes, criticisms of Biden's nominees and their disruptive policies, as well as Trump's more supportive stance towards crypto. The author advocates for a vote for Trump as a countermeasure against the US government's threats to the crypto industry.
In HBO's renowned series Game of Thrones, alliances were commonly unstable and shifting. Power struggles often led the great houses to switch alliances multiple times. This situation bears parallel to the upcoming 2024 US presidential elections, where cryptocurrency Political Action Committees (PACs) have emerged as formidable players in the electoral field. Besides, the retail crypto owners form a considerable chunk of the voting population.
Historically, Silicon Valley and tech entrepreneurs have voted for progressive candidates. Nonetheless, President Joe Biden's administration has been overtly antagonistic towards both technology and cryptocurrency. Strikingly, some advocates of cryptocurrency affirm that they cannot vote for former President Donald Trump, despite his recent and explicit endorsement of cryptocurrency due to doubts regarding his follow-through on his statements.
Mike Flood is stirring up Congress over the issue of cryptocurrency. Many express skepticism over politicians fulfilling their campaign pledges. According to this skepticism, the fluid alliances in Game of Thrones proves to be a handy metaphor. In this context, an alliance between Trump and cryptocurrency seems plausible. Conversely, such an alliance with Biden seems highly unlikely given his clear opposition.
President Biden's policies have stifled the growth of crypto-related businesses. For instance, Biden's "Operation Choke Point" initiative compelled regulated banks to distance themselves from cryptocurrency businesses, thereby disrupting their functioning. Biden's IRS proposed to consider crypto wallet developers as brokers. The Justice Department prosecuted developers of privacy protocols for allegedly infringing upon money transmitter laws. This occurred despite these developers adhering to the Treasury Department's money transmitter guidance.
Further, the chairperson of Biden's Securities and Exchange Commission, Gary Gensler, claimed that all crypto tokens were unregistered securities without providing a feasible registration process. The president's Commodity Futures Trading Commission alleged that all members of a decentralized autonomous organization (DAO) — Ooki DAO — were jointly accountable for a decentralized finance protocol backed by the DAO. Additionally, Biden has promoted two commissioners who agreed with these actions and even nominated cryptocurrency critics. Despite these developments, Biden's campaign has begun accepting contributions in cryptocurrencies due to the increasing voter impact of the crypto community.
In contrast, the Trump administration has broadly supported cryptocurrency. Several of Trump's nominees for various posts are pro-innovation and pro-crypto. Moreover, both Trump and the crypto community mutually disdain Massachusetts Senator Elizabeth Warren, who has had a considerable influence on Biden's financial regulatory nominees and other anti-crypto policies.
In an election debate at a crypto conference in consensuses, Messari founder Ryan Selkis compared the Democratic candidate's outreach to crypto supporters to unfaithful spouses pleading for forgiveness. Selkis stressed that this outreach could potentially pave the way for a bipartisan policy on cryptocurrency in the long-term. Still, it should not excuse their previous anti-crypto measures unless they demonstrate genuine commitment and change.
In the upcoming election, many crypto owners, like myself, will cast a vote for Donald Trump, who appears to be crypto's best hope against ongoing threats from the US government. For those invested in the crypto world, this choice seems to be the only way forward.
J.W. Verret is a contributor for Cointelegraph and serves as an associate professor at George Mason University's Antonin Scalia Law School. He practices securities law and is a crypto forensic accountant at Lawrence Law LLC. Verret is a member of the Financial Accounting Standards Board’s Advisory Council and formerly served on the SEC Investor Advisory Committee. He is also at the helm of a think tank, Crypto Freedom Lab, which advocates policy reforms to ensure freedom and privacy for crypto developers and users.
This article provides general information only. It isn't intended as and shouldn't be interpreted as legal or investment advice. The views and assertions expressed herein belong solely to the author and don't represent the standpoints or opinions of Cointelegraph.
Published At
6/26/2024 10:36:35 PM
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