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Cryptocurrency is not a divisive partisan issue

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A vast majority of the uninformed critics of cryptocurrency have started to paint a false narrative centered on the “Republicans vs Democrats” theme. Due to the lack of originality, some members of the mainstream media have been using the same ignorant storyline that blockchain and digital assets are a partisan issue. 

What’s at stake in this battle for fair government crypto regulation is the future of world finance and how our nation will adapt to these inevitable changes. Journalists and politicians alike have been blindly aiming at things that they don’t fully understand and it will put our country in a perilous position if we miss out on certain opportunities in the world of technological innovations.

In her latest opinion piece, Kristin Smith, executive director of the Blockchain Association, provided more clarity on the subject matter of cryptocurrencies. She blamed ignorance as the main source of the confusion that is being spread around across the country.

“Attempting to frame cryptocurrency as either a Republican- or Democratic-leaning technology demonstrates a woeful lack of understanding about digital currency and its origins,” Smith stated.

“Bitcoin emerged during the Great Recession, a period when millions of Americans were suffering due to the cascading failures of centralized-government watchdogs and large, overly powerful financial entities. Crypto innovators wanted to create a system that gave everyday Americans complete control over their financial futures and their digital lives,” Smith continued.

Even though GOP-led states are aggressively pushing for the development and adoption of blockchain and cryptocurrency, the technology is being embraced by politicians from either side. After all, decentralized finance will compensate for the failures of governments that have been granted too much power. Cryptocurrency will help the people in preserving the value of their hard-earned cash, an effective cushion to the impacts of inflation under the Biden administration.

The emergence and success of crypto and blockchain has become too massive to ignore and this puts the technology in a similar situation to the internet’s nascent stages. During the infancy of the web, pundits doubted the feasibility of incorporating it into our day to day existence. Nowadays, it’s more difficult to find a place on earth where there is no wi-fi and internet access.

“The universality and open access to digital currency makes it impossible to be inherently partisan, which is why bipartisan groups of lawmakers support it. Progressives like Rep. Ro Khanna (D.-Calif.) and Rep. Eric Swalwell (D.-Calif.) and conservatives like Sen. Pat Toomey (R.-Penn.) and Sen. Cynthia Lummis (R.-Wyo.), who have sharp ideological differences in most areas, all agree that nurturing crypto growth represents a common good for all Americans,” Smith added.

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