Los Angeles, CA – In a bold move that could redefine campaign financing, Larry Thompson, a U.S. Congressional candidate running against incumbent Rep. Brad Sherman (D) in California’s 32nd district, proudly announced that his campaign is among the first to accept donations in bitcoin. Thompson’s embrace of cryptocurrency comes in the wake of the Securities Exchange Commission’s (SEC) recent approval of a “spot bitcoin ETF” for 11 Financial Institutions, marking a significant milestone in the history of Bitcoin.
On January 10, 2024, the SEC’s approval allowed these institutions to create an Exchange-Traded Fund, making it easier for the public to buy bitcoin as if it were a traditional stock. This move has not only legitimized Bitcoin as an asset class but has also attracted a wave of new investors, causing the prices of bitcoin and other cryptocurrencies to surge.
The approval has broader implications for the U.S. Congressional Race in CA 32, shining a spotlight on Rep. Brad Sherman, a longstanding critic of Bitcoin and cryptocurrencies. Sherman, who has been vocal in opposing these digital assets for over 15 years, continues to advocate for their outlawing. Thompson, a veteran entertainment attorney, talent manager, and film producer, is challenging Sherman with the unanimous endorsement of the California Republican Party.
Thompson’s campaign gained additional momentum with endorsements from prominent figures in the cryptocurrency space, including Brock Pierce, Chairman of The Bitcoin Foundation, and Perianne Boring, Founder and CEO of the Chamber of Digital Commerce. Both Pierce and Boring praised Thompson for his longstanding support for the crypto community and his potential to bring regulatory clarity to the industry.
Thompson’s candidacy is rooted in a vision for a future where technology, cryptocurrencies, and Bitcoin play a pivotal role in advancing financial systems. He argues that traditional banking institutions are flawed, and embracing technology can lead to a more prosperous financial future. Thompson aims to bring a sense of “sanity” to Washington, urging for a bipartisan conversation to address common issues and bridge the gap between polarized political positions.
In addition to his crypto-friendly stance, Thompson seeks to unite conservative Republicans and dissatisfied Democrats, offering them a platform to regain courage and stand up for their values. Thompson’s optimistic and forward-thinking approach contrasts sharply with Sherman’s long-held position against cryptocurrencies, backed by support from big banks and financial institutions.
Thompson faces a challenging race against Sherman, a 14-term incumbent who has been in office due to redistricting. CA 32 encompasses a diverse range of areas in Los Angeles, including Bel-Air, Brentwood, Encino, Malibu, Sherman Oaks, and more. Despite Sherman’s tenure, Thompson remains confident in his ability to secure victory, asserting that he will defeat the incumbent known for being “Sleeping-At-The-Wheel.”
Beyond the cryptocurrency debate, Thompson addresses broader issues affecting CA 32, including open borders, high taxes, and infrastructure challenges. Drawing on his experience as a Hollywood talent manager for over 50 years, Thompson aims to represent the people and bring a fresh perspective to the district.
Thompson’s extensive background includes being a Republican Eagle, receiving the Medal of Merit from President Ronald Reagan, and serving as the California Campaign Co-Chairman for Senator Bob Dole’s Presidential Campaign in 1996. Despite running as an Independent in 2020, Thompson’s determination to represent the people remains unwavering.
As the campaign unfolds, Thompson’s embrace of bitcoin and cryptocurrency may signal a shift in political fundraising strategies, challenging traditional norms and resonating with a new generation of voters. Whether Thompson’s vision for a tech-driven financial future aligns with the voters of CA 32 will become clear as the election progresses.