The final event of the America Loves Crypto tour took place yesterday in Washington, DC as the country heads to the 2024 elections. 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 venue.
The speakers largely agreed on one point of view: the importance of supporting cryptocurrency in America through a united bipartisan effort.
In their shared stage appearance, Brian Armstrong and Congressman Nickel noted that they consider it important to maintain and promote cryptocurrency innovation in America.
This importance, especially for Nickel, is not only based on the belief in technology, but it is caused by the fact that 20% of American adults have some form of cryptocurrency, a voting block considered by Nickel “[has] power to influence elections.”
Nickel added: “If we want to do things in Washington, it’s very important that we do it in a united way. If we politicize the story of one party getting into crypto versus another, it will poison the well in Washington for a decade. “
Since Biden took office in 2020, his administration’s SEC, DoJ and DoE (Department of Energy) officials have introduced a fair number of unacceptable regulatory issues. Notably, Nickel’s support for cryptocurrency represents a change of tune for the historically hostile Democratic Party.
“I first came to DC five years ago, and when I first came, a lot of people didn’t know what crypto was,” Armstrong said. “One member of the Conference asked me: ‘Isn’t this all a video game or something?’ Once they discovered what crypto was over the years, the conversation changed completely. Now, everyone knows what crypto is, we are the belle of football, a hot topic on everyone’s lips. “
However, one attendee, an executive at a prominent financial institution who wished to remain anonymous, pointed to the development of crypto-politicking and what they saw as little commitment on the part of the Democratic Party.
In particular, the official believes that the Biden administration’s veto of legislation repealing SAB 121, which if signed would have allowed highly regulated financial institutions to hold digital assets, was a major surprise.
They noted that the crypto industry, despite raising large sums of money in campaign contributions, still has a strong stigma and that policymakers do not give this single-issue constituency the respect it deserves.
The America Loves Crypto tour focused on tackling stigma through a combination of live music and grassroots community building. Alex Pall and Drew Taggart, aka The Chainsmokers, closed out the event, entertaining the crowd with their classics, unreleased music, and most notably the cry of “F$*# Gary Gesnler”. The Chainsmokers themselves are no strangers to cryptocurrency and founded the technology and crypto-focused fund Mantis Venture Capital in 2020.
With stops in Arizona, Nevada, Michigan, Wisconsin, Pennsylvania and Washington, DC, many who attended the America Loves Crypto tour were hoping that the more than 1.4 million Stand With Crypto representatives across the country could flex their muscles as the real deciding factor in November.