Bitcoin and cryptocurrency are increasingly influential in U.S. politics, revealing a clear partisan gap between conservative acceptance and progressive hesitation, even as blockchain technology offers solutions aligning with progressive goals.
Cryptocurrency-aligned Political Action Committees (PACs) and donors contributed more than $14 million during the 2022 midterm elections, underscoring the sector’s growing political footprint. Engagement is notably higher among conservatives, with 25% of Republican-leaning men reporting crypto investments compared to 16% of their left-leaning counterparts.
Progressive hesitance stems from persistent concerns, including potential fraud, environmental impact, and considerations of equity within the crypto ecosystem. This caution has contributed to a lack of cohesive engagement with blockchain technology from the progressive front.
However, blockchain technology presents significant opportunities that align with progressive priorities. Solana’s proof-of-history mechanism demonstrates potential for substantial energy efficiency, while platforms like Gitcoin have facilitated over $50 million in funding for decentralized public goods, showcasing avenues for equitable innovation.
Despite this potential, legislative progress at the state level, exemplified by Wyoming’s regulatory framework, continues apace. Failure by progressive voices to actively participate in shaping crypto governance risks their priorities being marginalized as regulatory structures develop.