The cryptocurrency industry dodged multiple bullets with the 2024 election. Based on what Democrats are proposing when they’re not in power, it seems certain that whatever they would have proposed if they had the power to make it happen would have demolished and centralized cryptocurrencies forever.
On top of that, it would have brought woke battlegrounds like climate change and systemic racism into the crypto realm. This would have been a disaster.
According to bitcoinmagazine.com:
On Friday, Maryland Delegate Adrian Boafo (D) and New York Assemblyman Clyde Vanel (D) sent a joint letter to Democratic Congressional leaders urging them to pass comprehensive crypto legislation at the federal level.
In the letter, the elected officials cited New York State as being a leader in crypto regulation and proposed that New York’s BitLicense be used as a model for what federal crypto regulation should look like. The letter’s authors also noted that New York State has placed a two-year moratorium on proof-of-work cryptocurrency mining that uses fossil fuels (seemingly citing this as something else the federal government might consider doing).
It was upon reading these points in the letter that I realized that Democrats are capable of putting forward Bitcoin and crypto policy ideas stupider than what former Vice President Harris proposed in October 2024, which was “a regulatory framework for cryptocurrency and other digital assets [that protects] Black men who invest in and own these assets.”
The proposed regulations from Democrats are about as funny as a bad SNL skit and far more absurd. From mining moratoriums to prevent the world from burning up through crypto-driven global warming to specific racial and gender regulations to help certain groups trade in cryptocurrency more easily than others, the evidence is clear that Democrats either don’t understand the industry or the DO understand it and want to destroy it.
Thank God President Donald J Trump won the election and brought crypto-literate people into his administration.
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