Coin Metrics Co-Founder Critiques US Democratic Party’s Anti-Crypto Stance: Impact on Bitcoin (BTC) and Ethereum (ETH)

• Messari Co-Founder Nic Carter recently expressed concerns about the Democratic Party’s increasingly anti-crypto stance, arguing that it could be a political misstep.
• Carter pointed out that the Democratic efforts to impose stringent regulations on cryptocurrencies don’t necessarily support their broader policy objectives.
• He also highlighted the widespread public interest and investment in cryptocurrencies, citing a study showing that about 19% of American voters own some form of cryptocurrency.

Nic Carter, co-founder of Messari, criticizes the Democratic Party’s anti-crypto stance, arguing it could alienate a significant portion of voters and hinder policy objectives.

Democratic Party’s Anti-Crypto Stance

Nic Carter, a well-known cryptocurrency advocate and industry commentator, recently took to social media to express his concerns about the Democratic Party’s increasingly anti-crypto stance. He argued that the Democrats’ approach to cryptocurrency regulation could be a political misstep, potentially alienating a significant portion of the electorate without achieving any substantial policy objectives.

Impact on Policy Objectives

Carter pointed out that the Democratic efforts to impose stringent regulations on cryptocurrencies don’t necessarily support their broader policy objectives. He referenced the recent reversal of the SAB121 guidance, which he believes could have aligned with Democratic goals by allowing major banks to custody cryptocurrencies, thereby facilitating better government oversight and enhancing the stability of the financial system.

Public Interest in Cryptocurrencies

Highlighting the widespread public interest and investment in cryptocurrencies, Carter cited a study by Paradigm showing that about 19% of American voters own some form of cryptocurrency, split roughly evenly between Democrats and Republicans. He argued that for many of these voters, cryptocurrency is a significant issue.

Conclusion

Carter concluded that the Democrats have mistakenly turned cryptocurrency into a contentious campaign issue, giving their political adversaries an easy point of attack. He also noted that former U.S. President Donald Trump, currently in the race for the presidency in 2024, voiced his support for cryptocurrencies, emphasizing the need for a more accommodating approach.