Coinspeaker
Arthur Hayes Draws Out How Digital Asset Holders Could Reshape US 2024 Elections, Calls for Pro-Crypto Legislation
The crypto industry has emerged as a driving force for the forthcoming elections, leading many politicians to seek the support of crypto leaders and their communities. Arthur Hayes, co-founder of BitMEX, has weighed on the issue, stating how the estimated 50 million Americans holding crypto assets could affect the elections if properly organized.
In his article, Hayes drew inspiration from Malcolm X when he gave his famous “The Ballot or the Bullet” speech. Back then, minority groups denied rights realized they had power in their votes. Now, people who hold cryptocurrencies are being encouraged to unite and vote, and they should join forces and place more priority on fighting for their common interest.
Beyond Promises: Pushing for Pre-Elections Crypto Legislation
The BitMEX co-founder stated that he believes former President Donald Trump is not sincere in his support for crypto. He said that all that is just part of his political strategy, and he will distantly forget his promises once he assumes office.
“Trump is an astute politician. He will say whatever to whoever is to be re-elected. Once in office, anything related to crypto will be a distant memory,” Arthur Hayes wrote.
He proposed that the crypto industry should be fighting for transformative crypto legislation signed into law ahead of the elections. This legislation could have far-reaching effects, such as getting rid of many of the current financial rules that apply to crypto, and allowing for more new ideas and inventions in this area.
Hayes said the best time to get the legislation done is now before the November elections, stating that the crypto community should mount pressure on the current administration to pass a bill on crypto clarity and then go after politicians who are in close races to win their seats again.
The crypto group should only offer to support these politicians if they agree to back the new laws that are being suggested. This could help change who is in charge in Congress and even the president.
He therefore showed how his strategy could work, saying that if every crypto holder could come together to vote, they could change the result of any elections, including the House of Representatives seats, several Senate seats, and the Electoral College votes in the presidential elections.
The proposed strategy calls for crypto holders to be nonpartisan if they want the approach to be effective. However, it is likely to work more with the party in power because they will want to do all they can to retain power.
Arthur Hayes, however, noted that the approach could face some challenges, such as convincing millions of people to make this their top priority when voting. It also has to overcome opposition from traditional financial institutions. Plus, it must resist efforts by some in the cryptocurrency industry to get laws passed that protect their businesses.
Global Ripple Effect: Inspiring Worldwide Crypto Political Movements
Arthur Hayes concluded by calling for the support of other countries, stating that passing crypto legislation in the US could inspire other countries, which could help the adoption of cryptocurrency in general.
He called on Coinbase CEO Brian Armstrong to prove he supports pro-crypto legislation by collecting digital signatures from Coinbase users supporting the proposed legislation, which will show politicians the seriousness of this voting bloc.
