As a lifelong Democrat and former governor of Virginia, I have always thought that our party should be on the side of growth, innovation and economic opportunity. Therefore, I am concerned that too many Democrats are on the sidelines or standing in the way of one of the most transformative economic innovations of our time: Blockchain and Cryptocurrency.
Blockchain and Crypto are already running job creation across the country, from data centers and fintech startups to cyber security 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 behind by the traditional financial system.
The numbers are not lying. Voters support overwhelming to integrate crypto into the US financial system. More than two -thirds of Americans believe there should be clearer rules and regulations for the crypto industry instead of leaving it largely unregulated, according to several industry -leading public polls.
And two -thirds believe that the current global financial system favors powerful interests and not them. Democrats need to understand that voters want an alternative to the current financial system that gives them the financial freedom that is so desperately necessary. It is a winning middle -class message.
These numbers reflect a clear mandate for action. Still, our party’s leadership has often approached crypto with skepticism or direct hostility, creating a partisan gap on an innovation that should exceed political boundaries.
This incorrect adjustment became painfully evident during recent elections, with Republicans, including Donald Trump, embraced crypto, while the Democrats appeared from contact with the Technological Revolution reshaping our economy. We cannot afford to waive this reason, especially when crypto and blockchain offer solutions to many of the financial challenges we have long tried to tackle.
The Democratic Party has always been responsible for expanding the economic opportunity and ensuring that workers are not benefited from powerful financial institutions. As a lifelong entrepreneur and Virginia’s former governor, I have seen how embracing innovation can open doors to workers, businesses and families across every corner of our economy. Cryptocurrency and Blockchain technology are no exception-they offer real tools to increase financial inclusion, expand access and create good paid jobs.
This is not just theory, that’s what voters tell us. Communities with color and younger Americans, especially young men, real promise in crypto as a path to financial empowerment. These are core democratic constituencies and they will be important to win the card back in 2028 and beyond. If we want to remain the possibility of opportunities, we need to lead the way for forward regulation-not stand in the way of progress.
Innovation in crypto means financial services for societies that are traditionally underestimated by conventional banking systems that offer faster, cheaper transactions and broader access to capital. Especially for minority societies that have historically been subjected to discrimination in traditional banking, Crypto represents a path to financial empowerment through self -insurance and consumer choices. Small businesses should not have to pay 3, 4 or 5% of their profits to businesses when transactions can be carried out at a fraction of the cost. Crypto creates a payment system that benefits consumers and small businesses everywhere.
Now we have a crucial opportunity to fix our course. Genius Act, now waiting for action in parliament, presents a framework for smart, progressive regulation that positions America as a global leader in stableecoins.
StableCoins are crypto symbols 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 both care for innovation, strengthens the US dollar and establishes the necessary protective frames.
Genius Act’s provisions will streamline our financial system and eliminate expensive fees that disproportionately affect small businesses and Americans with low income. That will mean that Americans can send money to family abroad in milliseconds, to fractions of a crown using dollar-backed stableecoins like USDC at lightning-fast public blockchains like Solana. This is exactly the kind of forward -thinking politics that Democrats need to advance; It’s about creating a more accessible, efficient and fair financial system for all Americans.
Our party’s current attitude is not only out of step with innovation – it’s out of step with the much voters we need to win. All over the country, the growing number of Americans – especially younger voters and color societies – see cryptocurrency as a path to financial opportunity and financial 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 vision, we risk pushing away the people we should fight for – not only in the next election but in the coming years.
The path forward is clear. House Democrats must include crypto regulation that balances innovation with consumer protection. The Genius Act provides this framework for stableecoins that allows you to demonstrate our commitment to justice and financial inclusion.
This is not just about winning choices – even if it matters – it’s about ensuring that America is leading the next generation of innovation and creating a platform for Americans to own their financial future. In the dawn of the internet era, the United States led the way with innovation -friendly regulation, and because of this we are home to almost any major player in the online industry. Today, other nations are moving rapidly to establish themselves as crypto hubs. We can either help shape this future or let the next Silicon Valley be built abroad.
For Democrats, this is a chosen moment. We can continue down our current path of skepticism and resistance, or we can embrace the transformative potential for cryptocurrency while ensuring that it develops in accordance with our values of justice, inclusion and innovation.
The time is for Democrats to start cryptopolitics. The future of our party – and America’s competitive advantage in the global financial system – can depend on it.
