Support for cryptocurrencies is pouring in from candidates on both sides of the political divide in the upcoming 2020 US midterm elections.
During the November 8 elections, 35 of the 100 Senate seats will be contested, while all 435 seats in the House of Representatives will be contested. Many candidates seeking re-election have already enacted legislation to clarify their attitudes towards cryptocurrencies.
An example is Ted Budd, a Republican congressman from North Carolina seeking to represent the state in the Senate. Last year, Budd led a bipartisan group of executives to call for easing crypto regulations in President Joe Biden’s infrastructure bill.
Another candidate played a similar role in working to ease regulation around technological innovation. Congressman Ro Khanna was appointed to the House convention committee for the America Competition Act earlier this year. The tech-focused legislation aims to improve the ability of the United States to compete with China.
The California Democrat seeking re-election this year is a notable crypto advocate. “There’s a lot of positive, obviously [cryptocurrency] should be regulated and cannot be exploited for illegal purposes, but overall it is positive,” Khanna said.
Meanwhile, crypto advocates in Ohio will have a winning position in their state Senate race this year. Democrat Tim Ryan, who as a congressman co-sponsors a crypto-friendly bill designed to maintain fair tax reporting requirements, will face off against Republican J.D. Vance, who personally owns a bitcoin. He owns a large amount.
Bipartisan Support for Crypto Swells
The hotly contested election will see Democrats struggling to maintain their slim majority in the Senate and maintain their lead in the House of Representatives. Nevertheless, cryptocurrencies remain a remarkably bipartisan issue, even during a period defined by such strong divisions within the country.
This has been demonstrated in most of the proposed laws surrounding cryptocurrency so far. The most prominent example is a bill in the Senate introduced by Democrat Kirsten Gillibrand and Republican Cynthia Loomis.
Another bill was introduced by Democrat Debbie Stabeno and Republican John Boozman, whose retirements this year will see him hold on to his seat.
Another bill regarding stablecoin regulation was introduced by House members Democrat Maxine Waters and Republican Patrick McHenry. While both are up for re-election, running in California and North Carolina respectively, their seats are considered relatively secure.
A recent poll of potential voters also revealed that they trust both sides equally with regards to cryptocurrencies. The survey also showed that support for cryptocurrency as a long-term part of the economy was split evenly along party lines. The survey also revealed that candidates’ attitudes towards crypto will be a driving factor in voters’ decisions.
Crypto PACs grow in effect ahead of the election
Another force that has raised its voice in this election is the Cryptocurrency Political Action Committees (PACs). While many have emerged in an effort to support pro-crypto candidates, some have already played a role in this election’s primaries. These are also reasonably divided equally.
According to Federal Election Committee records, PAC Web3 Forward has been supporting Democratic candidates. Meanwhile, rival PAC Crypto Innovation has been backing Republicans. Nevertheless, both of these groups are funded primarily through another Super PAC, the GMI PAC.
While this Super PAC has seen support from the likes of Andreessen Horowitz managing partners, it is actually FTX founder Sam Bankman-Fried who is the force behind the crypto donation.
In addition to a $2 million contribution to the GMI PAC, SBF donated $5 million specifically to President Joe Biden’s campaign in 2020.
All information contained on our website is published in good faith and for general information purposes only. Any action taken by readers on information found on our website is strictly at their own risk.