Pro-crypto movement needs actions, not promises, says Arthur Hayes

July 14, 2024

Arthur Hayes recently published an article criticizing former President Donald Trump’s newfound support for cryptocurrencies. Hayes claims that this is disingenuous and purely a political strategy to win over young, active voters in key swing states. Hayes argues that Trump will likely abandon digital currencies once he is in office and stresses the importance of pro-crypto voters pushing for legislation before Election Day.

Hayes has introduced a bill that proposes that cryptocurrencies and tokens that exist on or are powered by a blockchain constitute forms of protected speech. His argument is that such legislation would protect digital currencies from over-regulation and establish them as valid means of expression.

This proposed measure aims to create an enabling environment for innovation in the United States and encourage the emergence of new exchanges, DeFi protocols, and decentralized infrastructures that are free from the constraints of current financial regulations.

Drawing parallels to Malcolm X’s “The Ballot or the Bullet” speech, Hayes emphasizes the potential of a united, politically active minority. His position argues that digital currency voters should use their electoral power to make a concrete impact on legislation and stay away from empty political promises.

Hayes calls on the digital currency community to prioritize disentangling currency control from government influence and moving toward a more transparent governance model.

Hayes tells a first-hand story from his visit to Ibiza this summer, highlighting a private event with Leonardo DiCaprio. With this narrative, he draws a parallel between Trump’s sudden interest in digital currencies and the unexpected appearance of a celebrity, suggesting a desire to make an impression without showing any real commitment.

A strategic plan for pro-crypto voters

He presents a strategic plan for pro-crypto voters: Demand the passage of pro-crypto legislation before the election and put pressure on Democrats and Republicans. Hayes says this is more efficient than hoping Trump follows through on his promises. He says the community should come together quickly by using their voices in policymaking to influence political outcomes.

Hayes’ bill aims to classify crypto as free speech, protected by the First Amendment, to prevent prohibitive regulations. He calls on the entire community to get behind this legislation, noting that significant change can occur if pro-crypto voters use their political power well enough.

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