The cryptocurrency will not save the Democratic Party Alex Bronzini-Pier

R.American voters reject it in favor of Donald Trump, and the Democratic Party is now facing the strongest crisis of its identity in four decades. There is no place to search for the party about the importance of America in Trump more despair than its embrace in the encrypted currency, which is the sector whose presence depends on its ability to circumvent the financial organizational state spent by Democrats in building a century. How to explain the democratic actor Richie Torres – which is the poorest South Bronx region in the United States – to join the Republic Tom Emere Recently formed The encryption is combined in Congress.

Republicans in Congress have always been united in supporting encrypted currencies: In May 2024, only three Republican members voted against a draft law to relax significantly on digital symbols. But since 2016, it has made the encrypted currency industry Fixed invasions In the Democratic Party. This rapprochement, if it continues, will represent a return to the new fiscal policy that the party spent in rejecting a century.

Over the course of American history, the financial policy and financial risks were essential in party alliances. Not since the election of 1896, the Democrats have been the “difficult money”. As historians Anton Jerge and Nom Magor ExplainThe actual fusion of the Popular Party with the Democratic Party turned into a vehicle for those who saw money not a neutral store of value, but as a political tool that can serve the developmental ends-in this case, directs investment to the areas offered by the country’s credit.

William Jennings Brian’s defeat pushed the party to reduce its most extreme monetary positions. But despite the accidental contradictions, Democrats I generally maintained the anti -damage that was established in 1896. Thirty years later, the great depression Franklin Duzvelt presented the mandate and the necessary crisis to complete this transformation: the United States abandoned the gold standard in 1933.

“Consumer Protection” in its contemporary form really entered the American political dictionary in the 1960s, but this period has established American policy features of financial risks. The 1933 banking law was separated (often referred to as Glass-Ctegall) commercial and investment services to protect ordinary depositors from speculative abuses. Securities laws for the year 1933 and 1934 imposed the requirements for disclosure on financial markets and established the Securities and Stock Exchange Committee (SEC). More importantly, the establishment of the Federal Deposit Insurance Corporation (FDIC) ended the era of the devastating bank, which is managed by deposit insurance.

Collectively, these measures represent a new relationship mainly between citizens and banks and financial risks: the state will form the activity of financial markets instead of just applying contracts within them.

The post -war era witnessed that the Democratic Party explains this approach to “” “MarketThe 1946 Employment Law announced that it is the government’s responsibility for maintaining the maximum employment, while the federal reserve, the treasury treasury, SEC and forced financial stability through interest rate caps, capital controls and heavy organization of financial institutions. documentedThe period from 1945 to 1971 was almost no banking crises in advanced economies.

The cancellation of the Clinton administration’s financial restrictions-its peak in the abolition of the Glass Glass Law in 1999, and the abolition of the organization of derivatives in 2000-a significant retreat from these principles, and ended in the 2008 disaster. Expand FDIC responsibilities.

Democrats supporting profit, from Torres to the mayor of New York City Eric AdamsHe argues that the cryptocurrency is in line with progressive principles. “Blockchain technology can liberate the lowest income societies from the high fees of the traditional financial system,” Torres, Torres He said At an organized summit in industry last year. Kamala Harris itself resume To the encrypted currency as an opportunity for black men. But the cryptocurrency, in its essence, is the scourge of economic management tools that Democrats have defended for decades.

FDIC was specifically created because unlikely offering deposits stimulate the routine bank. The exchange of cryptocurrency does not provide any similar protection. It allows her to federal reserves on the American monetary base to expand the scope of the supply during the recession period to maintain work; Bitcoin’s fixed offer rejects this responsibility. SEC was created because the irregular securities markets have harmed ordinary investors; Decentralization in the coded currency allows exchanges such as UNISWAP To work outside the protection frameworks.

Industry “Political investments– To borrow the terminology of political scientist Thomas Ferguson – is a unique force in American policy. Some charges, Almost half Among all the contributions of the corporate campaign in 2024 came from the encryption sector. But despite the essential Kamala Harris concessions for the industry Bent With a margin of approximately 2: 1. Harris’s promises were not enough to excel the Trump campaign an offerSince late July, to devote encryption as the “permanent national origin” through the national bitcoin “stock”.

The abolition of modest restrictions is simply not what is encryption in the political game of. It requires nothing less than the American state attack. Until the Democrats can outperform the Trump models of the sector, Crypto will remain with the Republican Party.

Volatility is the primary barrier for more Crypto adoption. It is simply fraught with risks for most people. It will not change any regulatory adjustments that Basic painAs long as the cryptocurrency currencies are often kept as investments instead of investments Used for transactionsThe prices will remain very sensitive to the fluctuations in the investor’s demand. The absence of traditional installation mechanisms, such as central banks or backup assets, contributes to the high fluctuation of encryption symbols. Simply: If Crypto grows, it will need both the background state and completely remove the traditional banking system.

Trump began to do this exactly. His administration was established recently.Bitcoin strategic reservesIn fact, it is a country behind the encrypted currency. But the Trump administration designs exceeded the encryption of “getting rid of”: their goal, as a political leader Martin Konings commentsIt appears to destabilize the traditional banking system itself.

At the request of “DOGE” from Elon Musk-on the name Dogecoin, the encrypted currency of Musk-packs and Trump administration hairstyles already reduced FDIC is 10 %. And Trump issued Executive order In mid -February, it is required to undergo an independent agency to control the White House.

Trump team has Float replacing It has already been done FDIC with a loaded insurance scheme in the cabinet, integrating it with the currency observer office, or simply distorting it through collective workers and transporting employees. In both cases, the most brighter executive control over the general budget of banks will make the shelter of the financial system on whether the president is preferred or unprocessed by the president. It is easy to imagine the loss of confidence resulting in the traditional banking system – a result of encryption advocates that will work for them.

If Democrats want to get rid of the Republican Party for the dollar of encryption, they will need to provide “industry” much more than abolishing restrictions. They will have to become active participants in the engineering of a return to the new deal policy of money and financial risks-the positions set by the modern Democratic Party. This will be an unprecedented surrender even in the long history of the Democratic Party of betraying the American working class.