The crypto election and its consequences

Few Americans have ever used crypto, the technology that aims to replace real currencies with alternative digital versions like bitcoin.

Only 7 percent of Americans used or held crypto in 2023, according to the Federal Reserve. Seventy-five percent of Americans have expressed distrust for crypto, according to the Pew Research Center. So far, crypto has mainly been useful to scammers, money launderers, drug traffickers and terrorists. Last year, crypto scammers stole at least $5.6 billion from Americans, according to the FBI.

Yet crypto corporations have become an influential force in the 2024 election. They are pouring over $200 million into this cycle. Their goal: to terrify any politician who might stand in crypto’s way. For example, one crypto industry PAC has already spent $40 million against the re-election bid of Ohio Sen. Sherrod Brown, a Democrat.

But what does crypto really want? Its boosters portray it as a technology for creating economic opportunity and "banking the unbanked." But some of crypto’s biggest names have more extreme ideas about its purpose.

For the New Republic, I took a deep dive into the politics of crypto. What I found was pretty disturbing. Not only do billionaire crypto barons seek to replace government-issued currencies like the dollar – they also seek to create new forms of corporate-controlled government to replace democracy.

Click below to read "The Most Powerful Crypto Bro in Washington Has Very Weird Beliefs" in the New Republic:

The Most Powerful Crypto Bro in Washington Has Very Weird Beliefs

Coinbase CEO Brian Armstrong says the U.S. is in “decline” and embraces a cultish tech movement to build “network” societies beyond the reach of nation-states—and he’s got Congress eating out of his hand.

The New RepublicGil Duran

Now that billionaire crypto barons have amassed tremendous wealth, they are turning their attention to our political system. With both Donald Trump and Kamala Harris vying for the support of crypto in 2024, it's time to take a deeper look at what crypto really wants. And it is time to frame the issue for the American people.

Please give this piece a read and share your thoughts as we seek to frame the crypto issue and the threat it poses to democracy.

Thanks for reading,

gil

Further reading:

This stunning piece by Charles Duhigg in the New Yorker reveals how former Democratic Party operatives are guiding crypto's aggressive attack on our political system. (Note: This piece may be paywalled for some readers)

Silicon Valley, the New Lobbying Monster

From crypto to A.I., the tech sector is pouring millions into super PACS that intimidate politicians into supporting its agenda.

The New YorkerCharles Duhigg