Detroit Aims to Drive Digital Asset Innovation on Day Three of the America Loves Crypto Tour
Crypto-natives and fans of Detroit rapper Big Sean flocked to the Lager House, just outside of downtown Detroit, for the third stop of the America Loves Crypto Tour. The event provided both an evening of live entertainment and a call to action to get out the crypto vote in the upcoming 2024 elections following previous stops in Arizona and Nevada.
Michigan is considered a battleground state, and the Stand With Crypto Alliance sees the state’s 940,000 bi-partisan Bitcoin and crypto owners — 25,000 of which are Stand With Crypto members — as potentially crucial for the upcoming presidential election. The 2020 election’s margin within Michigan was only about 156,000 voters, which means that crypto voters could well swing the electoral outcomes in 2024.
Local startup founders, university blockchain clubs, former State Representative Ryan Berman (R) and operatives of the Stand With Crypto Alliance took the stage for the third stop on the battleground state roadshow to communicate a simple message: Digital asset owners and entrepreneurs have leverage, and it’s time to make their political voices heard.
The last few years have seen the US Securities and Exchange Commission’s (SEC) inconsistent regulatory actions have a chilling effect on the industry. Adam Zientarski, co-founder of Detroit Ledger Technologies, remarked that he would like to see that change so that “startups can actually be focused on growth and not on moving the company to another country”. On behalf of entrepreneurs in the state, he simply asks regulators to “let them build.”
In an interview with Bitcoin Magazine, former Michigan State representative and Attorney General candidate Ryan Berman echoed similar thoughts on the role of regulation.
“You can’t predict what is going to happen in this technology space, but we want to make sure people can innovate and have the tools necessary without government blocking them,” Berrman said. “Detroit has been on a rebound over the last couple of decades. It would be beneficial and put Michigan on the map to say ‘Hey, we want to welcome these types of companies, we want innovation.’”
Berrman went on to emphasize the economic importance of fostering innovation in the state:
“Here, at this event, we’ve heard from these entrepreneurs from the University of Michigan, [which] has half of their student body from out of state. The other half is in-state kids from our big schools – currently, our students leave the state looking for jobs. What can we do to keep our students here? Technology is at the forefront.
Crypto Education: Not Just For Elected Officials
Technological innovation took the driver’s seat during the America Loves Crypto’s stop in The Motor City, and what stuck out was the cultural interest in Bitcoin and crypto co-mingled with the pride many Detroiters, in particular college students, have for their state of residence. President of the University of Michigan Blockchain Club Evan Solomon received raucous applause from the crowd when shouting out his alma mater.
College students and educational institutions, a particular point of pride for Michigan, seem to be paying strong attention to Bitcoin and crypto during this election season. Speaking with 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 in attendance.
Yet, Solomon also remarked that clear regulation is “the single most important thing” when it comes to fostering talent and strengthening the industry in the state. When students consider what careers or companies to pursue post-college, the stigma of over-regulation is a major factor. But the tides are turning and Solmon is optimistic following a 2023 meeting with U.S. Senator Gary Peters (D), saying: “I thought the reception was great, they wanted to hear us out, and they wanted to hear about the applications.”
Code And Law: Constitutional Battles for Developers
Bitcoin and crypto are in the State of Michigan not just a matter of revenue and economic development, but of important constitutional considerations for more than 940,000 Michigan crypto owners.
Berman, who has a background in law, explained that overlapping First, Second and Fourth Amendment considerations have informed his perspective on crypto. Specifically, he argued that 3D printing files for creating firearms are as much a Second Amendment constitutional right as they are issues of free speech and privacy, and he sees overlap with cryptocurrency in that regard now that developers of open source privacy tools are also being prosecuted.
“Freedom of speech is what our Founding Fathers were all about. Publishing a manual can be bad if somebody uses it for a bad purpose, but [in the case of 3D-printed guns] there’s plenty of legitimate purposes as well. 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 totally an advocate for not only the Second and First Amendments, but the Fourth Amendment in particular when you’re talking about encrypted communications.”
America Loves Crypto continues its road show this week and the following in Milwaukee, Philadelphia and Washington D.C. Attendees can RSVP for these free events where they will be able to register to vote while connecting with like-minded folks ahead of election day this November.
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