Certain Digital Asset Operators peddle the myth that 'crypto voters' will prove the difference in America's November elections, but it's 'crypto cash' that's doing all the heavy lifting

On October 7, the New Yorker published a long-form article titled Silicon Valley, the New Lobbying Monster, which details the lavish campaign spending

Coinbase (NASDAQ: COIN) and its venture capitalist pals are spending nearly $200 million on political campaigns this year in an effort to influence the outcome of the presidential election.

These groups are also polling voters to gauge the impact of crypto on their voting decisions, but a closer look at the numbers reveals no evidence that voters who happen to own digital assets are making decisions based solely on who might pump their bags harder.

This explains why the crypto-funded ads don’t so much as mention crypto, let alone any candidate’s stance on same. The ads either praise or criticize candidates based on issues that actually do matter to voters. Clearly, even crypto operators understand that saying a candidate is pro-crypto may actually hurt that candidate, while painting them as anti-crypto might tip the balance in that candidate’s favor.

In a revealing exchange, the New Yorker quotes former Democratic strategist Chris Lehane—who joined Coinbase’s board of directors in July—telling Coinbase principals that the industry needed to “demonstrate there’s a crypto voter” who will “vote to protect it.” When a Coinbase staffer expressed doubt regarding the existence of a ‘crypto voter,’ Lehane replied “[t]hen we’re going to make one.”

Other critics of Fairshake’s tactics include Rep. Mike Rogers (R-MI), a candidate for the Senate seat currently held by the retiring Debbie Stabenow (D-MI). Despite Rogers being a staunch ally of all things blockchain, Fairshake is funneling $3 million to support Rogers’ opponent, Rep. Elissa Slotkin (D-MI), whose crypto support pales in comparison to Rogers’ more full-throated advocacy.

Stand with Crypto (SwC), the Coinbase-funded ‘grassroots’ advocacy group, gives Slotkin an ‘A’ rating, indicating that she ‘strongly supports crypto.’ And yet, Slotkin’s SwC page shows four ‘somewhat pro-crypto’ comments, two ‘neutral’ comments and one ‘very anti-crypto’ comment. By contrast, Rogers’ page shows two ‘very pro-crypto’ comments, one ‘somewhat pro-crypto’ comment and a comment still ‘pending analysis.’

Rogers told Decrypt that there was “nobody more confused than me” regarding Fairshake’s support of his opponent given their respective crypto bona fides. Rogers called Fairshake’s move “not very strategic” but also claimed Fairshake’s move was less about Slotkin’s views and more about attempting to show that the group was unaffiliated with any one party (which, to be fair, sounds kinda strategic).

Some observers believe the so-called ‘Trump trade,’ aka the token price-boosting benefit of putting Donald back in the White House, has lost its mojo after Harris replaced President Joe Biden at the top of the Democratic ticket in late July.

A recent poll sponsored by the Ethereum-focused blockchain software outfit Consensys offered the usual pablum regarding the might and majesty of the average ‘crypto voter’ but also showed little support for the idea that one party is better than the other when it comes to digital assets.

While surveys continue to show both candidates within the margin of error for claiming victory, the denizens of ‘Crypto Twitter’ point to Trump’s lead on the crypto-friendly PolyMarket prediction site as a better barometer of where things really stand. This includes X/Twitter boss Elon Musk, who has formally endorsed Trump and is throwing his not-inconsiderable financial weight behind that endorsement.

Musk recently celebrated Trump’s favorable PolyMarket odds by claiming that prediction markets are “[m]ore accurate than polls, as actual money is on the line.” But as skeptics have pointed out, there are some deep-pocketed bettors betting on Trump that may or may not be Musk wearing a funny-moustache-and-glasses combo.

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