Each day, Coinrule will run through the state of the digital assets market for Blockbeat, your home for news, analysis, opinion and commentary on blockchain and digital assets.
Cryptocurrency as technology is neutral. Yet that has not saved it from becoming a political party topic in a heavily partisan US political environment during an election year. Trump recently commented that he is ‘good with Crypto.’ His campaign will start accepting donations in crypto. Many in the industry and also the wider tech sector are embracing him. Given that the SEC under Biden has pursued a relentless war against the industry, this is not surprising. Democrat Senator Elizabeth Warren in particular has positioned herself strongly against the industry with various legislative actions.
But a closer look at the matter shows something else. In a recent Congress vote to reign in the SEC’s attempt to block banks from holding cryptocurrencies, 21 Democrats voted against the SEC and their own party. What do they have in common? Their average age is 48. Meanwhile, the most critical anti-crypto leaders like Warren are well into their 70s and above.
More tech-positive congressmen see the writing on the wall for technological progress. They also understand that 14% of Americans hold cryptocurrency, primarily the younger generations. Why alienate them by opposing a technology that could help reduce the power of big banks and the financial sector? There is a saying that sometimes progress happens one funeral at a time. Crypto adoption could be a case in point.