A number of US politicians are examining whether the stance on digital assets can win votes, as the Washington crypto lobby’s footprint grows.
With the US midterm elections approaching, “crypto electors” are fast becoming a desirable block — and they could be well on their way to becoming a political force in future elections.
Alongside this progress was a start-up “crypto lobby” on Capitol Hill, which gave rise to a slew of trade associations, political action committees, and think tanks that sprang up in a short period of time, showcasing cryptocurrency as a growing player in Washington.
The cryptocurrency industry has realized that it cannot stand idly by while politicians try to regulate digital assets. Politicians have woken up to the fact that they can tap into the potential of a new voter,” said a Washington, D.C., political adviser who wishes to remain anonymous. TRT World. The advisor also provides advice to a range of crypto companies.
Although it’s unlikely to be on top of most Americans’ kitchen table issues, according to another voteit appears that a large number of registered voters are concerned about cryptographic policy issues.
The survey, conducted by Global Strategy Group and Fabrizio, Lee & Associates, found that 44 percent of voters across the United States can be described as “crypto voters” – those who own or are considering owning digital assets.
A subset of 17 percent of those voters already own cryptocurrency, polling officials said in a statement, which is “a very competitive group of voters that both Democrats and Republicans were promoting in the last elections.”
The survey was commissioned by GMI PACThe crypto-focused group backed by former Trump administration official Anthony Scaramucci has raised more than $10 million since its inception in January, including $2 million from billionaire Sam Bankman-Fried, founder of crypto exchange FTX.
Perianne Boring, founder and CEO of the Chamber of Digital Commerce, a trade association that represents blockchain companies, believes that issues of crypto policy and digital assets are becoming more and more popular among ordinary voters because they are “closely aligned with their shared values.”
“Any successful technology or network requires that it be built and used by society and people. It is the demand of the people that drives innovation. We certainly see that with blockchain and cryptocurrency – people are the network,” Boring said. TRT World.
What makes the survey results significant is that there are more voters who hold cryptocurrency than a union membership card in some of the most important swing states. And if Democrats and Republican activists figure out how to take advantage of this new electoral block and talk to them the right way, they may be on their feet.
When it comes to party preference, the crypto voter trusts Democrats (46 percent) more than Republicans (36 percent). The reason for this may be that those who own digital assets are generally under 40, a demographic group that typically skews away from Democrats. Despite this, positive opinions of cryptocurrency are not formed around partisanship.
The two sides battle to connect with younger black and Latino men – groups that over the past few sessions have shown themselves to be less calcified in their party’s preferences. These groups also have much higher coding rates,” Bobby Cable, GMI PAC Senior Advisor, He said. “Contacting them about coding issues can unlock you just enough support to win some of these tight races.”
With the popularity of Bitcoin and other cryptocurrencies on the rise since the beginning of the pandemic, millions of people now own digital assets – a market that has peaked 3 trillion dollars Before you flounder this year, and around 85 million Single portfolios are currently active.
While simply holding a digital asset does not necessarily make the voter part of a particular caste, it has more to do with what that asset represents in terms of sentiment.
Blockchain and digital asset innovations support transparency and privacy, and give wallet owners greater control over their investments. These values of transparency, privacy, and control are increasingly important to American voters.”
Due to the lack of regulatory guidelines, a number of candidates have begun working on pro-blockchain tickets to lobby for crypto-friendly regulation in the upcoming Senate races.
U.S. Representative Ted Budd (R-NC) won his initial bid for a Senate seat in the legislature in June and will face Democrat Sherry Beasley in the November contest. Likewise, Blake Masters, a Republican backed by Peter Thiel, is competing against incumbent Democrat Mark Kelly in Arizona.
Three-State Congressman, Provide Budd or Support A Number of crypto-friendly bills during his time in office.
Meanwhile, Ohio is set to elect one of the Two Candidates Pro Cryptocurrency for her open seat in the Senate. Representative Tim Ryan (D) is co-sponsor of Keep America’s Innovation ActCrypto-friendly invoice designed to maintain reasonable tax reporting requirements. His rival, JD Vance, is another Thiel-backed Republican and venture capitalist who owns a large amount of Bitcoin. chirp His vision for Ohio is: “Pro-God, Pro-Family, Pro-Bitcoin.”
Bruce Fenton, another well-known figure in the crypto industry, ran for the Republican Party nomination in New Hampshire before losing his bid last month.
“If the number of curious voters continues to rise, then the interest of politicians will inevitably continue to grow,” argued the chancellor in the capital. “Given demographic trends and levels of adoption, I wouldn’t be surprised if coding becomes a hot topic by the next election cycle.”
Crypto goes to DC
With public acceptance of cryptocurrencies on the rise, the industry is starting to target Washington, D.C. just as its private predecessors did: by spending on lobbyists and political campaign contributions to fund lawmakers who might eventually regulate them.
according to Congressional Lobbyists Disclosure Database، The number of lobbyists representing cryptocurrency has reached approx tripled Over the past three years, it has jumped from 115 in 2018 (with spending of 2.2 million) to 320 in 2021 (with spending of $9 million).
Coinbase, Ripple Labs, and the Blockchain Association were the biggest lobbying spenders in the sector, each spending more than $2 million between 2018 and 2021.
The Blockchain Association, a group representing more than 100 organizations in the industry, formed the PAC last month in hopes of influencing and funding candidates interested in the crypto industry in future election cycles.
The formation of the Blockchain Association PAC follows a massive rise in crypto lobbying and election finance, with Super PACS with industry ties investing millions in the 2022 races.
As of July, Crypto PACs have invested over $31 million in primaries. According to Roll Call, the industry has spent at least $6.8 million Lobbying Congress in the second quarter of 2022.
Boring, CEO of the Chamber of Digital Commerce, notes that there have been 70 crypto-related bills introduced in the previous congressional hearing, describing it as a “big step forward” for the industry and that “the policy ideas and bills that we’re seeing in the draft indicate that we are on a path forward.” Good “.
“Enacting legislation is very difficult, but we know – and policy makers understand – that blockchain and digital assets are of increasing importance to financial markets and the economy in the United States. It is important that these critical components of the global economy are clear to the industry and investors have confidence,” Boring said.
A wave of crypto-related legislation came in the wake of the Biden administration’s decision to release a file executive order In March, which directed agencies to research the benefits and risks of digital assets – a major milestone for the industry.
In June, bipartisan Senators Cynthia Loomis (R-Wisconsin) – dubbed the “Crypto Queen” of the Senate – and Kirsten Gillibrand (D-NY) introduced Responsible Financial Innovation ActIt is the first comprehensive legislative proposal to create a regulatory framework for digital assets in the United States.
Many analysts believe the legislation will set the tone for how Congress writes digital asset rules in the coming years. The bill would put the SEC’s sister agency, the Commodity Futures Trading Commission (CFTC), which currently regulates Bitcoin and Ethereum futures contracts, in charge of the entire crypto market.
Doing so would cripple the Securities and Exchange Commission, which has angered the industry under Chairman Gary Gensler for his tough stance on cryptocurrencies.
For Boring, the industry’s collaborative efforts with policy makers have begun to foster a “constructive dialogue with regulators.”
“Our top priority is to create a regulatory framework for our industry that encourages competitiveness while supporting consumer protection,” she added.
Source: TRT World