As the crypto lobby’s influence in Washington increases, several US lawmakers are debating whether taking a position on digital assets could help them get votes. With the US midterm elections just around the corner, “cryptocurrency voters” are quickly becoming a desirable bloc and could be on track to become a political force in future elections. Alongside this, a burgeoning “crypto lobby” has made strides on Capitol Hill, spawning several trade associations, political action committees, and think tanks that have sprung up quickly, presenting cryptocurrencies as emerging players in Washington. “The cryptocurrency industry has realized it cannot stand by while politicians try to control digital assets. And politicians have realized that they have the potential to harness the power of a new voter,” a Washington DC-based policy adviser who wished to remain anonymous told TRT World.
The advisor offers advice to a variety of cryptocurrency businesses. According to a new survey, a sizable portion of registered voters appears interested in crypto-political concerns, even if they are probably not high on the kitchen table for most Americans. The survey conducted by Global Strategy Group and Fabrizio, Lee & Associates revealed that 44% of American voters identified as “crypto voters”—those who have purchased or are considering purchasing digital assets. 17% of those voters are already cryptocurrency owners. Which is “an extremely competitive group of voters who represented both Democrats and Republicans in the last election,” the poll leaders said in a statement. The survey was commissioned by GMI PAC, a cryptocurrency-focused group backed by former Trump administration official Anthony Scaramucci, which has raised more than $10 million, including $2 million, since its inception in January -Dollar from billionaire Sam Bankman-Fried, founder of cryptocurrency exchange FTX.
The advisor offers advice to a variety of cryptocurrency businesses. According to a new survey, a sizable portion of registered voters appears interested in crypto-political concerns, even if they are probably not high on the kitchen table for most Americans. The survey conducted by Global Strategy Group and Fabrizio, Lee & Associates revealed that 44% of American voters identified as “crypto voters”—those who have purchased or are considering purchasing digital assets. 17% of those voters are already cryptocurrency owners by people. It is human demand that drives innovation. The poll results are significant: in some of the most critical swing states, more voters hold cryptocurrency than union membership cards.
And if Democratic and Republican activists figure out how to tap into and properly speak to this new voting bloc, they could be up for grabs. Regarding party preference, crypto voters trust Democrats (46 percent) more than Republicans (36 percent). This could be because those who own digital assets are typically under 40, a demographic that Democrats typically skew. Despite this, the positive opinions on cryptocurrencies are not based on partisanship. Connect with younger black and Hispanic men, groups that have proven less calcified in their party preference in recent cycles.
These groups also own cryptocurrencies at much higher prices,” said Bobby Kaple, Senior Advisor at GMI PAC. Growing in popularity since the pandemic began, millions of people around the world now own digital assets. This market peaked at $3 trillion before its tumble this year, with around 85 million active wallets. While it doesn’t necessarily make a voter part of a class just by having a digital asset, it’s more about what that asset represents in terms of sentiment.
“Blockchain and digital asset innovations support transparency and privacy, giving wallet owners greater control over their investments. These values of transparency, privacy, and control are becoming increasingly important to American voters,” Boring said. Given the lack of regulatory guidance, several candidates have started running on pro-blockchain tickets to push crypto-friendly regulation in the upcoming Senate races. US Rep. Ted Budd (R-NC) won his first bid for a seat in the House of Lords in June, facing Democrat Cheri Beasley in the November race. Similarly, Blake Masters, a Peter Thiel-backed Republican, will face off against incumbent Democrat Mark Kelly in Arizona.
As a three-year congressman, Budd has introduced or endorsed several pro-crypto bills during his tenure. Meanwhile, Ohio will elect one of two pro-crypto nominees for its vacant Senate seat. Rep. Tim Ryan (D) is a co-sponsor of the Keep Innovation in America Act, a cryptocurrency-friendly bill aimed at keeping tax filing requirements reasonable. His rival, JD Vance, is another Thiel-backed Republican and venture capitalist who owns a significant amount of Bitcoin, who notably tweeted his view of Ohio as “pro-god, pro-family, pro-bitcoin” Bruce Fenton, a well-known personality in the cryptocurrency sector, unsuccessfully sought the Republican nomination in New Hampshire last month. Political interest would unavoidably increase as more voters become interested in cryptocurrencies, claimed the DC-based expert. Given demographic patterns and adoption levels, I wouldn’t be shocked if cryptocurrency were a prominent topic for the upcoming election cycle.
As public acceptance of cryptocurrencies has skyrocketed, the industry has begun to target Washington DC just like its private sector predecessors: spending on lobbying and political campaign donations to fund legislatures who eventually regulate them could. The number of lobbyists representing cryptocurrency has nearly tripled over the previous three years, growing from 115 in 2018 (spending $2.2 million) to 320 in 2021 (spending $2.2 million), according to the Congressional Lobbying Disclosure database. of $9 million). The top lobbying donors in the industry were Coinbase, Ripple Labs, and the Blockchain Association, each spending more than $2 million between 2018 and 2021. The Blockchain Association, a group representing more than 100 organizations in the industry, just formed its PAC last month to influence and fund candidates interested in crypto Industry in future election cycles.
The founding of the Blockchain Association PAC follows a massive surge in crypto lobbying and election funding, with industry-connected super-PACS pouring millions into the 2022 races. As of July, crypto PACs invested more than $31 million in the primary. Boring, executive director of the Digital Chamber of Commerce, notes that 70 cryptocurrency-related bills were introduced in the last session of Congress in 1, calling them “a major step forward” for the industry and saying that “the policy ideas and bills we see show we’re on the right track.”
“Passing legislation is very difficult, but we know, and lawmakers know, that blockchain and digital assets are becoming increasingly important to US financial markets and the US economy. These key components of the global economy must Have clarity for the industry. And certainty for investors,” Boring said. The Biden administration’s decision to issue an executive order in March followed a series of cryptocurrency-related laws directing agencies to study the benefits and risks of digital assets important milestone for the industry.
In June, bipartisan Senators Cynthia Lummis (R-WY), known as the Senate “Queen of Cryptocurrency,” and Kirsten Gillibrand (D-NY) introduced the Responsible Financial Innovation Act, the first comprehensive bill to create a Framework for Digital Assets in the US Many analysts believe that legislation will set the tone for how Congress writes digital asset rules in the coming years. Futures Trading Commission (CFTC) currently regulates Bitcoin and Ethereum futures and is responsible for the entire crypto market. Crypto. For Boring begins industry efforts to work with regulators to encourage “constructive dialogue with regulators.”
“Our top priority is to create a regulatory framework for our industry that promotes competitiveness while supporting consumer protection,” she added.