This is the second of a multi-part series on Nandar by Cinthia M. Souza of Coffee and Cocktails Art Collective & Organization (CCACO). She taught local artists to mint their work as NFTs. This allowed them to avoid the heavy-handed censorship and erratic financial system that has haunted Myanmar for decades. To them, blockchain wasn’t about Lambos or get-rich-quick schemes, it was about freedom. It was about owning their work, connecting directly with a global audience, and building a sustainable future outside the reach of a corrupt regime.

Then I read the news: Senator Dave McCormick, a member of the Senate Banking Committee responsible for overseeing digital assets, invested up to $1 million in Bitcoin. The very same Bitcoin that’s being shoved in our face as the new decentralized currency is now, apparently, just a new toy for the political class. The gut punch was real. This isn’t only personal — this is about Nandar as well. Most of all, it’s for the artists of Yangon and anyone whose belief in the true potential of blockchain.

Decentralization For Whom Exactly?

McCormick's investment, specifically in the Bitwise Bitcoin ETF, isn't inherently wrong. People are free to invest. But the context is everything. He sits on a crucial Senate subcommittee, one that will directly influence the future of crypto regulation, including discussions around the BITCOIN Act of 2025. This isn’t merely an issue of personal finance—it’s an issue of power and influence.

Think about it: Senator Lummis introduces Senate Bill 954, proposing a Strategic Bitcoin Reserve for the federal government. Almost immediately thereafter, McCormick purchases between $250,000 and $450,000 worth of stock. Is this insider trading? Maybe. It's certainly a bad look. This further serves to bolster the narrative that the crypto space, once previously thought of as a democratizing force, is turning decidedly murky. It’s becoming yet another plaything of the rich and politically connected. The same people who benefit the most from the centralized systems blockchain was supposed to disrupt.

Southeast Asia's Lost Opportunity?

The potential of blockchain technology in Southeast Asia is tremendous. In developing countries such as in the Philippines, most are unbanked and have little to no access to banking services. Blockchain-based financial services can provide them critical access to credit, savings, and investment opportunities. Here in Indonesia, artists and creators would be able to use NFTs to make money off their work while avoiding more established or traditional gatekeepers. These opportunities are undermined when folks like McCormick seem to be gaming the system to enrich herself.

His actions send a clear message: the rules are different for the elite. Everyday Americans are forced to navigate the confusing new crypto landscape, often falling victim to scams and extreme market volatility. At the same time, those in power use their positions to cash in on these crises. This isn’t decentralization, it’s centralization disguised as decentralization. This is a new kind of financial serfdom. Innovative tech serves only the rich and creates displacement as well.

This isn't just about McCormick. Now more than ever, politicians and other powerful figures are seeking to become bedfellows with the crypto industry. They are completely glossing over the ethics of what to do in this incendiary new trend. This is where Trump’s endorsement of Lummis makes it messy. He’s called for the U.S. to garner the title of “Crypto Capital of the World.” World Liberty Financial, a recently founded cryptocurrency firm with ties to the Trump family, is selling these partnerships—but not cheap! This unprecedented move creates a serious appearance of conflicts of interest. Are we really creating a future in which crypto policy is driven by the bottom line of a few powerful individuals?

Community Must Reclaim Decentralization

We can't let this happen. We, the tech community, need to take back the promise of decentralization. Here’s how:

  • Support grassroots projects: Invest in and promote blockchain projects that are truly decentralized and community-driven. Look for projects that prioritize financial inclusion, transparency, and accessibility.
  • Demand ethical regulation: Advocate for regulations that protect consumers, prevent market manipulation, and promote fair access to the crypto space. Hold elected officials accountable for their votes and their financial interests.
  • Educate and empower: Help others understand the potential and the risks of blockchain technology. Share information, resources, and best practices. Knowledge is power.

We need to keep the perspective that blockchain is a tool, not a miracle. It can be used to empower the marginalized or to further enrich the powerful. The choice is ours. We can either sit on the sidelines and let the promise of decentralization go up in smoke. Or we could continue to advocate for a more inclusive future where blockchain technology actually benefits the broader public. The artists in Yangon are depending on us and YOU. Are you with them?