There are only 17 days until Americans vote in the midterm elections on November 8, and politicians are sharpening their policies.
Crypto assets and the broader decentralized finance industry have been thrust back into the spotlight. Congress is becoming increasingly divided. Legislators must now pay attention to a more tech-savvy and pro-crypto voter base.
TRTWorld spoke with a Washington, DC-based political consultant. "The crypto industry has recognized that it cannot remain silent while politicians strive to regulate digital assets," he said. “And politicians have realized that they can tap the potential of a fresh voter," according to an Oct. 21 report.
44% of cryptocurrency voters
According to a poll conducted earlier this month by the Global Strategy Group, "crypto voters," defined as voters who own or are exploring owning digital assets, account for 44% of all voters in the United States.
17% of those who voted already owned digital assets. Both Democrats and Republicans are vying for their votes.
Ted Budd of North Carolina will square off against Democrat Cheri Beasley. In Arizona, Peter Thiel-backed Republican Blake Masters is running against incumbent Democrat Mark Kelly. Budd has previously supported the development of pro-crypto bills.
Ohio has two potential crypto-friendly candidates. Tim Ryan, a co-sponsor of the Keep Innovation in America Act, and JD Vance, a venture capitalist, and Bitcoin owner.
Some on cryptocurrency Twitter suggested that the Democrats' stance might need to change if they want to win.
Lobbying in Congress is increasing
In response, the industry has increased its lobbying of Congress. In contrast, expenditure on political campaigns for pro-crypto politicians may help to improve regulation in comparison to outspoken critics like Elizabeth Warren and Brad Sherman.
The Blockchain Association, which includes over a hundred business leaders and organizations, has established a political action committee (PAC). The goal is to fund and influence pro-crypto candidates in future elections.
A similar organization is the American Blockchain PAC or CryptoPAC. This was established in 2021 to provide federal support for the digital asset industry.
PACs spent $6.8 million lobbying Congress in the second quarter of this year. Despite the fact that the number of them representing the industry has nearly tripled in the last three years.
However, Uncle Sam's bureaucratic wheels turn slowly. And regulations are unlikely to be implemented until at least Q2 2023, regardless of who wins the midterm elections.
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