Research Summary
The report discusses the potential influence of the crypto community on the upcoming U.S. presidential election. It proposes a strategy to leverage the approximately 50 million American adults who hold crypto to form a single-issue voting bloc. The report also suggests a piece of legislation that would be beneficial to the crypto industry as a whole, rather than just creating a regulatory advantage for large corporations. The overarching message is the importance of separating money from the state.
Key Takeaways
Political Influence of the Crypto Community
- Politicians’ Interest in Crypto: The report notes that politicians, including Donald Trump, have shown a sudden interest in crypto, likely as a strategy to appeal to the young, tech-savvy, and politically active demographic. However, the author expresses skepticism about the sincerity of these politicians, warning that their current interest in crypto may be short-lived and purely strategic for re-election purposes.
- Proposed Crypto Legislation: The author proposes a strategy to ensure the enactment of positive crypto legislation before the election, emphasizing the need for laws that genuinely benefit the industry and not just corporate interests. The author calls for a piece of legislation that would be beneficial to the crypto industry as a whole, rather than just creating a regulatory advantage for large corporations like Coinbase and Blackrock.
Separation of Money and State
- Importance of Separating Money from the State: The report argues that when the government must seek tax approval from citizens, it leads to more responsible governance and less unnecessary government expansion through inflation tax. The author criticizes the high global military spending, suggesting that if taxpayers had a direct say, funds might instead be allocated to public services like healthcare, education, and transportation, potentially improving quality of life.
Political Strategy for Crypto Holders
- Leveraging the Crypto Community: The report suggests leveraging the approximately 50 million American adults who hold crypto to form a single-issue voting bloc that can influence political outcomes without financial contributions. The author asserts that pro-crypto voters have the numerical power to influence the control of the House of Representatives, Senate, and presidency, provided they organize effectively.
- Proposed Law for Crypto as Protected Speech: The report proposes a law stating that cryptographic currencies and tokens are forms of protected speech, and any restrictions on holding or transferring crypto would be inapplicable. If such a law were enacted, it would create legal ambiguity regarding regulatory jurisdiction over crypto, necessitating court cases to establish legal precedents.
Actionable Insights
- Advocate for Positive Crypto Legislation: Crypto holders should advocate for laws that genuinely benefit the industry and not just corporate interests. They should also be wary of politicians who may only express support for cryptocurrencies to gain votes.
- Form a Single-Issue Voting Bloc: The crypto community should consider forming a single-issue voting bloc to influence political outcomes. This could be more effective than relying on financial contributions to political campaigns.
- Support the Separation of Money and State: Crypto holders should support the idea of separating money from the state, which could lead to more responsible governance and less unnecessary government expansion through inflation tax.
- Push for Crypto as Protected Speech: The crypto community should push for a law that recognizes cryptographic currencies and tokens as forms of protected speech. This could create a favorable environment for crypto innovation in the United States.
