OK, this is very cool. The Crypto for Congress initiative of the Chamber of Digital Commerce is a critical step towards the acceptance and use of blockchain technology.
Through a ~$50 contribution of bitcoin to every Member of Congress, the Chamber of Digital Commerce PAC is providing all Members a hands-on experience with blockchain technology to raise their understanding, expand access to blockchain technology, and broaden participation in the political process.
For six years, I have supported the Chamber’s efforts to educate the public policy community on issues related to blockchain technology, but we have a long way to go before reaching a critical mass of understanding on Capitol Hill. Simply put, embracing blockchain’s future must start with Congress.
Blockchain technology may very well prove to be the most important technological innovation we will see in our lifetime. We want to help educate the policy community so they can make informed decisions about laws and regulations affecting this technology. One simple yet profound way to do that is to empower Members of Congress to begin accepting cryptocurrency campaign donations.
At least one-third of U.S. small and medium-sized businesses now accept cryptocurrency as payment for goods and services, according to a survey conducted by HSB.1 There is no reason why Congressional campaigns can’t do the same, while still complying with all applicable Federal Election Commission rules.
By enabling cryptocurrency contributions, campaigns would increase political engagement with a key demographic and connect with an untapped source of contributions. The 2018 election cycle saw $5.7 billion in political contributions. About two-thirds of these contributions came from individual contributions, as opposed to political action committees.2 That’s $3.7 billion from individual donors. A large part of this growth can be attributed to the rise in online donation processors and the ability to reach new audiences over the internet.
Think of this: 15% of American adults now own some form of cryptocurrency today, and that number will only grow in the coming years.
Importantly, 42% of Americans between 18 and 34 years old are very or somewhat likely to purchase bitcoin in the next 5 years4 and 49% of Generation Z and 41% of millennials say they plan to donate to a political campaign this year.5 But in order maximize political participation of younger, tech-savvy generations, you have to speak their language.
Just like campaigns that use social media to target different demographics, campaigns rely on different payment methods to solicit donations from different communities. Imagine if you told direct mail donors they had to give only by credit card, or donors over the phone they had to go to a website. If you don’t let donors give and engage how they want too, they won’t. That is even more true for young people with shorter attention spans and less patience!Enabling political contributions in cryptocurrency signals to those who hold it that campaigns are forward thinking and are embracing how consumers are transacting in their daily lives.
I urge all Members of Congress to participate in the Crypto for Congress initiative to experience the power of blockchain technology for themselves.
For everyone else, using crypto will serve as a strong signal to Capitol Hill that more Americans are transforming how we think about money and its potential to revolutionize every industry, including the industry of political campaigns.
About Crypto For Congress:
The purpose of Crypto for Congress is to raise awareness of and expand access to blockchain technology, while broadening participation in the political process. Crypto For Congress supporters are united behind a steadfast belief that the cryptocurrency movement will be a force for positive change in the U.S. and around the world. Learn more about the initiative at www.cryptoforcongress.com