As the electoral cycle for the US midterm elections of 2024 gets underway, cryptocurrency is becoming a major political issue for both Republicans and Democrats, including large financial institutions like BlackRock and Fidelity. Candidates are eyeing the ‘crypto voter’, a diverse group that transcends age, race and political party. Many of these voters view crypto regulations as an important issue. Their interest is fueled partly by widespread skepticism among Americans of all stripes about the US financial system, and a strong conviction in the financial inclusivity brought by digital assets. Perhaps more than previous generations, today’s crypto voters are eager to participate in the global financial realm.
Results may hinge on voters’ approval of candidates’ positions on crypto in crucial swing states At the same time, it is notable that growing swaths of both tech-savvy and minority voters might be pulled in the direction of candidates who see crypto’s potential for financial innovation as an economic plus for minority populations. If the polls are correct, more Democrats in 2022 races, whether running for governor, senate or Congress, are likely to emphasise the economic benefits of crypto for poor and minority communities. Some, including Eshoo and Jones, will actually propose sound crypto regulations. They recognise that cryptocurrency’s influence is growing, and that it is impacting both the policy landscape and voters’ preferences.
Blockchain-based prediction markets such as Polymarket are trending, creating real-time public sentiment analysis (along with additional new regulatory issues) aside from the election outcome. Beyond that, the shape that crypto will take in US policy is likely to depend on which of the innovators, consumer protections and building a leading digital economy most informs the next administration’s view on innovation. This makes crypto a priority for US financial technology and economic policy more broadly.
Source: Forbes
