Crypto Owners are Influencing the Election
Crypto haters are facing the wrath of the crypto community
Ric Edelman: It's Tuesday, April 9th. On today's show, who are crypto owners going to vote for? Who's more likely to own Bitcoin, Republicans or Democrats? Well, it's a trick question. According to a new poll, independent voters are the most likely to own crypto. 24% of independents own Bitcoin, compared to 19% of Democrats and 18% of Republicans.
You know it's a tight race. Trump is leading the polls, 45 to 42. But among voters who own Bitcoin, Trump is ahead 48% to 39%. And the reason is that President Biden's administration, along with key Democrats in Congress, particularly Elizabeth Warren and Bernie Sanders in the Senate, and Maxine Waters and Nancy Pelosi in the House, they've all been strongly opposed to crypto.
Gary Gensler was appointed by Joe Biden to chair the SEC, and Gensler flat out hates crypto. He's refused to issue any rules regulating it, and he's filed dozens of lawsuits against crypto companies. The crypto community is pretty fed up with all of this. They are now mobilizing and getting engaged in this year's elections in a really big way.
And as you can imagine, some pretty wealthy people are involved. There's now a Crypto Super PAC. It has spent more than $10 million to defeat Katie Porter. She's a left-wing Democrat, a close ally of Elizabeth Warren. She was running for the Senate, and after she lost her primary, she said her race was, quote, “rigged by billionaires”. And the Crypto Super PAC said, thank you, Katie Porter, for giving us credit for your loss. Yeah, the crypto community has taken the gloves off.
The Crypto PACs have raised a total of $85 million, and they are spending it on the candidates they like, and against the candidates that they don't like. There's going to be a lot of key crypto laws created in the next Congress, and the crypto community wants to be sure that the people in power are going to write laws that lead to the rules that the industry wants.
So the crypto community and the Crypto Super PACs are targeting Senators Jon Tester of Montana and Sherrod Brown of Ohio. Both of them are Democrats. Both of them are on the Senate Banking Committee. Brown's the chairman, in fact, and both of them are in tight races. These two elections could determine which party controls the Senate.
Sherrod Brown has publicly complained about, quote unquote, crypto abuses, and in one hearing, he even said, quote, “crypto appeals to crime rings and scam artists”. His Republican opponent is Bernie Moreno, and he's a big crypto supporter. And Jon Tester said on Meet the Press that crypto, quote, “doesn't pass the smell test for me”, unquote.
And while everybody is complaining that the SEC has refused to write regulations governing crypto, regulations that the crypto community actually wants because they want to operate within the law, Democrat Senator John Tester actually said, quote, “If we regulate it, it may make people think it's real”.
Huh? That kind of rhetoric is infuriating. And that's why Tester and Brown and all the crypto haters in the Democratic Party are being targeted by these Crypto PACs. Remember I said the other day that it's the economy, stupid? Well, crypto is fast becoming a major element in the global economy, and for all those candidates who still hate crypto, well, we're as mad as hell, and we're not going to take it anymore.
On tomorrow's show, you're about to make a huge mistake with your social security benefits. If you're a financial advisor, you've got to protect your clients before they make this mistake.
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Links from today's show:
It's the Economy, Stupid (3/27/24 Episode): https://www.thetayf.com/blogs/this-weeks-stories/its-the-economy-stupid
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