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Shomari Figures, a crypto-friendly candidate, recently won the Democratic primary for Alabama’s 2nd Congressional District after receiving nearly $3 million in indirect support from a single crypto political action committee (PAC), Protect Progress. As a crypto-friendly candidate, Figure’s victory could potentially signal to the crypto industry that Alabama is open for business and willing to create a favorable regulatory environment for digital assets. This could lead to increased interest from crypto companies looking to establish a presence in the state, potentially bringing jobs and economic growth. 

 

Governor Kay Ivey recently approved legislation to establish an Alabama Blockchain Study Commission. The commission will examine the laws and regulations governing blockchain and cryptocurrencies within the state and analyze the practicality of using blockchain technology in government and business. Additionally, the Alabama House of Representatives approved a compromise plan for a lottery and ten casinos, allowing electronic gambling and seven locations. However, the plan remains stalled, failing to pass the House at the end of 2024.

 

Figure’s pro-crypto stance could align with the commission’s goals, potentially leading to more collaboration and a coordinated effort to make Alabama a leader in blockchain technology, which could also open discussions for legalizing gambling with cryptocurrencies. Michael Graw from Value Walk notes that the best Bitcoin casino sites are attractive options for many players and have several advantages, including faster payouts and lower fees. 

 

Alabama could reap significant economic benefits from embracing cryptocurrencies, blockchain technology, and legalizing gambling. Shomari Figures could advocate for bills similar to the one introduced by State Rep. Mike Shaw, which aimed to create a more favorable regulatory environment for cryptocurrency and blockchain technology in Alabama. The bill could prohibit Alabama from placing any restrictions on the use or storage of digital assets by individuals or businesses, allowing Alabamians the freedom to own, use, and store cryptocurrencies without interference from the state government. 

 

By creating a welcoming regulatory environment for crypto and blockchain, Figures could position Alabama as a hub for innovation. This could attract increased investments and businesses to the state, which could potentially boost the state’s economy and tax revenue. Radio host Joey Clark argues that Alabama is uniquely positioned to become a major hub for crypto innovation and job creation if the state embraces the technology. 

 

Figure’s victory, bolstered by PAC support, could inspire other crypto-friendly candidates to run for office in Alabama, encouraging more crypto PACs to get involved in future elections. His victory could signal lawmakers that there is growing support for embracing crypto and blockchain technology, potentially making them more receptive to legalizing crypto gambling in the state. 

 

Shomari Figures’ election could potentially be a positive step for cryptocurrencies and blockchain technology in Alabama. If the crypto-friendly candidate wins the general election in November 2024, he could potentially be the voice of reason. It would, however, require sustained effort and collaboration among various lawmakers to create a welcoming environment for blockchain and cryptocurrencies.