As the US approaches its upcoming Congressional races, the crypto industry has shifted its focus towards the potential implications of these elections. With decisions being made on the House of Representatives, Senate, and the Presidency, the digital assets industry is becoming increasingly intertwined with politics and regulation.
In October, significant events such as the Permissionless III conference in Salt Lake City, Utah, and Ripple Swell in Miami, Florida, brought together key industry players to discuss the future of the crypto landscape. These panels not only forecasted the electoral battle between Democrat Kamala Harris and Republican Donald Trump for the US presidency but also speculated on how the crypto industry could evolve by 2025.
Executives at these events emphasized the growing interest in the intersection of digital assets and US politics, noting that cryptocurrencies have now become a mainstream concern like never before. Regulations were a key topic of discussion, with Ripple’s head of US public policy, Lauren Belive, stating that every single panel was talking about regulations.
The attitude towards cryptocurrencies from major party candidates has significantly shifted compared to previous elections. Under the previous administration, Bitcoin faced skepticism from Trump, who referred to it as “thin air” and a “scam.” However, both current major party candidates have shown a willingness to support the crypto sector if elected, marking a departure from past rhetoric.
Lawmakers are also increasingly engaging with digital assets, as seen in their participation in crypto-centric events. Trump’s keynote address at the Bitcoin 2024 conference and the involvement of presidential candidates and lawmakers at events like the North American Blockchain Summit highlight the growing significance of cryptocurrencies in the political sphere.
Market predictions further add to the intrigue of the electoral landscape. Platforms like Polymarket suggest a 60% chance of Trump securing the presidency, while the Kalshi marketplace places Republicans’ odds of gaining control of the House, Senate, and the Presidency at 42%.
A recent survey by The Digital Chamber revealed that approximately 16% of American voters consider a candidate’s stance on cryptocurrency to be a significant factor in their voting decisions for the upcoming elections. This “crypto voting bloc” shows a strong inclination towards candidates who support cryptocurrency initiatives.
Another survey conducted by Fairleigh Dickinson University’s Poll found that crypto owners are more likely to support Trump, while those without digital assets lean towards Harris. The survey indicated that 50% of crypto holders support Trump, who has recently become a vocal advocate for digital currencies, compared to 38% who back Harris.
As the elections draw near, the crypto industry will continue to closely monitor the outcomes and their potential impact on the regulatory environment for digital assets.
