Crypto locals and fans of Detroit rapper Big Sean flocked to the Lager House, just outside downtown Detroit, for the third stop of the America loves crypto Tour. The event offered both an evening of live entertainment and a call to action to make the crypto voice heard in the upcoming 2024 elections, following previous stops in Arizona And Nevada.
Michigan is seen as a battleground state, and the Stand With Crypto Alliance sees the state’s 940,000 bipartisan Bitcoin and crypto holders — 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 the outcome of the 2024 election.
Local startup founders, university blockchain clubs, former state Rep. Ryan Berman (R), and staff from the Stand With Crypto Alliance took the stage for the third stop on the state roadshow to deliver a simple message: Digital asset owners and entrepreneurs have influence, and it’s time to make their political voices heard.
In recent years, the U.S. Securities and Exchange Commission’s (SEC) inconsistent regulatory actions have had a chilling effect on the industry. Detroit Ledger Technologies co-founder Adam Zientarski noted that he’d like to see that change so “startups can actually focus on growth and not on moving the business to another country.” On behalf of entrepreneurs in the state, he’s simply asking regulators to “let them build.”
In an interview with Bitcoin Magazine, former Michigan state representative and candidate for attorney general Ryan Berman expressed similar thoughts about 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 blocking them,” Berrman said. “Detroit has been on a recovery path for the last few decades. It would be helpful and put Michigan on the map to say, ‘Hey, we want to welcome these types of companies, we want innovation.'”
Berrman then emphasized the economic importance of encouraging innovation in the state:
“Here, at this event, we’ve heard from these entrepreneurs from the University of Michigan, half of whose students are from out of state. The other half are in-state kids from our big schools — right now, our students are leaving the state to find jobs. What can we do to keep our students here? Technology is key.
Crypto Education: Not Just for Elected Officials
Technological innovation led the way during America Loves Crypto’s stop in the Motor City, and what stood out was the cultural interest in Bitcoin and crypto mixed with the pride many Detroiters, especially students, have in their home state. University of Michigan Blockchain Club President Evan Solomon drew a loud round of applause from the crowd as he invoked his alma mater.
Students and educational institutions, a particular point of pride for Michigan, appear to be paying a lot of attention to Bitcoin and crypto this election season. Speaking to Bitcoin Magazine , Solomon proudly shared that his on-campus club has received support from the prestigious Ross School of Business to host an event with 25 visiting organizations.
Still, Solomon also noted that clear regulation is “the most important thing” when it comes to nurturing talent and strengthening the state’s industry. When students consider what careers or businesses to pursue after college, the stigma of overregulation is a major factor. But the tide is turning, and Solmon is optimistic after a 2023 meeting with U.S. Sen. Gary Peters (D), where he said, “I thought the reception was great, they wanted to hear us, and they wanted to hear about the applications.”
Code and Law: Constitutional Battles for Developers
Bitcoin and crypto are not only a matter of revenue and economic development in the state of Michigan, but also important constitutional considerations for more than 940,000 crypto owners in Michigan.
Berman, who has a background in law, explained that overlapping First, Second, and Fourth Amendment considerations have influenced his perspective on crypto. In particular, he’s argued that 3D printing files for making firearms is just as much a Second Amendment constitutional right as issues of free speech and privacy, and he sees overlap with cryptocurrency in that regard as developers of open-source privacy tools are also being prosecuted.
“Freedom of speech is what our Founding Fathers stood for. 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. But even if there aren’t any, it doesn’t matter what the purpose is, it’s all about freedom, it’s all about the First Amendment. I’m absolutely a supporter of not only the Second and First Amendments, but particularly the Fourth Amendment when it comes to encrypted communications.”
America Loves Crypto continues its roadshow this week and beyond Milwaukee, Philadelphia And Washington DCAttendees can To register for these free events, where they can register to vote and connect with like-minded people before Election Day in November.