Far from a first, California Democrat Rep. Eric Swalwell is accepting Bitcoin donations for his dark-horse bid to knock off Donald Trump in the 2020 presidential election. More significantly, the bombastic congressman wants to usher in a blockchain revolution after he vanquishes Trump from the White House.
Altogether, Swallwell is accepting six cryptocurrencies. Two of the six are odd choices. One of them is the White Standard, a stablecoin we hadn’t previously heard of which reports $0 in USD reserves. The White Company runs his crypto campaign contribution site, which probably explains that decision. The other is Bitcoin SV, the embattled project of Craig S. Wright, who insists he is Satoshi Nakamoto despite mounting evidence to the contrary.
The rest of the options are pretty standard: Stellar, Bitcoin, Bitcoin Cash, and Ether.
ERIC SWALWELL: PRO-BLOCKCHAIN, ANTI-GUN
Swalwell reportedly has gun control at the heart of his presidential ambitions, but blockchain adoption features prominently as well.
“Blockchain can change the world if we let it. […] Our nation pioneered the Internet. We use smartphones all day every day to move money, to buy goods and services, to share our innermost thoughts, and participate in public life. So it’s pure cognitive dissonance to believe that we cannot extend this further into our democracy and our economy.”
Andrew Yang is also accepting crypto donations. Both Yang and Swalwell are long-shot candidates to even get in the race against Donald Trump, with favorites like Joe Biden and Bernie Sanders leading the democratic polls.
SECOND DEMOCRAT TO ACCEPT CRYPTO THIS SEASON
While Eric Swalwell offers broad “support” for blockchain technology, Yang has released an entire policy platform based on the idea that crypto will reinvigorate the US economy. Yang is also a proponent of a universal basic income
Swalwell will not accept “corporate PAC” money, a campaign tactic that elevated fellow Democrat Alexandria Occasio-Cortez to quick stardom and constant criticism.
For several years, politicians have capitalized on the crypto sector’s desire to have a well-regulated and established crypto economy in the United States, with little improvement in the regulatory environment. Our crypto regulations are so bad that Jeremy Allaire recently blamed them, in part, for the firing of thirty employees at Circle.
TRUMP HAS DONE NOTHING FOR CRYPTO USERS
The bipolar nature of the federal government’s reaction to cryptocurrency has allowed other countries, like France and Malta, to take charge and become a home for major crypto companies. One day we hear of the Token Taxonomy Act‘s reintroduction; another day, we hear a senior Democrat talking about banning all cryptocurrencies.
It’s worth noting that experts believe a summary ban on cryptos and crypto-trading would give rise to an extreme price bump for cryptocurrencies like Bitcoin. Demand would increase, in part because of reduced financial freedom.
The more things change, the more they stay the same. Donald Trump‘s presidency has done next-to-nothing for the crypto economy. Running on a pro-blockchain platform may be a useful means for Democrats to attract otherwise conservative votes, but it’s doubtful that the demographic as a whole is large enough to sway the vote.