Midterm elections are near in America. As the voter dynamic begins to pick up, more politicians are reflecting on their stance on the crypto industry.
With only 17 days left for Americans to vote for the November 8 midterm elections, politicians are polishing their policies.
Crypto assets and the broader decentralized finance industry have been put in the spotlight again. With deep divisions in Congress. With a more tech-savvy and pro-crypto voter base, lawmakers now have to pay attention.
A Washington DC-based political consultant spoke to TRTWorld. He added: “As politicians try to regulate digital assets, the cryptocurrency industry has realized that it cannot remain passive. And politicians have woken up to the fact that they are exploiting the potential of a new voter. can,” in a report dated October 21.
44% crypto voters
According to a survey by Global Strategy Group earlier this month, “crypto voters” who were perceived as voters who own or are considering digital assets account for 44% of voters across the United States.
Of these, a core subset of 17% of voters already own digital assets. Democrats and Republicans are both scrambling to attract him.
Representative Ted Budd of North Carolina will face Democrat Cheri Beasley. While the Peter Thiel-backed Republican, Blake Masters, is going up against incumbent Democrat Mark Kelly in Arizona. Bud has supported several pro-crypto bills in the past.
There are two potential pro-crypto candidates in Ohio. Tim Ryan, co-sponsor of the Keep Innovation Act in the US, and J.D. Vance, a venture capitalist and bitcoin holder.
“If the number of crypto-curious voters continues to grow, the interest of politicians will inevitably continue to grow,” the DC-based advisor told the outlet, before adding:
“Given the demographic trends and level of adoption, I would not be surprised if crypto becomes a hot-button topic until the next election cycle.”
Some on Crypto Twitter suggested that Democrats may need to change their stance if they want to come out on top.
Congress lobbying increased
Industry has responded by lobbying Congress. Whereas for pro-crypto politicians spending on political campaigns could help regulate it more favorably. Compared to staunch 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). It aims to fund and influence pro-crypto candidates in future elections.
American Blockchain PAC or CryptoPack is a similar organization. It was established in 2021 to support the digital asset industry at the federal level.
Crypto Pac spent $6.8 million lobbying Congress in the second quarter of this year. While the number of those representing the industry has almost tripled in the last three years.
However, the wheel of bureaucracy is slowly turning for Uncle Sam. And regulations are unlikely to see the light until at least Q2, 2023. Regardless who wins in the medium term.
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