Bipartisan Consensus Comes Out in Final Day of America Loves Crypto Tournament

The final event of the America Loves Crypto tour took place yesterday in Washington, DC as the country counts down to the 2024 election. Speakers including Coinbase CEO Brian Armstrong, ConSensys CEO Joseph Lubin and Congressman Wiley Nickel (D-NC), addressed the capacity crowd at the Black Cat Music Hall.

Speakers largely agreed on one idea: the importance of supporting cryptocurrency in America through a concerted bipartisan effort.

In their joint stage appearance, Brian Armstrong and Congressman Nickel noted that they believe it is critical to preserve and promote cryptocurrency innovation in America.

That importance, for Nickel in particular, isn’t so much based on faith in the technology as it is apparently due to the fact that 20 percent of American adults own some form of cryptocurrency, a voting bloc that Nickel believes “(has) the ability to influence elections.”

Nickel added, “If we’re going to get things done in Washington, it’s extremely important that we do it in a bipartisan way. If we politicize the issue with one side getting into crypto over another, it will poison the well in Washington for a decade.”

Since Biden took office in 2020, his administration’s SEC, DOJ, and DOE officials have introduced a fair amount of unwanted regulatory hurdles. In particular, Nickel’s support of the cryptocurrency signals a change of tone for the historically hostile Democratic Party.

“I started coming to DC five years ago, and when I first came here, most people didn’t even know what crypto was,” Armstrong said. “A member of Congress asked me, ‘Isn’t this all a video game or something?’ Once they figured out what crypto was over the years, the conversation totally changed. Now everyone knows what crypto is, we’re kind of the belle of the ball, the hot topic on everyone’s lips.”

However, one participant, an executive at a prominent financial institution who wished to remain anonymous, reflected on the development of crypto-politicization and what he sees as under-engagement on the part of the Democratic Party.

In particular, the executive believes the Biden administration’s veto of legislation overturning SAB 121, which if signed would have allowed highly regulated financial institutions to hold digital assets, was a major wake-up call.

They noted that the crypto industry, despite raising large sums of money for campaign contributions, still carries a strong stigma and that policymakers do not give this single-issue bloc of voters the respect it deserves.

The America Loves Crypto Tour focused on tackling stigma with a mix of live music and grassroots community building. Alex Pall and Drew Taggart, also known as The Chainsmokers, closed out the event, entertaining the crowd with their classic hits, unreleased music, and most notably, a “F$*# Gary Gesnler” shout-out. The Chainsmokers themselves are no strangers to cryptocurrency and founded tech and crypto-focused venture capital fund Mantis in 2020.

With stops in Arizona, Nevada, Michigan, Wisconsin, Pennsylvania, and Washington, DC, many in attendance at the America Loves Crypto Tour were hoping that the more than 1.4 million Stand With Crypto supporters across the country would be able to flex their muscles as a real decider in November.