The Politics of Crypto Advertising

Advertising in the crypto sector has frequently sought to promote radical change. “If everything is fine, don’t change anything,” notes the latest Coinbase advertisement, amid Britain’s turmoil. Larry David’s ad for FTX likened cryptocurrency to the wheel’s discovery, despite his character’s skepticism.

Yet all advertising in this domain, even less overtly provocative ones, is deeply interwoven with a challenging worldview about financial and societal norms.

Crypto’s offerings provoke crucial discussions surrounding control, access, and trust, which results in its messaging often resembling advocacy. This political stance is a key reason for the numerous hurdles the industry’s advertisements face.

Since its inception, the crypto sector has labeled itself a transformative and democratizing force, targeting centralized monetary systems and proposing alternatives to traditional finance—standpoints that intrinsically carry political weight.

This challenge to established systems has contributed to regulatory delays regarding what digital asset firms can proclaim. Currently, as crypto promotions continue to touch upon systemic critiques, they often face backlash from both the public and regulators.

Take Coinbase’s noteworthy UK advertisement, lauded for its advocacy spirit, which posited that crypto could answer economic failures. Though it avoided specific political references, it made definitive assertions about policy implications, pointing out why the current economic framework is insufficient.

Regulating bodies such as Clearcast have disapproved ads on similar grounds, arguing they propose cryptocurrency as a remedy to economic issues without set evidence or risk warnings.

Simultaneously, political figures, especially in the U.S., are beginning to recognize the potential of crypto messaging. Not for its controversial edge, but because it resonates with a significant electorate.

A recent panel featuring strategist Chris LaCivita and campaigner David Plouffe highlighted a shared viewpoint: crypto is recognized as a viable political topic that warrants support. LaCivita framed it as a ‘classic growth issue,’ engaging younger voters, while Plouffe cautioned:

“Tens of millions of Americans have a great desire to be a part of this. So as a politician, it’s very dangerous to say: we’re going to ignore you.”

Both strategists underscored that crypto ownership has morphed into a crucial societal topic capable of swaying vast voter blocks, leading parties to refine their stance while reshaping financial landscapes when elections are won.

Understanding that a crypto voter’s significance is increasingly recognized by campaign teams, it’s no wonder that the dialogue surrounding cryptocurrency is inherently political.

The lengthy dispute over differentiating political from non-political advertising has been ongoing since social media’s rise in political campaigning. The initial focus on transparency has expanded to encompass broader matters of who communicates which messages, particularly those that challenge existing power structures.

Despite assertions from regulators about clear distinctions between political and non-political material, the reality is more complex. What is deemed political often shifts with current sentiments. Approvals granted in one year may change in the subsequent period as social media platforms revise their regulations.

For instance, the EU’s upcoming Transparency and Targeting of Political Advertising Act aims to redefine what constitutes political content, potentially including any ad that can influence public opinions on policy. In anticipation, platforms like Meta and Google plan to cease all forms of political and social issue advertising in the EU once the laws are enacted—a well-meaning adjustment that might unintentionally create barriers.

If crypto advertisements increasingly sound like political rhetoric, it’s no accident. It reflects the true essence of the product, and platforms should not inhibit this narrative.

Going forward, digital assets will likely play a more central role in everyday life. With deeper integration comes a heightened importance of alternative solutions they offer. The influence of the ‘crypto-electorate’ during the 2024 election will surely extend globally, with more political parties adopting these issues into their agendas.

We should anticipate, and indeed welcome, more crypto messages that target the societal issues inherent in this industry. For these innovations to create a meaningful impact, we must allow communications that are bold, outspoken, and unequivocally political. Only then can we engage in genuine and constructive discussions about the failings of our systems and explore potential remedies.