Crypto Needs a Purple Mindset

After 16 years since its inception, the cryptocurrency market has moved beyond being seen as a passing trend or a playground for libertarians. Instead, it represents the future of finance – a significant and substantial aspect of our global economy that transcends political affiliations.

In many financial areas, the trend is shifting towards the use of digitized funds, often referred to as tokens. This transformation is impacting various sectors such as cross-border transactions, remittances, online shopping, charitable donations, foreign exchange markets, money market funds, and retail purchases. These industries are increasingly adopting blockchain technology for their financial frameworks.

Users, ranging from migrant workers to large corporations like those on the Fortune 100 list, are increasingly adopting this technology for reasons similar to why we initially embraced the internet – the opportunity to conduct transactions swiftly and affordably with people worldwide. Just as text messaging and cloud computing revolutionized communication and data storage respectively, blockchain networks present a clear improvement in terms of accessibility, scalability, robustness, and security.

Darkening this great promise, however, is the shadow of partisan politics.

In the upcoming 2024 elections, cryptocurrency has taken center stage as a key topic of debate. Given that we now live in an era where even common items like arugula or specialized services such as fertility treatments and electric vehicles are politically charged, it’s not surprising to witness growing divisions between political parties on the subject of cryptocurrencies.

It’s interesting to note that the intensity of the issue has been amplified unknowingly by the very figures from the industry themselves. After all, their irritations towards Washington are reasonable. They are frequently subjected to inconsistent regulation and a series of hostile policies, which can make them feel threatened or attacked.

Instead of jumping headfirst: almost all industries that innovate face a significant learning hurdle and initial doubts. It’s understandable to feel frustrated, but reacting with an attitude of resistance is more detrimental than helpful. In fact, some of the exaggerated portrayals from influential figures in the industry border on misconduct, reminiscent of the controversial “I’m not a witch” ad from 2010.

A grudge is not a strategy

Just as the essence of giving starts within oneself, so does the foundation of branding and communication lie in one’s own house. It’s high time for the cryptocurrency sector to discard the competitive mindset and instead adopt a collaborative stance, working together across ideological lines.

Instead of simply referring to this as a strategic shift, it’s more about aligning with a universally accepted fact. Building a robust regulatory structure for digital assets serves our country’s best interests and, ideally, should be a non-partisan issue.

In contrasting views, both Senate Majority Leader Chuck Schumer and former President Trump have adopted a pro-cryptocurrency stance more recently. While initially dismissive of the industry, Trump delivered a pro-crypto keynote address at this year’s Bitcoin Conference in Nashville. During his speech, he compared Bitcoin to the steel industry from a century ago and expressed his desire for crypto to be mined, minted, and produced within the United States. In fact, just last week, Trump purchased a burger using cryptocurrency at Pubkey, a “Bitcoin bar” in New York City.

At a recent Crypto4Harris event, Schumer argued for cryptocurrency regulation to boost American inventiveness. He expressed optimism about passing legislation this year despite political divisions, stating, “We all support the potential of crypto.” His goal is to unite members from both parties, aiming to pass reasonable regulations that will help the U.S. continue leading as the world’s most innovative nation in the realm of cryptocurrencies.

This week, Vice President Kamala Harris expressed her endorsement for cryptocurrencies, emphasizing their relevance to America’s competitive edge. “We aim to foster groundbreaking technologies such as AI and digital currencies, all while safeguarding consumers and investors,” she stated. “Our goal is to establish a secure business climate with clear and transparent regulations.

To some extent, this progression mirrors the significant influence of cryptocurrencies, currently believed to encompass around 52 million American voters. However, it primarily signifies the alignment of cryptocurrency’s potential with critical agendas that resonate in both political parties.

To Democrats, cryptocurrency symbolizes a crucial shift away from the expensive charges and elitist characteristics of conventional banking. It’s an exceptionally potent instrument for fostering financial accessibility and enhancing socio-economic advancement.

For Republicans, cryptocurrencies are seen as an essential means for safeguarding privacy and expanding the reach of free enterprise on a global scale.

Here’s a more conversational rephrasing of the sentence: “For everyone involved, cryptocurrency represents a way to safeguard the dollar for the future, embed democratic principles within financial innovation, and maintain American technological edge in finance.

As a researcher, I find myself eagerly anticipating this fall’s post-election lame duck session in Congress, which could mark a significant milestone in establishing cryptocurrency as a focal point in the upcoming administration’s policy agenda. It’s heartening to see other financial powerhouses in Europe and APAC making strides in digital asset regulation. However, it is crucial that we, as Americans, don’t stand idly by while other jurisdictions dictate the guidelines for the emission of digital U.S. dollars. Both Democrats and Republicans should prioritize safeguarding the integrity of our national currency by implementing regulations that secure our own currency and maintain our status as a global financial leader.

Over the years, Congress has a notable track record of enacting significant, enduring laws on crucial sectors such as finance and the internet, often with broad bipartisan support. Narrow victories can undermine trust and potentially pave the way for reversals later on. Given this, it’s essential that the crypto industry reaches out to members from both parties to advocate for guidelines that uphold American dominance and American ideals in this emerging field.

Over the coming months, we have a unique, bipartisan chance to significantly advance this sector with groundbreaking legislation. Achieving an outcome that reflects American ideals necessitates adopting a balanced perspective. By positioning ourselves effectively, this industry can become as synonymous with America as Detroit car manufacturers, Silicon Valley technology, and traditional apple pie – prioritizing our values and aspirations in shaping the upcoming phase of global financial structure.

Important Note: The opinions shared within this article belong to the writer alone and may not align with the perspectives of CoinDesk Inc., its proprietors, or associated entities.