By Harry McMillan
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It’s a crisp fall morning when I sit down with Tiffany Muller and Lisa Donner, two formidable advocates dedicated to preserving the integrity of American democracy. Their recent article, “Cryptocurrency is One of The Most Overlooked Threats Against our Democracy,” has sparked considerable discussion, and as I listen to them recount their concerns, it’s clear why they are sounding the alarm.
“Silicon Valley’s influence over politics has always been troubling, but cryptocurrency is different. It’s faster, more aggressive,” Tiffany Muller begins, her tone earnest yet calm. As the president of End Citizens United / Let America Vote, she has spent years combating the corrupting influence of money in politics. Lisa Donner, the executive director of Americans for Financial Reform, nods in agreement. The two have joined forces to shed light on what they see as a rapidly growing menace.
“Last month, we saw a bipartisan majority in the House pass legislation that essentially hands the crypto industry everything it wants,” Lisa interjects, her voice tinged with concern. “It’s alarming how quickly they’ve managed to gain such influence. They leverage vast sums of money to buy access, shape policy, and ultimately, secure their own financial interests.”
The conversation turns to the notorious case of Sam Bankman-Fried, the crypto mogul whose meteoric rise and subsequent downfall became a cautionary tale. “Bankman-Fried’s downfall didn’t stop the flow of crypto money,” Tiffany says, shaking her head. “His methods—buying influence, shaping policy—are now a blueprint for others in the industry.”
“Exactly,” Lisa adds. “It’s not just about one person. The industry as a whole is building a war chest to influence elections and protect their interests. This isn’t hypothetical; we’re talking about rampant money laundering, disappearing investor funds, and the use of dark money to sway political outcomes.”
I ask them to elaborate on the specific threats posed by this influx of crypto money into politics. Tiffany leans forward, her eyes narrowing. “These billionaires are pouring money into super PACs, ready to jump into key Senate races. They’ve raised over $160 million for the 2024 cycle alone. Their goal is clear: elect candidates who will turn a blind eye to their practices.”
Lisa nods in agreement. “They’ve already announced plans to spend heavily in pivotal states like Montana, Ohio, Michigan, and Maryland. They’re targeting candidates who have criticized their industry, like Senators Sherrod Brown and Jon Tester, while supporting those who embrace them.”
The conversation shifts to the broader implications of this trend. “If they succeed,” Tiffany warns, “we’ll see fewer regulations, more scams, and greater economic instability. It’s not just a threat to our financial system but to our democracy itself.”
“That’s why it’s crucial for voters, candidates, and parties to see through the industry’s PR,” Lisa stresses. “These crypto moguls aren’t champions of freedom or democracy. They’re looking to buy policy outcomes that will enrich them at the expense of everyone else.”
The gravity of their words hangs in the air, and I can see the passion in their eyes. But they are not without hope. “We need to elect leaders committed to overturning the Citizens United decision and passing legislation that ensures transparency and accountability,” Tiffany says, her tone resolute.
Lisa agrees. “Passing the Freedom to Vote Act and other reforms is essential to safeguard our elections from the corrosive influence of dark money. Cryptocurrency may be a new player, but the game remains the same. It’s about who controls the levers of power.”
As our conversation draws to a close, I am struck by the urgency of their message. Tiffany Muller and Lisa Donner are not just sounding an alarm; they are calling for action, for vigilance, and for a collective effort to protect the foundations of American democracy.
Their words serve as a potent reminder that the fight for a fair and transparent political system is ongoing. The threat posed by cryptocurrency may be new, but the principles at stake are timeless. It is a battle for the very soul of our democracy, and it is one we cannot afford to lose.
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Harry McMillan
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