Democrats' Crypto Courtship Backfired, Analysis Argues
By
Alexis Goldstein
Fresh out the oven, still warm. Top of the tray.
Summary
The article criticizes Democratic leadership for courting the cryptocurrency industry, using Ruben Gallego's support of the GENIUS Act as a key example. It argues that Democrats have been overly solicitous of crypto firms despite the industry's massive consumer losses ($17 billion in scams in one year) and its alignment with Trump-aligned interests. The piece contends this pro-corporate strategy has backfired, rewarding the party with political damage rather than loyalty.
Key quotes
· 3 pulledFor decades, democratic leadership has tried to market its willingness to craft pro-corporate policy as political sophistication.
Gallego repeated a vague, starry-eyed, crypto industry talking point, saying of an industry whose customers lost an estimated $17 billion that year due to scams; saying of crypto, 'It's like seeing the advent of the internet and social media again.'
The party remains far too solicitous of an industry that's rewarded their fealty with four years of Trump and untold damage to democracy.
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