The US midterm elections are approaching. More politicians are considering their stance on the cryptocurrency industry as the voter dynamic begins to shift.
There are only 17 days left until Americans head to the polls in the November 8 midterm elections, and politicians are fine-tuning their policies.
Crypto assets and the broader decentralized finance industry are once again in the spotlight. With deepening divisions in Congress. With a more tech-savvy and pro-crypto voter base, lawmakers now need to pay attention.
A political advisor from Washington, DC spoke to TRTWorld. He stated that “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,” in a Report On October 21.
44% of crypto voters
According to a survey conducted by the Global Strategy Group earlier this month, “crypto voters,” considered voters who own or are considering owning digital assets, make up 44% of voters across the United States.
A core subset of 17% of these voters already own digital assets. Both Democrats and Republicans are scrambling to attract them.
North Carolina Representative Ted Budd will face Democrat Sherry Beasley. While Peter ThielRepublican-backed Blake Masters faces incumbent Democrat Mark Kelly in Arizona. Budd has supported a number of pro-crypto bills in the past.
Ohio has two potential pro-crypto candidates. Co-sponsor of the Keep Innovation in America Act, Tim Ryan, venture capitalist and Bitcoin Owner JD Vance.
The Washington, DC-based consultant said, before adding:
“Given demographic trends and levels of adoption, I wouldn’t be surprised if coding becomes a hot topic by the next election cycle.”
Some on crypto Twitter suggested that Democrats might need to change their stance if they want to come out on top.
Congressional pressure increases
The industry responded by increasing its pressure on Congress. While spending on the political campaigns of pro-crypto politicians can help to better organize them. Compared to loyal critics Like Elizabeth Warren and Brad Sherman.
The Blockchain Association, which represents over a hundred industry leaders and organizations, has formed a Political Action Committee (PAC). The goal is to fund and influence pro-crypto candidates in future elections.
American Blockchain PAC or cryptopack is a similar organization. This was created in 2021 to support the digital asset industry at the federal level.
Crypto PACs spent $6.8 million on Congress in the second quarter of this year. While their number representing the industry has almost tripled in the past three years.
However, the wheels of bureaucracy are slowly turning for Uncle Sam. The regulations are not likely to see the light of day at least until the second quarter of 2023. Regardless of Who wins the midterm elections?.
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