FTA:

Bitcoin is to its devotees what the wafer is to Catholics--an article of faith. It also goes with a collection box. It is a safe bet that Donald Trump's recent conversion to bitcoin is motivated by the big donations that come with it. Which puts his Democratic opponent Kamala Harris in a bind. Harris would like to protect retail investors from an asset class that often resembles a Ponzi scheme. But America has an army of crypto investors--roughly 40mn--that in a tight election cannot be disrespected.

America's bitcoin politics is both electoral and substantive. The voting piece is easiest to grasp. Many have questioned Trump's decision to select JD Vance, the Ohio senator, as his running mate. By conventional measures, Vance has been a disastrous pick. His approval ratings are underwater. His standing with most women voters is unsurprisingly low given his disdain for those who choose not to give birth, or are unable to.

But Vance is backed by some of America's wealthiest people. These include the Silicon Valley giants Elon Musk, Peter Thiel, Marc Andreessen and Ben Horowitz. Each of them is invested, both financially and philosophically, in cryptocurrency. While analysts pore over Vance's allegedly populist economics--his support for trust-busting, for example, and his blame of Wall Street for working-class America's woes--others are following the money. In his short Senate career, Vance has sponsored legislation to deregulate cryptocurrency. He calls Gensler "the worst person" to oversee the asset class.