A Vibe Check for Tech
We need a relationship reset between Tech and the Democratic Party. Innovation shouldn't be partisan and the stakes for democracy are too high.
In this post, I attempt to diplomatically address the partisan-ization of tech policy that has emerged over the last several months. Mine’s but one opinion of many, but I hope to bring some levity, perspective, and (true to personal brand) positivity to the debate.
I’ll mainly be talking about Crypto and AI technologies and asked our buddy chatgpt for a succinct way of describing both. The model’s still working on creativity (as am I), so we’re going with “emerging tech” as our capture-all term.
A potential Harris Administration poses the opportunity for a mutual reset of the relationship between techno-optimist Silicon Valley and the Democratic Party. To, shall we say, be unburdened by what has been. For that to happen, there needs to be a mutual recognition of the long-term shared values that do exist, that technology should be non-partisan if it is to endure, and that on issues systemic to society a healthy dialogue between innovators and policymakers is in our best interest.
Before my X feed went through a beautiful joy-filled transformation to coconut memes, Kama-laughter compilations, SCOTUS confirmation hearing highlights, and ultimately morphed into a 90s coded lime green brat aesthetic, there was a very different prevailing sentiment.
I often refer to my social feeds as my “corner of the internet” - algorithmically curated by a combination of political persuasion, professional ambit, and pop culture pleasures. For most of July, the content from the first two facets - politics and profession - became increasingly distinct, possibly befuddling the code itself. Tech, namely venture capital, and certain industry leaders at the forefront of Crypto and Artificial Intelligence (“emerging tech”) not only placed markers in the ground for the GOP nominee, former President Donald Trump but in some instances did so vehemently and (even) violently. As a registered Democrat who has worked both within and advised frontier tech and web3 firms, it felt not only incongruous with my own belief system, but also what I feel is best for our industry and country.
Before we get into the nitty gritty of why there should be more policy alignment between the Democratic Party and industry, I’d like to offer advice for my emerging tech brethren. Let’s do a ‘vibe check’ as the youth call it. For all our discussions of techno-optimism, the rhetoric online is direly pessimistic, dark, and hostile. It’s antithetical to the reason I’m enthusiastically advocating for prudent policy treatment of disruptive technology. If I have a visceral negative reaction to these new chosen arguments of vilification and vitriol - and I’m personally invested in progressing the cause, then how are we to engender interest and even advocates of those who are either neutral or skeptical?
To advocate the flip side, I fully appreciate that years of regulatory hostility can yield negative sentiment, but politics is cyclical - and for an industry to withstand changing Administrations (and Administrators) both domestically and globally, we have to be better. We can challenge without insult. We can persist and persuade and mobilize without isolating. There’s no better example of that than the Stand With Crypto movement - which is bipartisan, which does emphasize what can be through embracing transformative technology. More of that, please.
Fundamentally, we shouldn’t be hedging the future of any technology on partisan politics - that’s myopic to the long term health of the industry, non-representative of emerging tech’s users (who are split across party lines quite equally), and misplaced to the most crucial issue at hand when it comes to policy making.
Ultimately, I believe the future of emerging tech will be marked, not by political party, but rather by two distinct value systems: democracy or authoritarianism.
Having lived and worked in the Indo Pacific region for the last 7 years, I’ve witnessed firsthand Mainland China’s influence on technology norms, not as fodder for academic think pieces but as a lived reality increasingly embedded into systems, corporations, and governance. On emerging tech, Mainland China has a clear vision: to proliferate its centralized digital currency and to lead the world in Artificial Intelligence by 2030. To get this right in the United States, we need to come together and see the fight for what it is - one for democracy.
Both digital assets and artificial intelligence are technologies that are forging a new frontier of the internet. Both technologies also inherently unlock new paradigms for democracy. At its core, crypto is based on values aimed at a more just and inclusive society: decentralized and democratic decision-making, distributed economics, and open-sourced technology. Prudent regulation should ensure that the future criticality of Artificial Intelligence will be underpinned by similar values. Both our future monetary and information systems rely on lawmakers, civil society, and technologists working together to ensure that these technologies will not be misappropriated by authoritarian regimes and used for nefarious purposes - either at home or abroad.
Where critics in tech got it right.
We’re behind
The U.S. is absolutely behind in balanced regulation for new technologies. Regulatory clarity for emerging tech provides certainty for industry to commit investment to innovating in the United States. Not only is the regulatory landscape lagging and opaque, there’s an over-indexing among certain leaders in the Democratic Party on potential pitfalls and dangers as opposed to opportunity. The Biden Administration has also favored the view of emerging tech as inherently risk-ridden. But the Democratic Party is not a monolith and there are eloquent advocates who can not only articulate a way forward, but have done so through bipartisan legislation.
Take the contrast, for instance between Rep Ro Khanna (D-CA) and Sen Elizabeth Warren (D-MA) on the issue of crypto regulation. Rep Khanna, for his part advocates that crypto remain in the U.S., receive fair banking treatment, that banks should be able to hold crypto, clear delineation between the SEC and CFTC, and finally that the U.S. should consider the inclusion of crypto in its reserves. Conversely, Senator Warren (who I’ve agreed with on issues in the past) has focused her legislative activities on AML/CTF risk alone, rather than take honest part in policy making dialogue related to the broader regulatory treatment of the space. The Party needs to align, and the Harris campaign provides a unique window to build consensus at this moment in the election cycle - industry to make the case that such consensus should favor innovation, and it’s on the campaign to listen.
We can’t lead from behind
The borderless nature of the internet also requires international collaboration. The U.S. cannot lead when embroiled in indecision and partisan politics. We are succeeding in technology innovation in spite of our regulatory environment. It’s time to succeed because of it so that we can take a more leading role on the world stage
I wholeheartedly agree with a basic premise of the a16z Little Tech Agenda and that this century can be a Second American Century. I’d take it a step further, that beyond our own economic prosperity, we have a fundamental imperative to ensure policy leadership for emerging tech. If the U.S. doesn’t lead in establishing global standards for new tech, China will. And if we believe that the internet will continue to dominate how we interact, transact, and live - those standards are existential to democracy itself.
Back to my recent professional theater, it’s become increasingly apparent that there is a coordinated effort between the Chinese Communist Party and Chinese industry giants to infiltrate international organizations and espouse norms around technology that benefit its companies, as well as the Party’s interests. The Chinese government strategically places officials in senior positions at international standard setting bodies - including ISO technical committees and subcommittees. Its placement in those positions increased by 73 percent between 2011 and 2020 according to research by the Hinrich Foundation. I’ve witnessed firsthand companies proliferating professional organizations that occupy the global policymaking x industry complex through hefty sponsorships at a clip unmatched by American firms.
In a game of influence, where the U.S. cedes, China seeds.
For the Good of Industry
Bipartisanship is the best way forward.
I’ve said it once or twice already, and I’ll say it again - bipartisanship is crucial to any industry’s longevity. This goes both ways - any one Party should not isolate industry, and similarly it’s crucial for industry to broker relationships across the political spectrum. If you don’t have champions in both major political parties, you’ve already lost.
Make tech fun again.
I’m excited about the issues I work on - and energized by the opportunities for technology to unlock value for everyday people. That’s fun, that’s optimistic. That’s non-partisan.
There was an energy to Silicon Valley when I first moved there in 2011. While most of my classmates stayed in New York pursuing banking jobs, a few of us forged West (that may sound a bit silly, but at the time California-bound grads were indeed a rarity among my Columbia classmates). Year after year, big tech IPOs started to become commonplace and the FAANG diaspora founded new ventures.
I then went to Washington, D.C. where graduates of the Obama Administration parlayed their political prowess to roles at major tech firms. The vibes were … immaculate. There was a positive correlation between delicious restaurants, fun and funky music venues, and the fact that the D.C. industrial complex shifted from K Street boardrooms to energized gatherings at Compass Coffee. Tech drew in top talent, the same individuals compelled by the message of hope wanted to work at firms whose missions promised to bring people together and create more equitable societies through expanded digital access.
Certainly big tech has failed on some of those promises, but if emerging tech is to succeed, we need to harness a similar enthusiasm and positivity at the nexus of tech and policy. The prevailing rhetoric online won’t advance that cause.
For the Good of Country.
The case for emerging tech is clear - and it’s an optimistic one for the U.S. Here are four reasons (at minimum) why the Harris camp should come aboard.
Economic Growth
Innovation is a key engine to U.S. economic growth. We want to have the right policy levers in place for startups to flourish - to become successful enterprises, and to transform from a scrappy idea to a full scaled business. I work with policymakers around the world to advance their digital economies - often aimed at replicating the success of American tech. We cannot rest on our laurels and need to ensure this vibrant ecosystem can continue to thrive.
Forging a Resilient Workforce
Emerging tech is poised to transform everything - including the way we work. Embracing this future as inevitable and regulating for responsibility also allows us to strategically invest in a workforce that can tap into the potential of emerging tech. We need strategies around how education and labor can keep pace - and to see technology as a force multiplier rather than detractor.
National Security
Ensuring democratic norms prevail in technology isn’t righteous aspiration, it’s core to our own national security. And while competition with China is not the only strategic threat to U.S. national security, it is one where technology plays a central role. Absent a whole new post on this topic alone, here are a few pieces to consider:
AI
Achieving items #1 and #2 above are core to the U.S.’s success in its rivalry with China. The U.S. for its part significantly outpaces China with respect to investment into Artificial Intelligence. In the U.S., VCs and corporate investors drove AI investment in 2023 to $31B across 1,151 deals. Contrast that with $2B in 68 deals in China (CB Insights).
Investment leadership is important in part because it provides an advantage to the U.S. in building foundation models for Gen AI. The U.S. needs to continue to set the right conditions for investment to flourish.
While the U.S. is home to 60% of top AI institutions, China outpaces the U.S. in producing top AI researchers. Proving that while the models may not originate in China, top talent can efficiently and effectively improve upon open source Gen AI models.
Crypto
The U.S. has a stake in continuing to lead in financial services and maintaining dollar dominance, and should therefore embrace technologies - like regulated U.S. dollar denominated stablecoins - that innovate to that end.
For all the criticism by some Democratic leadership, crypto provides a more transparent means of tracing illicit behavior - with an entire industry dedicated to partnering with exchanges and law enforcement to do so.
Fit for purpose regulation - that makes space for the digital assets industry to succeed - is the antidote to illicit activity. Choking off responsible actors and sending activity offshore fuels it.
Inclusion
Emerging technology has the potential to forge a more inclusive digital future when harnessed responsibly. Should policymakers embrace the opportunities within emerging tech, we’re more likely as a society to mitigate the potential for a deepening digital divide and to harness its attributes for good.
For the Good of the World.
It bears repeating as I close out this post, that the U.S. needs to lead for democracy to succeed. We cannot afford to squabble domestically and sit on the sidelines as the world attempts to draw bright policy lines governing the future of the internet.
We cannot aspire to continue as the leading global power if we are not driving democratic norms into the fabric of our digital lives. As we lay the bedrock for the future of the internet, we must ensure an internet that is free, fair and open prevails. If the above reads as grandiose - it is, because the internet is. It’s everywhere and in many ways it will be everything. These issues are too big, too complex, and too important for one political party or even industry alone to solve.
So what’s my recommendation for a tech reset? The tried and true advice we’ve all used when our operating systems get overheated.
Let’s power down. Give it a minute. And restart.