This year, the election campaign is a little different from the others, because we have observed the appearance of lobbyists of cryptocurrencies. According to media reports, the latter, with the help of political action committees, have poured millions of dollars into some campaigns to promote their industry.
This action has indeed had a positive effect since several polls have shown that the majority of targeted voters have already made up their minds about cryptocurrencies.
The actions implemented by the promoters of the crypto-currencies industry.
Within the American political system, it has become commonplace for any candidate for an advanced position to organize fundraisers for his campaign. Polls are also one of the tools frequently used during the election period to examine the position of different voters.
Nevertheless, polls conducted in preparation for the 2022 mid-term elections have revealed some pretty surprising results when it comes to cryptocurrencies. Indeed, many players in the crypto-currency sector have not hesitated to use their means to promote this growing industry.
Sam Bankman-Fried, the founder and CEO of the FTX exchange, said he had set a soft limit of $1 billion for his contributions to the 2022 election. Analyses show that it is the sixth largest donor in this election cycle.
In addition to the action of the giants of the industry, the electoral campaigns have also vibrated under the influence of many political action committees related to crypto-currencies.
According to the Bloomberg news site, it is estimated that as of October 19, lobbyists linked to crypto-currencies had spent more than traditional lobbyists such as the defense sector and big pharmaceutical companies.
Voters and cryptocurrencies.
The results of a poll conducted by the Grayscale agency between October 6 and 11, showed that about 38% of voters surveyed are considering political positions related to cryptocurrency.
Another poll, this time commissioned by the Crypto Council for Innovation in virtually the same period, reported that 45% of voters prefer lawmakers to see cryptos as a serious element that really impacts the economy.
If it is true that these results do not seem very majority, they represent palpable proof of the growing influence of crypto-currencies within our society.
These survey results should be even more surprising for someone whois not very familiar with the cryptocurrency industry. It would be very difficult for her to understand that 45% of potential American voters have any opinion about cryptocurrencies.
Nevertheless, the multiple evolutions they have experienced have given the possibility to crypto-currencies to integrate into everyday life, even in the current unfavorable market conditions.
In addition, according to Patrick Daugherty, a faculty member at Cornell Law School and a partner at Foley & Lardner, about40 million Americans own and use cryptocurrencies today.
What are the intentions of the pro-crypto candidates after the elections?
While it is true that more and more voters are now interested in crypto-currencies, the most important thing remains the performance of the candidates running in this year's elections. While these have the support of crypto lobbyists and an engaged crypto community, it remains to be seen whether these crypto-voters will manage to accomplish anything substantial.
Pro-crypto candidates vying for a position in the House of Representatives include Republican Tom Emmer of Minnesota and Democrat Ron Wyden of the state of Oregon. According to statistics and various polls, these two candidates are expected to win their races easily. On the other hand, the situation is more complicated in the state of Ohio where two pro-crypto candidates Tim Ryan (Democrat) and JD Vance (Republican) are expected to face each other.
For several political and legal experts, the results of this year's elections will have very little influence on the future regulation of cryptocurrencies. Indeed, several bills relating to the regulation of cryptocurrencies have already been tabled in the House of Representatives and the Senate.
For Aaron Cutler, partner at Hogan Lovells, the issue of cryptocurrency regulation is not really a question of political support, but rather a question of political priorities.
Nevertheless, even if the elections will not have a significant effect on the regulation of cryptos, its results are still very important. Indeed, crypto-voters are encouraged to vote to prevent the election of certain candidates who do not see the standardization of this new industry very positively.
According to Patrick Daugherty, any attack on the cryptocurrency sector can be perceived by many US crypto-voters as a threat to their economic security and individual freedom.
Which party is most favorable to the cryptocurrencies sector?
This is a subject that has been the subject of much discussion within the American political class. Many analysts still continue to comment on the bipartisan or non-partisan nature of the cryptocurrency industry. However, there are already clear divisions in the crypto world.
Several studies have already established that cryptocurrencies unquestionably belong to the movements of the Republicans. The organization Crypto Action Network conducted a study during which scorecards of politicians were developed. The agency's experts ranked 144 U.S. lawmakers based on their support for cryptocurrencies.
The results were pretty categorical: Republican lawmakers had an average score of 3.4 out of 4, converted to grades from A to F, while Democrats received an average of 2.1.
According to Martin Dobelle, one of the three co-founders of the political software company Engage, there is now a significant increase in political activity around the world of crypto-currencies.
He believes this is a sign that the industry is gradually moving in the middle of the political spectrum. A factor that, for him, is more than necessary if she really wants to develop to her maximum potential.
For the future of cryptocurrencies, obtaining sound and defined regulations is a vital issue. This is particularly the case in Europe with the MiCA project.
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