As a Democrat for life and former governor of Virginia, I have always believed that our party should be on the side of growth, innovation and economic opportunities. This is why I fear that too many democrats are stated or stand the sidelines or stand following one of the most transformative financial innovations of our time: blockchain and cryptocurrency.
Blockchain and crypto already lead to the creation of jobs across the country, data centers and fintech startups to cybersecurity companies and developers working on decentralized infrastructure. This technology means more jobs, higher wages and more money in people’s pockets, especially in communities that have been left by the traditional financial system.
The figures do not lie. Voters massively support the integration of crypto into the American financial system. More than two -thirds of Americans believe that there should be clearer rules and regulations for the cryptography industry, rather than leaving it largely unregulated, according to several advanced public opinion polls.
And two thirds believe that the current global financial system promotes powerful interests and not them. Democrats must understand that voters want an alternative to the current financial system which provides them with economic freedom which is so desperately necessary. It is a winning message from the middle class.
These figures reflect a clear mandate for action. However, the leadership of our party has often approached cryptocurrency with skepticism or outright hostility, creating a partisan fracture on an innovation that should transcend political borders.
This disalember became painfully obvious during the recent elections, with the Republicans, including Donald Trump, having adopted the crypto, while the Democrats appeared out of contact with the technological revolution reshaping our economy. We cannot afford to give in this land, especially when the crypto and the blockchain offer solutions to many economic challenges that we have long sought to take up.
The Democratic Party has always defended economic opportunities and ensuring that workers are not enjoyed by powerful financial institutions. As a life entrepreneur and former governor of Virginia, I saw how the adoption of innovation can open doors to workers, businesses and families on all corners of our economy. Cryptocurrency and blockchain technology are no exception: they offer real tools to increase financial inclusion, develop access and create well-remunerated jobs.
It is not only theory, it is what voters tell us. Color communities and young Americans, especially young men, see a real promise in crypto as a path to economic empowerment. These are basic democratic constituencies, and they will be essential to win back the map in 2028 and beyond. If we want to remain the party for the opportunity, we must pave the way for prospective regulations – not to prevent us from progressing.
Crypto innovation means financial services for communities traditionally ill -served by conventional banking systems, offering faster and cheaper transactions and wider access to capital. For minority communities, in particular, which have historically faced discrimination in the traditional bank, the crypto represents a path to financial empowerment by self-cuir and the choice of consumers. Small businesses should not have to pay 3, 4 or 5% of their profits to companies when transactions can be made at a cost fraction. Crypto will create a payment system that benefits consumers and small businesses around the world.
Now we have a crucial opportunity to correct our course. The Genius Act, which is now awaiting an action in the Chamber, presents a framework for intelligent and progressive regulations positioning America as a world leader in Stablecoins.
Stablecoins are cryptographic tokens supported by US dollars held in a bank that provides a cheaper and faster way to move dollars than the dated ACH system. This legislation offers a balanced approach that nourishes both innovation, strengthens the US dollar and establishes the necessary railing.
The provisions of the Engineering Act will rationalize our financial system and eliminate the expensive costs that will disproportionately affect small businesses and low -income Americans. This will mean that Americans can send money to the family abroad in milliseconds, for fractions of a penny, using stablecoins supported in dollars like the USDC on rapid public blockchains like Solana. This is exactly the kind of avant-garde policy that Democrats should defend; It is a question of creating a more accessible, efficient and equitable financial system for all Americans.
The current position of our party is not only out of step of innovation – it is out of step with the very voters that we must win. Throughout the country, an increasing number of Americans – in particular voters and colored communities – consult the cryptocurrency as a way to financial opportunity and economic inclusion. These are the same voters who have long formed the backbone of the democratic coalition. If we continue to treat this technology with suspicion rather than with a vision, we risk repelling the very people for whom we should fight – not only in the next elections, but for the years to come.
The path is clear. Democrats of the Chamber must adopt cryptographic regulations which balance innovation with consumer protection. The Genius Act provides this framework for Stablecoins, offering the possibility of demonstrating our commitment to equity and financial inclusion.
It is not only a question of gaining elections – although this intends – it is a question of ensuring that America directs the next generation of innovation and creates a platform so that the Americans have their financial future. At the dawn of the Internet era, the United States has paved the way for friendly innovation regulation and because of this, we will host almost all major players in online industry. Today, other nations move quickly to establish themselves as cryptographic hubs. We can either help shape this future or let the next Silicon Valley be built abroad.
For Democrats, it’s a moment of choice. We can continue our current path of skepticism and resistance, or we can adopt the transformer potential of cryptocurrency while ensuring that it develops in alignment with our values of equity, inclusion and innovation.
The time has come for the Democrats to show the way on cryptographic policy. The future of our party – and the competitive advantage of America in the global financial system – can depend on it.
