While our nation is still fighting to recover from a crushing Omicron variant blow, mask mandates, and vaccines injections, underneath all of that, there is yet another mid-term election fight brewing.
This fight is between the Republicans and Democrats over Cryptocurrency. In Washington D.C. cryptocurrency is the latest divide with more republicans in favor of cryptocurrency and the democrats less favorable. It’s no secret that republicans traditionally support the idea that the wealthy should grow wealthier, while the democrats make the claim that they now act as the guardians of fiscal discipline and responsibility.
The Rights Position
Back in August 2021, Senator Ted Cruz, Texas, was not a proponent of the infrastructure bill due to the senates misguided understanding of what information crypto miners could attain during a transaction. The idea was that somehow these crypto miners could become brokers and report personal information regarding the transaction.
“Given the major flaws in the underlying bill’s unworkable and devastating crypto provision, I also filed a separate amendment to strike the whole thing, in the event a bipartisan deal can’t be reached. We have to act now to stop this” said Senator Cruz. He tweeted his distain for the legislation.
The Lefts Position
Meanwhile on the left, Senator Elizabeth Warren of Massachusetts comments were supportive of the legislation. Late last year Senator Warren made her position on cryptocurrency known at a hearing with SEC Commissioner Chair Gary Gensler,
“You know, there are a whole list of problems with crypto, unreliable tech, scams, devastating climate impact. But high, unpredictable fees can make crypto trading really dangerous for people who aren’t rich”, she stated.
Sounding almost scolding to Gensler, she concluded with “Regulators need to step up to address crypto’s regulatory gaps and ensure that we’re actually building the inclusive financial system that we need. And Chair Gensler, I expect you and the SEC to take a leading role in getting this done.”
This battle is sure to play a leading role moving forward into the mid-term elections. Cryptocurrency will definitely be a major part of both sides mid-term platforms, not to mention being a huge tool for campaign donations.
The coming midterm elections will bring cryptocurrency into the forefront of the political spectrum and both sides are digging in deep on their respective positions. Without a doubt, cryptocurrency is now the ‘hot ticket item” in American politics.
