The old saying was, cryptocurrency may not be interested in politics, but politics is interested in cryptocurrency. Now, cryptocurrency is interested in politics, too.
Over the past few weeks, the blockchain industry has mobilized against a heavy-handed attempt at increased regulation. It was a show of force against a cryptocurrency tax provision in the Biden administration's $1 trillion infrastructure package. A provision that fundamentally misunderstands and endangers the domestic cryptocurrency market. These efforts will likely be in vain in the short-term, as the political machine bulldozes over attempts to amend the bill.
The experience seems to be a turning point for cryptocurrency as a serious political force in Washington. Some of the industry's most visible and respected voices, like Ryan Selkis, Meltem Demirors and Barry Silbert, are signaling their new political awareness and willingness to spend big supporting politicians who understand this emergent industry.
The irony is radicalization of cryptocurrency once meant dropping out of the political process. By design, cryptocurrency empowers individuals over hegemonic corporations and states - it cuts out middlemen and bureaucrats. That's why there was some resistance to even calling senators from some corners of the blockchain industry - any engagement with the state is anathema.
But if banks and big tech companies are willing to spend to protect their interests, then so should cryptocurrency.
It is entirely possible that politicians will run for office with an explicit cryptocurrency mandate. Last year, 13% of Americans traded cryptocurrency, and many more aligned with its values of freedom and self-reliance. The Crypto Vote is likely to become a political force that professional polls can't ignore.
Investor and publicist Balaji Srinivasan wrote in a private message that cryptocurrency is the only thing that brings Americans together rather than pulling them apart.
Still, cryptocurrency will not be completely captured by the state and the lobbying process.