On November 8, registered voters across the United States will vote for political candidates to represent them at the local, state, and federal levels — and for some people, crypto is the main issue.
Voters took to social media amid early voting in some US states and ahead of Election Day to proclaim that despite many issues pushing people to the polls – including ensuring free and fair elections, controlling guns and abortion – digital assets were at the forefront of their decision-making process. President Joe Biden’s term does not end until January 2025, but future majority control of the House of Representatives and Senate is currently at stake, with a number of openly pro-crypto candidates vying.
“Two thoughts on my mind in the voting booth tomorrow,” said Twitter user MetaSailor. “1. What is the candidate’s position on Crypto? 2. What is the candidate’s position on the decriminalization of cannabis?”
Although many Republican and grassroots lawmakers have spoken out in favor of crypto-related regulations and policies, the push for adoption or a framework for digital assets is not confined to one side of the spectrum. political alley. President Biden, a Democrat, signed an executive order establishing a regulatory framework for digital assets in March, and members of his party have been working with Republican lawmakers on stablecoin legislation.
“We need a few Democrats and a few Republicans in Congress who want their states to be crypto-friendly to pass a good, bipartisan bill that protects the rights of Americans to buy, sell, and hold crypto,” said the president. Reddit user Invest07723.
Related: US Election Update: Where Do Pro-Crypto Candidates Stand Ahead of the Election?
“This is the most consequential election crypto has ever had,” Jeff Howard, North American head of business development at digital asset platform OSL, told Cointelegraph. “This will determine how crypto is regulated for many years to come.”
According to Howard, crypto has become a force to be reckoned with in elections due to a number of political action committees funding candidates and crypto groups becoming “a veritable voting bloc.” However, which party gains control of the House or Senate could influence pending digital asset legislation in the United States:
“Democrats are more concerned with consumer protection and financial inclusiveness, where Republicans are more concerned with financial innovation and some sort of free market economy.”
A survey launched by asset management firm Grayscale in October suggested that around a third of US voters plan to scrutinize political candidates’ positions on crypto in the midterm elections. According to a November 4 CNN report, about 41 million people in 47 states took part in early voting, but the majority of those ballots came from voters over the age of 65.