New Role for Crypto in U.S. Election Cycle
Crypto is playing a new and unusual role in this election cycle, thanks to polls and political action committees. It's not clear what the consequences of this will be.
With the 2022 midterm elections just around the corner, all eyes are on the United States. Thirty-four senators and all 435 members of the House of Representatives will be up for election, and cryptocurrency lobbyists and political action committees have already poured millions of dollars into select campaigns. Extensive polling has shown that crypto is on voters’ minds, so it will be interesting to see how things shake out come November 8.
cryptos may have raised some eyebrows. Sam Bankman-Fried called $1 billion his “soft ceiling” for 2022 election contributions, for example. Even though he backpedaled on some of his intentions, he remains the sixth-largest donor in this election cycle. There are numerous crypto-related political action committees as well. According to Bloomberg, as of Oct. 19, crypto-affiliated donors had spent more than donors to such traditional recipients as defense and big pharma.
As crypto continues to gain mainstream adoption, it is becoming increasingly important for legislators to take crypto policy positions seriously. A recent poll commissioned by Grayscale shows that 38% of voters surveyed are considering crypto policy positions when making their voting decisions. This is a significant increase from previous years, and indicates that the crypto community is having a growing impact on the political landscape. The Crypto Council for Innovation poll showed that 45% of voters want legislators to treat crypto as a serious and valid part of the economy, indicating that there is strong support for crypto-friendly policies. With the 2020 elections fast approaching, it is clear that crypto will be a major factor in determining the outcome.
All the excitement: why?
Many people are surprised to learn that 45% of potential American voters have any opinion about crypto currency. However, those who are familiar with the industry know that crypto is making continual inroads into daily life, even in the current unfavorable market conditions.
The ownership of crypto by Americans is a personal matter, according to Patrick Daugherty, a faculty member at Cornell Law School and partner at Foley & Lardner. He told Cointelegraph that 40 million Americans own crypto, and they take it very seriously.
“Does ‘crypto policy’ resonate with voters as much as inflation and other headline news? Probably not, but then again many voters are buying crypto as a hedge against inflation.”
I believe that Cryptocurrency is the future of money. It is important to every American because it has the potential to revolutionize the way we handle finances. With Cryptocurrency, we would have more control over our money and could potentially avoid fees and inflation.
Dobelle is right that crypto is attracting more interest from voters than many people realize. Part of this is due to the fact that younger voters tend to be more comfortable with and interested in new technologies. However, it's also due to the growing awareness of the potential of crypto and its capabilities. As more people learn about crypto and its potential uses, they are becoming more interested in its potential to shape the future.
“Voters are very pro-technology, pro-innovation and they […] might not know the specifics of crypto legislation or tech legislation writ large, but they do have kind of an intuitive sense of […] what policy thinking that moves in the direction of embracing technology and innovation would look like.”
I believe that Engage is doing very important work in terms of increasing public participation in the political process. I think that their efforts to raise funds in cryptocurrency for 16 pro-crypto candidates is commendable and will help to further legitimize the use of cryptocurrency in mainstream society.
We're not sure what's going on here.
It is clear that crypto voters will have a major impact on the upcoming elections. With pro-crypto candidates like Tom Emmer and Ron Wyden expected to win easily, and Tim Ryan facing off against JD Vance, the crypto community is poised to make a major impact on the direction of the country.
As a news article, I would discuss how low liquidity led to Mango Markets losing over $116 million. I would talk about how this issue could have been avoided and what Mango Markets can do to prevent it from happening again in the future.
I don't think the election will have a big impact on crypto regulation. I think it's more a question of policy priorities.
“This is one of the reasons we saw certain legislation introduced this Congress — not because it was going to be passed and enacted into law, but because Members want to show leadership and stake out a bit of legislative turf.”
If greater political support is gained for existing bills, then it is likely that those bills will come up for voting faster. This could have a positive effect on the progress of legislation and help to get important bills passed more quickly.
It is clear that voting has a huge impact on the US political system. Not only does it determine the outcome of elections, but it also helps to shape the policies and positions of the candidates. In addition, voting helps to keep some candidates out of office, which is seen as a positive by many American voters.
1/ Starting today, Coinbase will begin integrating our crypto policy efforts right into our app. These will help our 103M verified users get educated on the crypto positions held by political leaders where they live. pic.twitter.com/3GqWZIioZQ
— Brian Armstrong (@brian_armstrong) September 14, 2022
Rohan Grey, a law professor at Willamette University, is urging people not to vote for pro-crypto candidates based on a single issue. He believes that pollsters are not accurately representing the candidates and that voting is an important way to make your voice heard. Grey urges people to educate themselves on the candidates and make an informed decision.
I believe that the increasing political activity around crypto is a very positive sign. It shows that crypto is moving into the mainstream and that it is being taken seriously by more and more people. This is something that is long overdue and I am very pleased to see it happening.
Is it your party or mine?
It is clear that there are divisions in the crypto world when it comes to partisanship. Republicans tend to be more supportive of crypto than Democrats, as evidenced by the Crypto Action Network's scorecards. However, it is important to note that there are still many lawmakers who have no record on crypto. This shows that there is still a long way to go in terms of mainstream adoption.
In a polarized political environment, bipartisanship legislation is essential to passing sensible compromises. This is according to Daugherty, who added that Republican-led committee investigations of digital assets and cryptocurrency are also likely to occur. Cutler concurred with this assessment, noting that his firm foresees a bright future for digital assets and cryptocurrency.
As someone who believes in Modern Monetary Policy, Grey has a simple explanation for why crypto assets tend to have a right-leaning bias. He points to their origins in libertarian economics and the Cypherpunks movement as the key reasons behind this.
“The problem being solved by crypto is an inherently right-wing one.”
I see only one result from any foreseeable election outcome: the handover of crypto to big business. This means that the technology and infrastructure that have been built up around cryptocurrencies will be taken over by traditional financial institutions. This will have a number of implications for the crypto community.
Cryptocurrencies are gaining popularity in Southern Europe, with Malta leading the way. Malta has been a hotbed for cryptocurrency activity in recent years, with a number of exchanges and startups calling the island nation home.
I believe that the 2022 midterm elections will be a pivotal moment for the cryptocurrency industry. On one hand, you have the "Wild West" of unregulated and alternative money, and on the other hand, you have the more mainstream and regulated crypto industry. I think that the election will be a key moment in determining which direction the industry will go in.
Digital Chamber of Commerce vice president of policy Cody Carbone believes that cryptocurrency will become a mainstream part of candidate platforms in the 2024 election. Carbone believes that it is up to voters and industry to make sure that crypto is heard.
