Tag: democratic party

South Korea’s Presidential Nominee to Raise Campaign Funds by Using NFT

The campaign office of Lee Jae-myung, a South Korean presidential nominee of the ruling Democratic Party of Korea, has announced the plans to raise funds through a blockchain-based digital platform with plans to issue a Non-Fungible Token (NFT) to donors afterwards.

As reported by the Yonhap News Agency, the move is targeted at young millennials, especially those tilted towards cryptocurrencies.

Per the reports, the ruling Democratic Party’s campaign committee for Jae-myung said it expects NFTs to serve as a new medium for messages to voters and bring political memorabilia to a new generation of digital natives. The move to issue the NFTs to voters will cap the party’s efforts to accept cryptocurrency donations and prove to voters that it believes in the future of the technology.

“As the young generation in their 20s and 30s are interested in emerging technologies, including virtual assets, NFTs and the metaverse, this type of fundraising could appeal to them,” Kim Nam-kook, a campaign committee official, told Yonhap News.

The proposed NFTs are billed to have inherent financial value over time, serving as another factor that can inspire voters into taking advantage of the opportunity to donate to the campaign. Beyond Jae-myung, other South Korean politicians have also expressed willingness to accept crypto donations. One of these includes Rep member Lee Kwang-jae, who said his campaign office is all geared to begin receiving crypto donations by mid-January. 

“It is high time that we undertake innovative experiments to enhance our understanding of these future technologies and change perceptions of digital currencies and NFTs,” said Lee.

South Korea has seen a good growth of digital currencies over the past few years, which seems to have been somewhat stumped by regulations. Unregistered exchanges are no longer operating in South Korea after regulators declared those unable to ink partnership with a local bank unfit to offer crypto services in the nation. 

Beyond local exchanges, prominent trading platforms such as Huobi and OKEx have also moved their businesses away from South Korea on regulatory grounds.

Image source: Bloomberg.com

Democrats may lose youth votes over anti-crypto sentiments, warns Winklevoss

Gemini co-founder Cameron Winklevoss has warned that the Democratic Party risks losing crucial support from younger voters due to what he perceives as an aggressive stance on cryptocurrencies by notable figures within the party. In a series of tweets, Winklevoss asserted that Democrats are alienating Millennials and Generation Z—groups which, he says, have wholly embraced the emerging asset class.

“Winning the youth vote w/ ‘get out the vote’ is a key part of the Democratic playbook,” he tweeted. “Dems believe the youth vote will carry the day.”

However, Winklevoss posited that this essential demographic, which could swing the balance of power in future elections, is at risk due to the party’s approach to cryptocurrencies. He points to Senator Elizabeth Warren and Securities and Exchange Commission (SEC) Chairman Gary Gensler as the main culprits behind what he sees as an unjust war against crypto. Recently, the Securities and Exchange Commission (SEC), led by Gary Gensler, has brought charges against major cryptocurrency exchanges Binance and Coinbase, alleging that certain coins, such as Matic and SQL, are securities. Following these actions, there was a significant crash in altcoin prices over the weekend.

“Crypto has already won the hearts and minds of Millennials and GenZ,” Winklevoss noted. “They don’t debate the merits of crypto. They debate where and what to build next.”

Winklevoss also mentioned the large number of young investors who have bet their life savings on cryptocurrencies. In his view, they will not forget any value destruction that they perceive as having been caused by Warren and Gensler.

In a conclusion that might send ripples through the political sphere, Winklevoss questioned the motives and understanding of the party’s establishment: “Two explanations: (1) the blue establishment either doesn’t understand what’s going on w/ Warren and Gensler or (2) are grossly miscalculating the impact of their actions on the youth vote this upcoming election cycle.”

As the political and regulatory landscapes around cryptocurrencies continue to evolve, these comments add another layer to the debate. They highlight the potential implications not only on financial markets but also on the political attitudes of younger generations who have been found to be increasingly supportive of decentralized finance. With an upcoming election cycle, the Democratic Party’s approach to this issue may indeed have far-reaching consequences.

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