Slovenia, Ljubljana - 11 11 2019: Golden cryptocurrency Bitcoin on flag of United States of America, ... [+]
As the 2024 election approaches, cryptocurrency is no longer a fringe topic. Once dismissed as a niche concern, crypto asset and blockchain policy has rocketed to the forefront for millions of Americans who recognize the critical role of crypto in driving future economic growth and innovation. This shift underscores a broader divide among voters, particularly within the crypto space, with some leaning towards the Democratic Party, while others rally behind former President Donald Trump, positioning him as the so-called "champion" of their bitcoin holdings. In response, Suite View PAC has launched Crypto Rides, a direct effort to mobilize Democratic-leaning pro-crypto voters in a way that counters the GOP’s bitcoin-only voter narrative.
Crypto Rides represents a dynamic example of how Democrat-leaning voters for this election are reclaiming crypto support by focusing on balanced and responsible regulation. Offering Uber ride vouchers to pro-crypto, pro-tech voters in New York, this initiative seeks to boost turnout for those committed to advancing thoughtful, nuanced oversight of digital assets—especially in stark contrast to the "bitcoin maximalism" embraced by Trump’s base.
The Rise Of The Single-Issue Bitcoin
Trump’s transformation from bitcoin skeptic to crypto advocate has been one of the most notable shifts in his political stance as he vies for the presidency in 2024. Once dismissive of bitcoin—calling it a "scam" in 2021—Trump now positions himself as a champion of cryptocurrency, promising to turn the U.S. into the "crypto capital of the world." His pledges to dismantle the Biden administration’s war on crypto, and his purchase of a meal with bitcoin, has endeared him to a growing segment of bitcoin maximalists and crypto entrepreneurs who see his return to office as a potential boon for deregulating the industry.
The allure of Trump’s pro-bitcoin stance is hard to ignore for many in the crypto community. Despite what some described as his ill-timed and questionable DeFi project for accredited investors, Trump has attracted millions of dollars in donations from crypto founders and investors, and his promise to make bitcoin a centerpiece of his economic policy has galvanized a bloc of voters solely focused on this issue. However, while Trump’s campaign may appeal to single-issue bitcoin voters, a broader group of Democratic and independent crypto enthusiasts are concerned about what his broader policies under Agenda 47 (based on Project 2025) could mean for the industry’s future stability and inclusivity.
The Democratic Crypto Agenda: More Than Bitcoin
While Trump courts the bitcoin vote, many Democrats are focusing on a more nuanced approach to crypto regulation. Rather than pushing for the wholesale deregulation of digital assets, Democratic crypto voters are calling for policies that balance innovation with consumer protection, financial inclusion, and economic equity.
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This difference in approach was highlighted in a recent letter sent to Vice President Kamala Harris’ campaign by leaders in the Web3 and DeFi communities. Industry stalwarts like Olayinka Odeniran, Founder and Chairwoman of Black Women Blockchain Council, emphasized the importance of ensuring that Black, Latino, AAPI, and Indigenous communities—early adopters of cryptocurrency—are included the regulatory conversation. She, and other diverse Web3 and DeFi leaders, advocated for policies that foster capital formation and financial access for these groups, while also protecting consumers from fraud and ensuring transparency in the industry. For these voters, the stakes are high—not just for bitcoin’s survival but for the entire ecosystem of emerging technologies that could reshape the global economy to be as inclusive and democratizing as its promise, and as articulated in Satoshi Nakamoto’s whitepaper. And according to a recent Morning Star poll, crypto voters are evenly divided.
Resetting The Democratic Stance On Digital Assets
In addition to voter mobilization efforts like Crypto Rides, the Crypto4Harris initiative has emerged as a key movement aiming to reshape the Democratic Party’s stance on digital assets. This group of cryptocurrency advocates, which includes high-profile figures like Mark Cuban, Anthony Scaramucci, and Congressman Adam Schiff (D-CA), is rallying behind Harris’s campaign with a clear agenda: influence future regulatory direction for the crypto industry.
One of the most notable developments within the Crypto4Harris group is the backing of Senate Majority Leader Chuck Schumer (D-NY), who participated in a virtual rally hosted by the initiative. Schumer expressed strong support for pushing through crypto legislation this year, warning that if the U.S. does not take a proactive approach to regulate digital assets, the industry could move overseas. Schumer’s involvement indicates that key Democratic leaders are becoming increasingly receptive to the crypto community’s concerns.
Additionally, Jonathan Padilla, CEO of Snickerdoodle Labs and a leading organizer for Crypto4Harris, confirmed that the group has been in early discussions with the Harris campaign, aiming to shape policy and influence regulatory appointments. However, skepticism remains due to Harris’s obvious connection to the current anti-crypto administration as the Vice President.
Despite the limited constitutional role of a Vice President to preside over the Senate, break ties in case of a 50/50 vote, to serve at the pleasure of the Chief Executive (the President), and to replace the President in times of crisis, vice presidents are inextricably linked to policies advanced during their time in office. Nonetheless, Harris has begun the challenging and nuanced task of separating herself from the current anti-crypto policies in favor of a pro-digital asset and blockchain stance in alignment with her Opportunity Economy policies to bolster the middle and working classes. She even went so far as to be the first Democratic presidential candidate to publicly declare support for pro-digital asset innovation and reasonable regulations, a stark contrast from Biden’s approach.
If the Crypto4Harris movement succeeds in resetting the Democratic Party’s stance on digital assets, it could lead to increased investment and innovation in the U.S. digital assets industry and broader Web3 economy. However, the outcome may turn on how willing the Harris campaign is to engage with the “proof of pivot” demands of the crypto industry and push back against more stringent regulatory measures of the current administration.
Polling Data Shows Crypto’s Growing Importance In The Election
New polling data from Consensys and HarrisX reveals just how much cryptocurrency has risen in importance as an election issue. Nearly 49% of U.S. voters now consider a candidate’s stance on crypto to be “important” when deciding their vote. This is a massive shift from previous elections and highlights the increasing relevance of digital finance in shaping the political landscape.
The 2024 election is shaping up to be pivotal for the crypto community, with 92% of crypto holders planning to vote—a striking statistic that makes them a demographic both parties are keen to win over. Yet, the crypto community is anything but monolithic. Recent data shows that 40% of respondents favor the GOP’s stance on crypto, while 38% align more with Democrats. This split highlights an opportunity for Democrats and independents to connect with voters who, while perhaps skeptical of the GOP’s bitcoin maximalist approach, are seeking a more balanced and inclusive regulatory framework.
Swing States: Crypto as a Deciding Factor
Swing states could very well be where the crypto vote makes the most significant impact. A poll by DCG and The Harris Poll reveals that 26% of voters in these crucial states are actively considering candidates’ positions on digital assets when deciding whom to support. With crypto emerging as a key issue in these battlegrounds, initiatives like Crypto Rides are essential in rallying Democratic crypto supporters.
Crypto Rides: Mobilizing the Democratic Crypto Vote
This is where Crypto Rides enters the fray as a direct counter to the GOP's single-issue bitcoin voter. By offering Uber ride vouchers to pro-crypto, Democratic-leaning voters in New York, Crypto Rides ensures that voices advocating for innovation, consumer protection, and financial equity are heard at the polls. "Crypto Rides isn’t just about turnout,” says founder Will Schweitzer, “it’s about turning out the right votes.” While Trump may have rallied a faction of the crypto community around bitcoin, Schweitzer emphasizes that initiatives like Crypto Rides focus on a more inclusive and responsible approach to digital finance.
The Importance Of Down-Ballot Voting
Though much of the spotlight is on the presidential race, it's crucial to recognize that lasting regulatory reform comes from Congress. Lawmakers across the country will be pivotal in shaping the future legal framework for digital assets, whether in a swing issue or one with a clear party leaning. Initiatives like Crypto Rides remind voters that real change happens up and down the ballot, ensuring that representatives pushing for smart crypto regulation are elected to Congress.
As we approach November 5th, the race for the crypto vote is intensifying. Trump may have energized the bitcoin vote, but Democrats, independents, and never-Trump voters are expanding the tent and the conversation with initiatives like Crypto Rides and Crypto4Harris. The outcome of this election will undoubtedly have lasting implications for the future of digital assets. Whether through ride vouchers, grassroots efforts, legislation or shaping regulatory appointments, the Democratic crypto vote is making its presence felt—and it could well tip the balance of power in Washington.
Professor Evans is a member of the DCG Board of Directors and participated in the Crypto4Harris Town Hall.
