Following on from our recent partnership announcement, our Managing Director, George Godsal, has launched his new column, REKTifying Risk for The Digital Commonwealth.

REKTifying Risk will explore the reputational issues facing the Web3 space, and offer insights on how to navigate them. 

The first article explores the potential reputational pitfalls associated with the upcoming U.S. presidential election. In such a tightly contested election, young voters who support crypto and innovation could be crucial in determining the outcome. At the same time, the next President could make or break the development of Web3 in the U.S. 

Given the high stakes, it’s no surprise that the industry has spent eye-watering sums – close to $120 million – on promoting pro-crypto candidates. This has attracted some criticism, including from Public Citizen, who believes that “this tsunami of corporate crypto cash is a brazen and unprecedented attempt by for-profit businesses to force their private, pecuniary priorities ahead of the public interest.”

While lobbying dollars have helped to drive the crypto conversation in this election, there is a risk that this spending becomes a political own-goal. 

The REKTifying Risk article argues that for the crypto sector to engage effectively with the US political system, it should adhere to fundamental principles that transcend the polarised US political landscape.

These include:

• Transparency: clear disclosure of financial contributions is essential to build trust and mitigate concerns about undue influence.

• Political neutrality and bipartisan dialogue: engage meaningfully across the political spectrum to avoid being perceived as aligned with a single ideology.
• Public education: emphasise educating the public and policymakers on the societal benefits of blockchain and crypto technologies

Check out The Digital Commonwealth to read the full article.