Arthur Hayes, the co-founder of the cryptocurrency exchange BitMEX, has issued a rallying cry to the crypto community. Hayes proposes that the millions of American cryptocurrency holders could come together to form a group that focuses on a single issue—cryptocurrency policy. He believes that if they unite and vote based on this issue, they have enough power to significantly influence the outcome of the 2024 presidential election in the United States.
The Political Leveraging of Crypto
Hayes provides a discussion on how the political engagement of Donald Trump with the cryptocurrency community could potentially influence the upcoming U.S. presidential election. He highlights Trump’s attempt to appeal to the crypto community by promising actions like pardoning Ross Ulbricht, the Silk Road founder, exemplifies these efforts.
Skepticism and Strategy: Beyond Campaign Promises
However, Hayes expresses deep skepticism regarding the sincerity of such political overtures. Citing a pattern where politicians court specific voter groups only to abandon their promises post-election. Instead, he advocates for a proactive stance where crypto holders demand tangible legislative changes that genuinely benefit the sector before giving their support to any candidate.
Echoes of Malcolm X: Leveraging Voting Power for Change
Hayes draws inspiration from Malcolm X’s “The Ballot or the Bullet” speech, suggesting that just as Black Americans in the 1960s could exert significant political influence, so too could today’s crypto holders. By forming a unified voting bloc, the crypto community could pressure politicians to enact specific pro-crypto legislation, thus ensuring their interests are maintained regardless of the election’s outcome.
Bitcoin to Grind Higher After Sell-Off, Says Arthur HayesA Proposed Crypto Protection Law
The centerpiece of Hayes‘ strategy is the introduction of legislation that would treat cryptocurrencies as a form of protected speech under U.S. law. Such a move would theoretically remove significant regulatory hurdles and foster a more flourishing crypto environment. This legislation would require cryptocurrencies to be recognized not merely as financial assets but as essential components of digital communication, deserving of the same protections as free speech.
A Non-Partisan Approach to Crypto Advocacy
Hayes calls for a non-partisan approach to advocacy, urging the crypto community to focus on principles and policies rather than political allegiances. This stance not only aims to safeguard the community’s interests but also positions crypto as a significant and independent force in American politics.
