In a year where the United States is gearing up for a crucial Presidential election, another high-stakes battle is brewing beneath the surface in the congressional races. In Los Angeles, California, the race for the U.S. Congressional seat in California’s 32nd district has taken an unexpected turn. The approval of a “spot bitcoin ETF” by the Securities Exchange Commission (SEC) on January 10, 2024, has not only transformed the cryptocurrency landscape but is also casting a significant spotlight on the heated contest between incumbent Rep. Brad Sherman (D) and his challenger, Larry Thompson.
The SEC’s decision to approve 11 financial institutions to create a bitcoin ETF is a landmark event in the history of Bitcoin and cryptocurrencies. This move effectively legitimizes Bitcoin as an asset class, making it accessible to the public like any other traditional investment, such as stocks or mutual funds. It has unleashed a wave of enthusiasm among investors, leading to a substantial increase in the price of Bitcoin and other cryptocurrencies, signaling their mainstream acceptance.
However, this decision has far-reaching implications, particularly in the contentious U.S. Congressional Race in California’s 32nd district. In this race, Rep. Brad Sherman, a 14-term incumbent, has consistently been one of the staunchest opponents of Bitcoin and cryptocurrencies in Washington, D.C. Sherman has not minced words in labeling cryptocurrencies as a haven for criminals, tax evaders, and other illicit activities. Supported by big banks and financial institutions, he has long advocated for their outright ban.
Enter Larry Thompson, a veteran entertainment attorney, talent manager, and film producer, who has emerged as a formidable challenger to Sherman. Thompson’s campaign has garnered significant attention and endorsements, notably from prominent figures in the cryptocurrency industry. Brock Pierce, Chairman of The Bitcoin Foundation, and Perianne Boring, Founder and CEO of the Chamber of Digital Commerce, have both thrown their support behind Thompson.
Pierce praised Thompson’s long-standing commitment to the crypto community, stating, “I would hope that a lot of people see you as the tip of the spear, an agent of change to help enable the future where we can have regulatory clarity and certainty, where America can stay the capital of innovation.”
Boring, representing the world’s largest trade association for the blockchain industry, was equally enthusiastic, saying, “Count me in” when endorsing Thompson.
What sets Thompson apart in this race is his belief in the potential of technology, cryptocurrencies, and Bitcoin to reshape the financial industry positively. He argues that technology is neutral and can be harnessed for both good and bad purposes, emphasizing the need for a thoughtful and forward-thinking approach to innovation.
Thompson’s campaign also aims to bridge the political divide and offer a fresh perspective to disenfranchised voters from both sides of the aisle. He seeks to address issues like open borders, high taxes, and government inefficiency, promising a new menu of ideas for the residents of California’s 32nd district.
Despite the uphill battle of challenging a long-time incumbent, Thompson remains confident in his ability to unseat Sherman. With the recent Bitcoin ETF approval and the growing influence of cryptocurrencies, this race has become emblematic of the clash between traditional banking and the evolving financial landscape.
As Thompson aptly puts it, “I’m the ‘Sanity Man,’ and I’m running to take back Reagan Country.”
The race in California’s 32nd district may just be one of the many battlegrounds where the influence of Bitcoin and cryptocurrencies becomes a defining factor in the 2024 election season. It remains to be seen whether Thompson’s vision for embracing technology and fostering innovation will resonate with voters, potentially reshaping the political landscape in this hotly contested congressional race.
Read Also: SEC Approves Spot Bitcoin ETFs, But Does Not Endorse Bitcoin: Gary Gensler