Deepdive: Are You Electing to Pay Attention?
As we look back on 2024, I predict it will be known as the "crypto election." As I write this, I want to communicate that I am politically agnostic, this isn't about taking political sides. This is about exploring the powerful intersection of technology, society, and politics.
After years of observing the crypto industry's growth and influence, I encourage readers to approach this with an open mind. For those curious about the depth of crypto’s reach, now is a perfect time to recognize just how significant its impact has become.
A Look Back: Silicon Valley's Influence in 2008
To understand 2024’s “crypto election,” let’s briefly revisit 2008. Back then, Obama’s campaign gained momentum through strong support from the budding internet industry in Silicon Valley, where Google, Apple, Facebook, and Twitter rallied behind him.
These companies contributed not only financially, but also by offering strategic digital innovation and social networking expertise that reshaped campaign strategies. An insightful piece from The Nation, titled "Was Obama Silicon Valley’s President?" covers this in detail.
The 2024 Parallel: Crypto's Political Rise
In 2024, we’re seeing some similarities, yet this time with the crypto industry leading the way. A recent deep dive in Ed3 Weekly, titled "The Crypto Trio: How the Cryptocurrency Industry Has Made Its Mark on the 2024 Elections," highlights how crypto’s influence has now shifted the political landscape.
Here’s the key point to consider:
?? Crypto-backed super PACs—Fairshake, Defend American Jobs, and Protect Progress—have supported candidates from both parties, aiming for a pro-crypto Congress.
Crypto’s bipartisan support strategy focuses on electing candidates who favor crypto-friendly policies and clear regulatory frameworks. Their goal is to create a legislative environment that fosters innovation and provides clarity for digital assets. Amid the polarized discourse, it’s important to recognize that this strategy has succeeded in bringing unprecedented crypto support to Congress.
As Coinbase CEO Brian Armstrong put it:
"No matter what happens in this election, it's going to be the most pro-crypto Congress that we've ever had.”
Crypto’s Strategic Political Investments in 2024
So who are these players in the cryptocurrency industry have have contributed funds to the 2024 election? Coinbase, Ripple, and Jump Crypto have contributed a combined total of $93 million to pro-crypto super PACs such as Fairshake, Defend American Jobs, and Protect Progress. Notably, venture capital firm Andreessen Horowitz added another $45.2 million.
These donations were largely non-partisan, aimed at supporting candidates from both major parties who favor crypto-friendly policies. For example, Fairshake supported Republican Senate candidate Bernie Moreno in Ohio and Protect Progress backed Democratic Representative Elissa Slotkin in Michigan, who has endorsed the Financial Innovation and Technology for the 21st Century Act, promoting a regulatory framework for digital assets.
This bipartisan support is an example of the crypto industry's goal of creating a political environment where blockchain and digital assets can succeed, regardless of traditional party lines.
An Invitation to Educators
To my fellow educators, the 2024 election was an important signal to stay curious about blockchain, crypto, and tokenized finance. My weekly newsletter, Ed3 Weekly, is a great place to start. You can subscribe on LinkedIn or get it delivered straight to your inbox on Substack.
Each issue of Ed3 Weekly provides educators with curated resources focused on the intersection of emerging technologies—like Web3, blockchain, and AI—and education. Recent topics have included:
These topics are meant to help educators understand and integrate new technologies in ways that matter for their classrooms and institutions.
Looking Ahead
As the crypto industry’s role continues to grow in politics, blockchain technology will no longer be a niche topic. It is an emerging force influencing policy and governance. This year’s election marks a moment for cryptocurrency to be a bipartisan contributor toward a regulatory environment that encourages innovation and transparency.
For educators, understanding these shifts is about preparing students for a future where financial literacy, blockchain awareness, and digital innovation are essential skills. Stay informed and open to new perspectives so we can help shape an educational ecosystem that empowers the next generation to contribute to our evolving digital world.