Crypto Industry Eyes US Congressional Races as Election Heats Up
With the 2024 US elections looming, the cryptocurrency industry is setting its eyes on pivotal races in Congress, along with this year’s presidential race. As regulation continues to be the most important factor in the future of digital assets, industry leaders are watching closely as the results continue to set the tone for how cryptocurrencies can operate – or not – in the US.
Crypto Events Highlight Political Stakes
During the month of October, the crypto world converged on two major conferences: Permissionless III in Salt Lake City, Utah, and Ripple Swell in Miami, Florida. Both events were a place where crypto leaders could discuss the upcoming election and what it might mean to their industry. On the other hand, many panel discussions featured the electoral battle between Kamala Harris and Donald Trump, the two contenders for presidency, as panelists speculated how their respective leadership could shape the future of crypto regulation.
Regulations Dominate Discussions
Lauren Belive, head of US public policy at Ripple, stressed that regulation has become a central topic of discussion on almost every panel. She said this election cycle feels decidedly unlike any other, such as in the 2020 presidential election and in the midterms of 2022. Digital currencies, such as Bitcoin, received skepticism under Trump’s prior administration. Trump once called Bitcoin “a scam” and “thin air.” But both Harris and Trump have recently indicated a growing openness to the crypto industry, significantly departing from their earlier rhetoric.
Political Predictions and Market Speculation
Apart from the regulatory discussions, market predictions add further thrill to the electoral scenario. Polymarket predicts that Trump has a 60% probability of returning as president, while Kalshi projects a 42% chance that Republicans take control of both House, Senate, and the Presidency. Such predictions are closely monitored by crypto investors who increasingly know where politics meet digital assets.
Voter Interest in Pro-Crypto Candidates
In a survey undertaken by the Chamber of Digital Commerce, about 16% of all voters say they would favor candidates with pro-crypto policies. About 26 million American voters constitute this new “crypto voting bloc,” basing decisions on who stands for and against digital assets. In yet another survey conducted by Fairleigh Dickinson University, Trump presently has more support among crypto owners than Harris-a fact that illustrates how digital assets are factoring into voter preferences.
The crypto industry has remained closely intertwined with U.S. politics with the election looming, a signal that the times have changed regarding cryptocurrency regulation.
