The Intrinsic Politics of Crypto Advertising: A Positive Force

Crypto advertising frequently embodies a revolutionary spirit. A recent Coinbase commercial, for instance, suggests change is necessary when the status quo is flawed. Similarly, Larry David's FTX ad drew a parallel between crypto and the invention of the wheel, though with a hint of skepticism. Even less provocative campaigns are intertwined with the industry's worldview, which questions existing financial and societal norms. The products and services offered by the crypto industry prompt discussions about control, access, and trust, aligning their messaging with advocacy. This political undertone is a reason why the industry and its advertising have faced significant regulatory hurdles. From its inception, the digital asset industry has positioned itself as a democratizing force, challenging traditional monetary policies and financial systems. These are not neutral stances. The threat posed by the industry to established systems has contributed to the delayed development of regulatory frameworks for digital asset companies. When crypto companies' ads critique these systems, they often face public backlash and regulatory interference. Coinbase's UK ad, which creatively concluded the spirit of crypto advocacy, is a prime example. Its message about crypto offering a potential solution to economic challenges was deemed too bold without sufficient evidence or warnings about risks. Despite regulatory and public resistance, major political figures, especially in the U.S., are embracing crypto due to its political undertones. At a recent panel, Trump strategist Chris LaCivita and Democrat campaigner David Plouffe agreed that crypto is a political issue worth supporting, citing its appeal to young and minority voters and its potential to sway entire voting blocs. As crypto becomes a significant social issue that can influence elections, parties are taking notice and adjusting their positions accordingly. In this context, it's unsurprising that the industry's messaging sounds political. The debate over treating advertising that touches on political issues differently has been ongoing, particularly since social media's rise in election cycles. What started as a concern for transparency has evolved into questions about who can speak and under what terms when challenging the status quo. Regulators and platforms often claim a clear line between political and non-political content, but in practice, this line is blurred and dependent on the current climate. The EU's upcoming Transparency and Targeting of Political Advertising Act, set to tighten the definition of political content, is an example. In response, Meta and Google have announced they will end political advertising in the EU, illustrating how well-intentioned regulations can create unintended barriers. If crypto ads sound like political speech, it's because they reflect the inherent nature of the product. Online platforms should not impede this. As digital assets become more integral to daily life, their alternatives will become increasingly important. The influence of the 'crypto-electorate' in future elections will grow, and more parties will incorporate crypto into their policy platforms. There will be more crypto ads addressing social issues, which should be expected and welcomed, not feared or suppressed. For innovations to have a meaningful impact, their communications must be allowed to be provocative and political. Only then can we have open conversations about what needs fixing in our current systems and how to address these issues.