Amid all the new energy released by Kamala Harris’s candidacy and J.D. Vance’s streams of semi-consciousness, one hardy perennial of American politics has taken a distant third place over
the past week: big money’s continuing effort to use millions of dollars to shape popular democracy to its own ends. Exhibit A is the concerted efforts of the crypto rich to ensure that government aids and abets the rise of this alternative pseudo-currency, in which an unseemly clump of the super-rich have invested non-pseudo actual currency. All this has been playing out in public at least since Marc Andreessen and Ben Horowitz, Silicon Valley’s leading venture capitalists, aired a podcast in which they noted they’d invested in roughly 30 crypto startups; summoned their private jet
to take them to Washington, where neither the president nor Gary Gensler, chair of the SEC, set aside their schedules to meet with them and hear their complaints; and concluded the only solution to this cosmic outrage was to endorse Donald Trump. This past weekend, Trump himself trundled off to Nashville to address a national Bitcoin conference, where he pledged not only to loosen regulations on an industry that has become a mecca for speculation and not much else, but to enable industry members to serve on its government oversight board and to have the government set up its own
cryptocurrency reserve. (Given crypto’s largely untraceable flows, imagine how useful that would have been for the CIA’s secret efforts to overthrow foreign governments!) The industry, he said, could become as central to American power as the steel industry once was (though he may have been thinking that metallic crypto coins, if issued in sufficient quantity, could be welded together to yield, say, a wall at the border). Trump acknowledged that there were things about crypto he didn’t fully understand, but actually, he should understand it quite well. After all, one of the few
industries in which Trump has been active is casino gambling, which has roughly the same level of nation-strengthening characteristics as crypto speculation: none.
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