Is BTC Effecting the Upcoming American Elections?
There are many politicians who would stand at nothing to obtain the smallest advantages over their competitors. With cryptocurrencies currently in taking their baby steps and for the most part not clearly understood by many people, or even sufficiently regulated, they have become a tool for politicians to complement their fundraising sum. They are even a way to maybe avoid certain rules about the limit for how much money can be given to certain campaigns.
Since it surfaced, BTC has been correlated with objectionable acts of money laundering and trading on the black market. Today, it is used for much more complicated actions in which third parties try to alter the outcomes of political elections in America.
Cryptocurrencies for Political Gain
Last June, a subcommittee in the United States Senate for crimes and terrorism inspected this issue during a hearing where technology and election specialists were interviewed by the senators to try and determine the full impact of cryptos on democratic proceedings.
The manager of DarkTower, a firm that analyzes threats, Scott Duekeke, stated that the usage of cryptos does pose a threat to any elections’ integrity. The biggest threat comes from foreign funds arriving in the pockets of candidates or that are used as funds for other coercive activities, (The Russian hackers accused of influencing the last presidential election were tracked and identified through their use of BTC) is growing in number and also liquidity of anonymous coins.
Some individuals at the hearing called for shutting down crypto donations until the tech is regulated more and understood better.
The commissioner of California, Frank Cardenas, is among the politicians who think the country should stop dealing with cryptocurrencies completely. He explains how cryptocurrencies will never be accepted currently in elections and that it may not be worth it.
A popular misconception is that cryptos are dangerous and can have a more widely negative impact than a positive one. However, it was found that only less than 1% of the total BTC Txs were connected to criminality. In the future, BTC and other cryptos need to escape an unpleasant reputation in order to be considered legitimate assets.