The U.S. Securities and Exchange Commission’s former head of internet enforcement has explained that crypto holds the key to the 2024 U.S. presidential election. He stressed that every U.S. presidential candidate should immediately appoint an internal Crypto Czar. “The stark reality is that above all else, people have always voted with their wallets,” he emphasized.
Former SEC Official on Crypto and Presidential Election
Former U.S. Securities and Exchange Commission (SEC) official John Reed Stark has shared his view on crypto and how it could influence the outcome of the 2024 U.S. presidential election. Stark is currently president of cybersecurity firm John Reed Stark Consulting. He founded and served as chief of the SEC Office of Internet Enforcement for 11 years. He was also an SEC enforcement attorney for 15 years. The former SEC official detailed on social media platform X Wednesday:
The crypto movement holds the key to the 2024 presidential election. Every presidential contender should immediately appoint an internal Crypto Czar to serve as the crypto-focal point and crypto-spokesperson for that candidate.
“The Crypto Czar should join the stages of all of the crypto-spaces and participate in all of the crypto symposium/meetings to mobilize crypto-enthusiasts and issue a proclamation as to the candidate’s position on crypto-related issues,” Stark continued.
“While I firmly believe that crypto is a mammoth Ponzi scheme, I also believe that members of the crypto community are extraordinarily passionate and represent a growing and powerful political constituency. Along these lines, crypto ownership is most akin to an ethos, a lifestyle, a culture, and a worldview, which could … transform crypto enthusiasts into one-issue voters who can move the election needle dramatically,” he added.
The former SEC internet enforcement chief opined: “The stark reality is that above all else, people have always voted with their wallets — and going forward will do so even moreso if their wallets are digital. The cryptoverse has become a global masala of antiestablishmentarianism unlike any other economy movement in history.”
Prominent crypto companies and leaders have contributed to a war chest to support pro-crypto candidates in the 2024 elections, amassing $78 million as of December last year. Supporters include venture capital firm Andreessen Horowitz, Ark Invest, Coinbase and its CEO Brian Armstrong, Blockchain Capital, Wences Casares, Circle, Kraken, Ripple, Fred Wilson, Cameron Winklevoss, and Tyler Winklevoss.
Recent data from the decentralized crypto-based predictions platform Polymarket suggests that Donald Trump, the 45th president of the United States, is currently leading with a 48% chance of victory. While Trump has expressed skepticism toward crypto and bitcoin in the past, he is expected to become “a lot more” crypto-friendly if he returns to the White House. Several analysts, including those at asset management firm Vaneck, expect the price of bitcoin to hit record highs if Trump wins the U.S. presidential election in November.
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