In recent years, “crypto” has become a significant topic in political discussions, with various jurisdictions considering regulations for blockchain-related activities. This includes the Markets in Crypto Assets regulation (MiCA) in the EU, stablecoin regulations in the UK, and the mix of legislation and enforcement attempts by the SEC in the US. While many of these bills are reasonable, there are concerns that governments might take extreme measures, such as treating almost all coins as securities or banning self-hosted wallets. These fears have led to a growing push within the crypto community to become more politically active and to favor political parties and candidates based on their stance towards crypto.
The Ideology Behind Crypto
It’s crucial to understand that “crypto” is not just about cryptocurrencies and blockchains. The crypto space often focuses too heavily on the centrality of “money” and the freedom to hold and spend it. While the right to spend money privately and the ability to issue tokens are important, this narrow focus misses the broader ideology that originally created crypto.
The cypherpunk movement, which birthed crypto, was rooted in a broader techno-libertarian ethos advocating for free and open technology to protect and enhance individual freedoms. This movement initially fought against restrictive copyright legislation, using tools like torrent networks, encryption, and internet anonymization. Decentralization was seen as essential for protecting freedom, and Bitcoin was viewed as an extension of this ethos into the realm of internet payments.
Broader Technological Freedoms
Several other technological freedoms are just as foundational as the freedom to use crypto tokens. These include:
- Freedom and privacy of communication: This involves encrypted messaging and pseudonymity, supported by technologies like zero-knowledge proofs.
- Privacy-friendly digital identity: While blockchains can help with revocations and decentralized “proving a negative,” cryptographic tools like hashes and signatures are more commonly used.
- Freedom and privacy of thought: As AI interactions become more pervasive, protecting our thoughts from centralized AI companies will be crucial.
- High-quality access to information: Technologies like prediction markets and community notes can help people form informed opinions in adversarial environments.
These freedoms are essential for the goals that motivate people to build and participate in blockchain applications. If you care about freedom, you might also care about the government’s respect for personal freedoms, equitable economies, and more.
Evaluating Political Support
If you support crypto because of these deeper underlying goals, you should not align with politicians solely based on their stance on crypto. If a politician supports the freedom to trade coins but ignores other important issues, their overall vision might diverge from yours in critical ways.
The Importance of Internationalism
Internationalism, a key value for many in the crypto community, advocates for global equality and opposes restrictive economic policies that harm workers in other countries. The internet and cryptocurrency have the potential to create a more equal-access global economy. Therefore, it’s important to judge politicians on their international policies and their impact on the global crypto community.
The Long-Term View on Crypto-Friendly Politicians
It’s also essential to look at a politician’s historical views on crypto and related topics to understand their long-term stance. A politician who is crypto-friendly today might not maintain that stance in the future, especially if their underlying values are not aligned with the principles of decentralization and freedom.
Beware of Authoritarian “Crypto-Friendly” Stances
Authoritarian governments might support crypto for self-serving reasons, such as evading restrictions while simultaneously suppressing citizens’ freedoms. Politicians with a power-seeking mindset might use a similar approach, making their crypto advocacy harmful in the long run.
Crafting Better Political Incentives
Instead of supporting politicians solely based on their crypto stance, it’s crucial to evaluate whether they support crypto for the right reasons and have a vision for technology and politics that aligns with yours. Publicly supporting politicians for their broader vision, rather than just their crypto stance, helps create a healthier incentive structure in politics.
If you are passionate about crypto, it’s essential to align your political support with the broader goals and values that brought you into the crypto space. Evaluate politicians based on their comprehensive vision for technology, freedom, and the economy, rather than just their stance on crypto. This approach ensures that your political choices reflect the deeper principles of the crypto movement and contribute to a more just and equitable world.
