The long-time proponent of cryptocurrency will challenge vulnerable incumbent Senator Maggie Hassan, and would first bankroll his campaign with $5 million of his own bitcoin money.
Bruce Fenton, the former executive director of the Bitcoin Foundation, has announced his candidacy for the Republican nomination for the United States Senate seat in New Hampshire. He will launch his campaign with a $5 million influx of personal bitcoin (BTC) fortune.
Fenton’s statement on Wednesday corroborated prior rumours that the long-time crypto advocate and self-described libertarian was considering a Senate bid.
Sen. Maggie Hassan (D-New Hampshire) is immensely unpopular with her voters, leaving her seat open to a Republican candidate — and Fenton wants to enter the race. On Wednesday, Fenton told CoinDesk that his first $5 million commitment would be a loan to the campaign, but he would “spend and raise whatever is necessary.”
“I believe that the political money system is flawed and ripe for disruption, and as a result, I believe that we can spend extremely efficiently and get a lot more for our dollars,” Fenton continued.
As cryptocurrency continues to gain traction on Capitol Hill, a growing number of federal politicians are associating themselves with the crypto business. Candidates seen to be pro-crypto have garnered support among crypto fans, a growing number of whom identify as single-issue voters.
Fenton entered the campaign somewhat late, which means he will have a more difficult opponent in the Sept. 13 primary election. Despite the difficulties, Fenton told CoinDesk that he felt forced to attempt.
“I felt I had to do this or I would live to regret it,” Fenton said. “I’m not sure what kind of difference I can make in the world, but I know I have to try.” “We are living in a really unique period of global history,” Fenton continued. “Bitcoin and the crypto revolution are critical components of the sea shift in how our systems operate. I believe that our ideas of decentralisation and liberty are on the verge of transforming the world.”
Fenton previously told CoinDesk that if elected, he intends to eliminate regulatory barriers to the cryptocurrency business.
“I support minimising government participation in our lives to the greatest extent feasible,” Fenton stated. “Whether it’s cryptocurrency or another problem, I think that government should ease regulatory constraints and withdraw from our lives and wallets.”
Also Read: State Regulators Take Action Against Voyager Digital’s Initial Coin Offering
Wallets