Crypto Needs a Purple Mindset

When
Satoshi
Nakamoto
published
the
Bitcoin
white
paper
in
2008,
nobody
could
have
imagined
that
the
digital
asset
industry
would
swell
to
over
$2
trillion
today.

Sixteen
years
into
its
adoption
cycle,
the
crypto
market
can
no
longer
be
considered
a
fad
or
a
libertarian
casino.
Rather,
it’s
the
next
evolution
of
finance.
It’s
both
too
big
and
too
important
to
be
treated
on
a
partisan
basis.

There
are
few
financial
sectors
that
aren’t
being
upgraded
by
the
flow
of
funds
in
tokenized
form.
Cross-border
payments,
remittances,
e-commerce,
humanitarian
aid,
FX
markets,
money
market
funds,
and
retail
purchases
are
all
beginning
to
integrate
blockchain-based
financial
rails
into
their
infrastructure.

From
migrant
workers
to
Fortune
100
institutions,
users
are
turning
to
this
technology
for
the
same
reasons
we
all
started
using
the
internet:
the
ability
to
transact
with
anyone
around
the
world
near-instantly
at
near-zero
cost.
Like
texting
and
cloud
computing,
blockchain
networks
represent
an
undeniable
upgrade
in
accessibility,
scalability,
resilience,
and
security.

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

Crypto
has
become
a
significant
campaign
issue
in
the
2024
elections.
In
an
age
when
everything
from
arugula
to
fertility
treatments
and
EVs
has
become
politicized,
it’s
no
surprise
to
see
red-blue
gaps
emerging
on
crypto.

What
is
a
surprise,
though,
is
the
degree
to
which
industry
figures
themselves
have
exacerbated
the
problem.
Their
frustrations
with
Washington
are
understandable.
Between
arbitrary
regulation
by
enforcement
and
an
array
of
hostile
policy
actions,
they
may
be
forgiven
for
feeling
under
siege.

But
let’s
take
a
step
back:
almost
all
innovative
industries
must
contend
with
a
steep
learning
curve
and
initial
skepticism.
It
can
be
tempting
to
respond
with
a
rage-against-the-machine
mindset,
which
is
psychologically
satisfying
but
deeply
counterproductive.
Frankly,
some
of
the
self-caricatures
we’ve
seen
from
industry
influencers
represent
a
degree
of
political
malpractice
unseen
since
the
infamous
“I’m
not
a
witch”
ad
from
2010.

Like
charity,
branding
and
messaging
begins
at
home.
It’s
time
for
the
crypto
industry
to
reject
the
us
vs.
them
mentality
and
embrace
a
bipartisan
approach.

This
isn’t
just
a
pragmatic
tactical
pivot.
It’s
really
an
alignment
with
a
convenient
truth:
developing
a
strong
digital
assets
regulatory
framework
is
in
the
national
interest
and
should
be
inherently
bipartisan.

Politicians
as
different
as
Senate
Majority
Leader
Chuck
Schumer
and
former
President
Trump
have
come
around
to
this
view
in
recent
years.
After
initially
spurning
the
industry,
Trump
gave
a
pro-crypto
keynote
speech
at
this
summer’s
Bitcoin
Conference
in
Nashville.
In
his
remarks,
Trump
likened
Bitcoin
to
“the
steel
industry
of
a
hundred
years
ago”
and
said
that
“If
crypto
is
going
to
define
the
future,
I
want
it
to
be
mined,
minted,
and
made
in
the
USA.”
Last
week,
he
even
bought
a
burger
with
crypto
at
Pubkey,
a
“Bitcoin
bar”
in
NYC.

Just
this
week,
Vice
President
Kamala
Harris
added
her
own
support
for
crypto,
linking
its
importance
to
American
competitiveness.
“We
will
encourage
innovative
technologies
like
AI
and
digital
assets
while
protecting
consumers
and
investors,”
she
said.
“We
will
create
a
safe
business
environment
with
consistent
and
transparent
rules
of
the
road.”

In
part,
this
evolution
reflects
crypto’s
sizable
voting
bloc,
now
estimated
at
52
million
Americans.
More
importantly,
it
represents
the
resonance
of
crypto’s
promise
with
important
priorities
in
each
party.

For
Democrats,
crypto
represents
a
vital
departure
from
the
costly
fees
and
exclusive
nature
of
traditional
finance.
It’s
one
of
the
most
powerful
tools
we
have
to
promote
financial
inclusion
and
economic
mobility.

For
Republicans,
crypto
represents
a
critical
tool
to
preserve
privacy
and
extend
free
enterprise
globally.

For
both
parties,
crypto
means
future-proofing
the
dollar,
encoding
democratic
values
into
the
future
of
finance,
and
protecting
American
technology
competitiveness.

This
fall’s
post-election
lame
duck
session
in
Congress
holds
the
promise
of
not
only
delivering
legislation,
but
also
cementing
crypto
as
a
key
policy
agenda
item
for
the
next
administration.
It’s
a
good
sign
that
other
major
financial
hubs
in
Europe
and
APAC
are
moving
forward
with
digital
asset
regulation.
But,
Americans
shouldn’t
settle
for
allowing
other
jurisdictions
to
set
the
rules
for
the
issuance
of
digital
U.S.
dollars.
Democrats
and
Republicans
alike
should
want
to
protect
the
integrity
of
the
U.S.
dollar
and
put
regulations
in
place
to
protect
our
own
currency
and
position
as
the
leading
global
currency.

From
Dodd-Frank
in
2010
to
the
Communications
Decency
Act
of
1996,
Congress
has
a
proud
history
of
passing
consequential,
durable
legislation
on
strategically
important
areas
like
financial
markets
and
the
internet
with
strong
bipartisan
majorities.
Narrow
margins
undermine
confidence
and
set
the
stage
for
future
back-tracking.
That’s
why
the
crypto
industry
should
be
engaging
with
every
member
in
both
parties
to
make
the
case
for
standards
to
bolster
American
leadership
and
American
values.

The
next
few
months
represent
a
historic
opportunity
to
level
up
this
industry
with
bipartisan
legislation.
Getting
an
American
outcome
requires
a
purple
mindset.
With
the
right
positioning,
this
industry
can
be
as
American
as
Detroit
carmakers,
Silicon
Valley
tech,
and
apple
pie
–
putting
our
values
and
our
interests
at
the
center
of
the
next
era
of
global
financial
infrastructure.

Note:
The
views
expressed
in
this
column
are
those
of
the
author
and
do
not
necessarily
reflect
those
of
CoinDesk,
Inc.
or
its
owners
and
affiliates.