Crypto’s legitimacy and adoption have increased in recent years, and along with the uptick in use, the tech has become a topic of political divisiveness, resulting in a perception of partisanship — especially in the United States.
Speaking to Cointelegraph, Jonathan Jachym, the Global Head of Policy at U.S.-based crypto exchange Kraken, said he doesn’t think crypto is partisan and that the situation is far more nuanced.
He says crypto tech is fundamentally about financial empowerment, the ownership of assets and the decentralization of power structures.
“These are non-partisan issues which legislators across the globe face daily as their constituents navigate the challenges of the existing financial system,” Jachym said.
“Technology can be used to build a fairer, trustless, apolitical financial system, which is more efficient, transparent and secure for everyone. Now is the time to embrace crypto,” he added.
Nearly even split of crypto support among politicians and voters
According to Coinbase’s Legislative Portal, which tracks U.S. politicians who have made positive statements about crypto, there is a healthy number of crypto supporters in Congress on both sides of the political aisle, with 26 Republicans and 22 Democrats in the House of Representatives voicing support.
In the Senate, it’s slightly skewed toward the right, with 24 Republicans and only 11 Democrats making positive statements about crypto. Support for crypto among voters also appears to be a close split between the left, right and independents.
Jachym believes bad actors have sown division in the space, but overall he says crypto itself remains an inclusive, transformative technology with the potential to improve lives.
“This is why, regardless of the political consensus of their populous, many developed economies are advancing bespoke regulatory regimes for crypto assets,” he said, adding, “For example, at the state level within the United States, both ‘red’ and ‘blue’ states have made meaningful progress toward workable frameworks for crypto.”
Bipartisan support for crypto already happening
There have already been some examples of bipartisanship among politicians with forming the Congressional Blockchain Caucus on Sept. 26, 2016, through cooperation by Democrats and Republicans.
The blockchain caucus was created to study blockchain tech and the role Congress can play in its development, and according to its website, the current four co-chairs are two Republicans and two Democrats.
Both parties also appear to be happy accepting monetary donations from the crypto industry.
Bradley Allgood, the co-founder and CEO of U.S.-based blockchain development and fintech company Fluent Finance, told Cointelegraph that he doesn’t consider crypto a partisan issue but does believe the tech has been drawn into political discussions and power plays.
“A fundamental aspect of crypto — its inherent political neutrality and its role in fostering innovation — has found resonance in certain political factions, notably among those who favor deregulation and open markets,” he said.
“Contrarily, some elements of the current administration and regulators have adopted an adversarial stance toward crypto, purportedly to protect traditional institutions and maintain control over monetary mechanisms,” Allgood added,
However, Allgood says he firmly believes that the tech and the ideals it represents, such as decentralization, transparency and individual freedom, are far removed from the political squabbles of our time. He said:
“I must emphasize: each individual cryptocurrency is in and of itself the product of human intention and does carry inherent political bias.”
“The policies and parameters which govern individual cryptocurrencies — for example, how consensus is achieved on-chain, how validators are rewarded for their services, and inflation schedules — attract certain types of users and repel others,” he added.
He says crypto isn’t just for one political camp; it’s a technology that goes beyond political boundaries and has the potential to impact everyone, bringing perks such as financial inclusion, lower transaction costs and more transparency to the table.
Miller characterizes crypto as a “game-changer that can revolutionize finance,” which is why he says regulators, policymakers, and the industry must work together to find the right balance between protecting consumers and fostering innovation.
“We need an environment that encourages responsible innovation so we can unlock crypto’s full potential,” he said.
“The more we understand the real-world advancements facilitated by cryptocurrency, the better equipped we are to address practical and accessibility concerns, thus promoting broader adoption.”
The Chinese owner of British Steel has held fresh talks with government officials in a bid to break the impasse over ministers’ determination not to compensate it for seizing control of the company.
Sky News has learnt that executives from Jingye Group met senior civil servants from the Department for Business and Trade (DBT) late last week to discuss ways to resolve the standoff.
Whitehall sources said the talks had been cordial, but that no meaningful progress had been made towards a resolution.
Jingye wants the government to agree to pay it hundreds of millions of pounds for taking control of British Steel in April – a move triggered by the Chinese group’s preparations for the permanent closure of its blast furnaces in Scunthorpe.
Such a move would have cost thousands of jobs and ended Britain’s centuries-old ability to produce virgin steel.
Jingye had been in talks for months to seek £1bn in state aid to facilitate the Scunthorpe plant’s transition to greener steelmaking, but was offered just half that sum by ministers.
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British Steel has not yet been formally nationalised, although that remains a probable outcome.
Jonathan Reynolds, the business secretary, has previously dismissed the idea of compensating Jingye, saying British Steel’s equity was essentially worthless.
Last month, he met his Chinese counterpart, where the issue of British Steel was discussed between the two governments in person for the first time.
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Inside the UK’s last blast furnaces
Jingye has hired the leading City law firm Linklaters to explore the recovery of hundreds of millions of pounds it invested in the Scunthorpe-based company before the government seized control of it.
News of last week’s meeting comes as British steelmakers face an anxious wait to learn whether their exports to the US face swingeing tariffs as part of US President Donald Trump’s trade war.
Sky News’s economics and data editor, Ed Conway, revealed this week that the UK would miss a White House-imposed deadline to agree a trade deal on steel and aluminium this week.
Jingye declined to comment, while a spokesman for the Department for Business and Trade said: “We acted quickly to ensure the continued operations of the blast furnaces but recognise that securing British Steel’s long-term future requires private sector investment.
“We have not nationalised British Steel and are working closely with Jingye on options for the future, and we will continue work on determining the best long-term sustainable future for the site.”