Cryptocurrency natives and fans of Detroit rapper Big Sean flocked to the Lager House just outside downtown Detroit for the third stop of the America loves cryptocurrencies Tour. The event provided a night of live entertainment and a call to action to get the crypto vote going in the upcoming 2024 elections, following previous stops in Arizona and Snowfall.
Michigan is considered a swing state, and the Stand With Crypto Alliance sees the state’s 940,000 bipartisan Bitcoin and cryptocurrency owners (25,000 of whom are Stand With Crypto members) as potentially crucial to the upcoming presidential election. Michigan’s 2020 election margin was only about 156,000 voters, meaning crypto voters could sway election outcomes in 2024.
Local startup founders, college blockchain clubs, former state Rep. Ryan Berman (R) and agents from the Stand With Crypto Alliance took the stage for the third stop of the contested state tour to communicate a simple message: digital asset owners and entrepreneurs have influence, and it’s time to make their political voices heard.
In recent years, inconsistent regulatory actions by the U.S. Securities and Exchange Commission (SEC) have had a chilling effect on the industry. Adam Zientarski, co-founder of Detroit Ledger Technologies, said he would like to see that change so that “startups can really focus on growth and not on moving the company to another country.” On behalf of the state’s entrepreneurs, he simply asks regulators to “let them build.”
In an interview with Bitcoin Magazine, former Michigan state representative and attorney general candidate Ryan Berman expressed similar thoughts on the role of regulation.
“You can’t predict what’s going to happen in this technology space, but we want to make sure that people can innovate and have the tools they need without the government holding them back,” Berrman said. “Detroit has seen a comeback over the last two decades. It would be beneficial and put Michigan on the map to say, ‘Hey, we want to welcome these types of companies, we want innovation.’”
Berrman went on to emphasize the economic importance of fostering innovation in the state:
“Here at this event, we heard from these entrepreneurs from the University of Michigan, which has half of its student body from out of state. The other half are in-state kids from our great schools; our students are currently leaving the state to find jobs. What can we do to keep our students here? Technology is at the forefront.”
Cryptocurrency Education: Not Just for Elected Officials
Technological innovation was the central theme of America Loves Crypto’s stop in The Motor City, and what stood out most was the cultural interest in Bitcoin and cryptocurrencies combined with the pride that many Detroiters, particularly college students, feel in their home state. University of Michigan Blockchain Club President Evan Solomon received thunderous applause from the crowd when he mentioned his alma mater.
College students and educational institutions, a point of particular pride for Michigan, seem to be paying close attention to Bitcoin and cryptocurrencies during this election season. In an interview with Bitcoin Magazine, Solomon proudly shared that his club on campus received support from the prestigious Ross School of Business to host an event attended by 25 visiting organizations.
However, Solomon also noted that clear regulation is “the most important thing” when it comes to fostering talent and strengthening industry in the state. When students consider what careers or companies to choose after college, the stigma of overregulation is a major factor. But the situation is changing, and Solmon is optimistic after a 2023 meeting with U.S. Sen. Gary Peters (D), saying, “I thought the reception was great, they wanted to hear from us and they wanted to hear about applications.”
Code and law: constitutional battles for developers
In the state of Michigan, Bitcoin and cryptocurrencies are not only a matter of revenue and economic development, but also important constitutional considerations for Michigan's more than 940,000 cryptocurrency owners.
Berman, who has a background in law, explained that overlapping considerations of the First, Second, and Fourth Amendments have shaped his perspective on cryptocurrencies. Specifically, he argued that 3D printing files to create firearms is both a Second Amendment constitutional right and a matter of free speech and privacy, and he sees an overlap with cryptocurrencies in that regard now that developers of open-source privacy tools are also being prosecuted.
“Freedom of speech is the reason our Founding Fathers were born. Publishing a manual can be bad if someone uses it for a bad purpose, but (in the case of 3D printed guns) there are plenty of legitimate purposes as well. But even if there aren’t any, no matter what the purpose is, it’s all about freedom, it’s all about the First Amendment. I’m a total defender of not only the Second and First Amendments, but also the Fourth Amendment in particular when it comes to encrypted communications.”
America Loves Crypto continues its road show this week and next in Milwaukee, Philadelphia and Washington DCAttendees can Confirm attendance for these free events where you can register to vote while connecting with like-minded people before Election Day this November.
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