Headline, September 15 2024/ OPINION : ''' CRYPTO SUPERPOWER CROWNS '''

OPINION : 

''' CRYPTO SUPERPOWER 

CROWNS '''

'' TALES OF NAKED EMPERORS AND CRYPTO campaign cash '' : Once upon a time there was an emperor who loved being fashion-forward.

So he was receptive to some fast-talking tailors who promised to make him a suit out of new, high technology fabric - a suit so comfortable that it would feel as if he were wearing nothing at all. '' Fortune favors the brave,'' they told him.

Of course, the reason the suit was so comfortable was that it didn't exist; the emperor was walking around naked. But the members of Congress, who made up his retinue, didn't dare tell him.

For they knew that the tailors deceiving the emperor controlled lavishly funded PACs that would spend large sums to destroy the career of anyone revealing the scam.

OK, I changed the story a bit. But it's one way to understand the remarkably large role the crypto industry is playing in campaign finance this year.

BITCOIN - the original cryptocurrency was introduced 15 years ago and was promoted as a replacement for old-fashioned money.

But it has yet to find significant uses that don't involve some sort of criminal activity. The crypto industry itself has been racked by theft and scams.

But while crypto has thus far been largely unable to find legitimate applications for its products, it has been spectacularly successful at marketing its offerings.

Cryptocurrencies, which are traded for other crypto assets but otherwise mainly seem suited for things like MONEY LAUNDERING AND EXTORTION, are currently worth around $2 trillion.

AND in this election cycle in the U.S., the crypto industry has become a huge player in campaign finance. I mean huge.

Crypto, which isn't a big industry in terms of employment or output [ even if you posit, for the sake of argument, that what it produces is actually worth something ], accounts for almost half of corporate spending on political action committees this cycle.

Crypto political spending isn't just huge; it takes an unusual form. While cryptocurrency is associated with libertarian ideology and the industry's spending has had a partisan tilt toward Republicans, crypto super PACs don't seem to go after Democrats per se.

They single out politicians who have called for greater scrutiny of the industry, including the financial risks it poses and its marketing tactics.

Notably crypto-financed attack ads helped to defeat Representative Katie Porter, who has been critical of the industry, in the Democratic primary for California senator.

Politicians have taken notice. In 2021 Donald Trump called Bitcoin, the original cryptocurrency, a scam. But in July he promised to turn America into a '' Bitcoin Superpower '' and described crypto skeptics as '' Left wing fascists. ''

The Biden administration has taken modest steps toward oversight and regulation of cryptocurrencies, but Chuck Schumer, the Democratic Senate majority leader, has declared that :

 '' We all believe in the future of crypto '' and reportedly has been trying to get crypto industry players to back the Kamala Harris campaign.

The Honour and Serving of the Latest Global Operational Research on Crypto and Future, continues. The World Students Society thanks Professor Paul Krugman for his Opinion.

With most respectful dedication to the Global Founder Framers of The World Students Society - the eternal and exclusive ownership of every student in the world, and for every subject, and then Parents, Students, Professors and Teachers of the world.

See You all prepare for Great Global Elections on !WOW!, led by the students of Superpower  America : wssciw.blogspot.com and Twitter X !E-WOW! - The Ecosystem 2011 :

Good Night and God Bless

SAM Daily Times - the Voice of the Voiceless