Next US President Will Use Crypto To Win


Perian Boring, speaking with CNBC anchor Andrew Ross Sorkin ahead of the US midterm on November 4, 2022 Told Recent polls show that one in five voters own a cryptocurrency, making them a significant polling area.

With America’s midterm election on November 8, 2022, Senate, House and gubernatorial campaigns have reached a fever pitch. With the Senate split between Republicans and Democrats to save the vote tipping effect of Vice President Kamala Harris’s vote towards Democrats, recent state polls show that Americans want Republicans to at least win the House.

Democrats unlikely to win

If the Senate turns over, President Joe Biden may have a hard time getting his new crypto framework passed, still in its early stages, and the power of Democrats will be severely hampered.

Historically, the ruling party, which is currently the Democrats, has not fared well over the midterm, and President Biden’s current approval of 42.3% means that Republicans may very well succeed.

Crypto pundits will keep a close eye on the medium term

Crypto enthusiasts will be keeping a close eye on the medium-term results with crypto supporters candidates in the states. For the most part, Republicans including Blake Masters, Theodore Budd and Tom Emmer have generally supported crypto-friendly policies.

A recent poll shows that Masters is behind rival Mark Kelly, both of whom are vying for a Senate seat to represent Arizona.

midterms
Source: New York Times

Masters is a crypto supporter and has long condemned the overreaction of his Democrat rivals in trying to hinder the progress of the crypto industry. “I’m hoping the Left will use [the cryptocurrency bear market] to control these technologies,” he said in a Fox Business interview in May 2022. Additionally, he advocates legislation to prevent fraud but supports the decentralized nature of blockchain.

As of August 15, 2022, Masters held $600,000 and $1.2 million worth of bitcoins. According to The Verge, he also owns Bitcoin Cash, Ethereum, Filecoin, Bitcoin and Tezos.

Another Republican pro-crypto candidate, Theodore Budd, who accepts bitcoin campaign donations through BitPay, is contesting Democrat rival Cheri Beasley to represent North Carolina in the Senate. At press time, Bud had a 3.8% lead over Beasley, according to FiveThirtyEight.

midterms
Source: Five FiveEight

Interestingly, stablecoin regulation promoter Pat Tomei is one of four senators not running for this election. Lawmakers say they have become disillusioned with the legislative process. More than 50 crypto bills await lawmakers in Congress.

In the mid-term, leadership could be key to propelling crypto forward

Former US President Donald Trump indicated that he may announce a bid for the 2024 presidential elections on November 14, 2022 at a rally in Iowa on November 3, 2022. The stock markets boomed during Trump’s last term, and given the recent correlation of crypto, the stock market could help bring crypto back to its former levels.

In the race for other leadership, Britain’s new prime minister Rishi Sunak was optimistic about crypto while serving as chancellor under former prime minister Boris Johnson. Sunak said in April 2022 that he planned to make the UK a global crypto hub. Sunak was a supporter of the UK government’s move to leave the European Union.

MiCA delay, disappointment for licensing regime

On the other hand, European crypto enthusiasts will have to wait until February 2023 to get clarity about crypto regulations in the EU. The Markets in Crypto Assets (MiCA) bill, which was reportedly finalized in September 2022, will only be voted on in February 2023. The bill is largely related to DeFi and stablecoin regulations. Its delay will affect crypto companies looking for a license to operate in the EU.

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