Since assuming office, President Biden and his SEC regulators have initiated measures that could potentially disrupt the digital assets industry. These actions have far-reaching implications, as they could drive the burgeoning cryptocurrency industry out of the country and compromise America’s competitiveness in the coming decades.
Congressional Republicans have been working diligently to pass legislation preventing Biden’s SEC from continuing its assault on the digital asset industry. Former President Donald Trump has signaled that he would end Biden’s War on crypto if re-elected. In May, the former president told those who support crypto, “You better vote for Trump.” And he has pledged that his second term will be a significant boon for digital assets, and industry leaders have taken notice.
Earlier this summer, President Trump raised $12 million in one night from a fundraiser hosted by tech venture capitalists and crypto advocates David Sacks and Chamath Palihapitiya. Top Republican donor Jeffrey Yass of Susquehanna International Group, whose interests include Bitcoin, has given $70 million to support Republicans in the upcoming elections. The crypto-backed Defend American Jobs PAC has already allocated $16 million to support Republican candidates.
The 2024 Election cycle could become the most expensive in our nation’s history. Some experts speculate that the total amount spent on the Presidential and Congressional races could surpass $10 billion. So, developing new fundraising streams has never been more critical than it is today.
However, Washington Republicans’ support of digital assets is not merely transactional. They understand that the future of the American and world economies could likely rest upon blockchain technologies. This economic movement is grassroots and cannot be stopped or ignored. These leaders understand that they must embrace the future.
According to a Policygenius survey, younger Americans are almost as likely to own cryptocurrency as they are to own real estate. Zoomers are more likely to own crypto assets than traditional stocks. Experts estimate that as many as 93 million Americans own one or more cryptocurrencies, more than the number of households that own dogs. The evidence is clear that the digital asset industry’s role in American life will only grow as young Americans increasingly become the nation’s breadwinners.
Cryptocurrencies are the way of the future and will undoubtedly play a central economic role throughout the 21st century and beyond. Many Alabamians have already embraced the benefits of digital assets. Recent polling data shows that nearly one-fifth of Alabamians own some form of digital asset, indicating that many in our state value the industry’s transparency and decentralization.
I firmly believe our state leaders should embrace these technological advancements and harness the innovative spirit of the crypto industry. This could potentially generate new investments and job opportunities for Alabama, mirroring the success we’ve seen in the past few decades in other industries. In the past, Alabama has shown its ability to embrace the future and has benefitted tremendously. This should be no different. The potential economic benefits of embracing cryptocurrency are vast, offering a promising future for our state and its citizens.
Other states are already taking advantage of the booming digital asset industry. Wyoming, Florida, Texas, and others have pledged to make their states centers for crypto innovation. We must not fall behind and need to take immediate action to position our state as a leader in this industry.
Clay McInnis manages workforce development for a large construction company and resides in Baldwin County. He is on the board of the Alabama Blockchain Alliance, whose mission is to build opportunities for the citizens of Alabama by positioning the state as a leader in the blockchain industry.
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