Crypto Industry Shifts Focus to US Congressional Races as Election Approaches

The crypto industry has pivoted its attention to the potential implications of the upcoming US Congressional races.

As the nation braces for pivotal decisions on its House of Representatives, Senate, and the Presidency, the digital assets industry finds itself entwined with politics and regulation.

Throughout October, key industry players congregated at two significant events: the Permissionless III conference in Salt Lake City, Utah, and Ripple Swell in Miami, Florida.

Panels Delve Deep into Crypto-Related Discussions

Panels at these gatherings delved deep into discussions that 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 landscape could evolve by 2025.

Executives at these events showcased a keen interest in the intersection of digital assets and US politics, emphasizing that cryptocurrencies have now become a mainstream concern unlike ever before.

“Every single panel is talking about regulations,” Ripple’s head of US public policy, Lauren Belive, said.

Belive argued that the industry’s trajectory in 2024 stands in stark contrast to the landscape during the US midterms in 2022 and the 2020 elections.

Under Trump’s previous administration, Bitcoin faced skepticism, with the former president branding it as “thin air” and a “scam.”

However, both current major party candidates have signaled a willingness to support the crypto sector if elected, signaling a significant departure from past rhetoric.

The growing willingness of lawmakers to engage with digital assets, evident in their participation at crypto-centric events.

Trump’s keynote address at the Bitcoin 2024 conference and the active involvement of presidential candidates and lawmakers at events like the North American Blockchain Summit underscore the increasing significance of cryptocurrencies in the political sphere.

Market predictions add another layer of intrigue to the electoral landscape.

Platforms like Polymarket suggest a 60% likelihood of Trump securing the presidency, while the Kalshi marketplace places Republicans’ odds of seizing control of the House, Senate, and the Presidency at 42%.

16% of Voters Prioritize Pro-Crypto Candidates

A recent survey by the Chamber of Digital Commerce, now known as The Digital Chamber, has revealed that approximately 26 million American voters consider a candidate’s stance on cryptocurrency to be a key factor in their voting decisions for the upcoming 2024 elections.

According to the survey, around 16% of 1,004 respondents identified pro-crypto policies as “extremely” or “very” important when selecting a candidate.

These voters are part of what the report calls a “crypto voting bloc,” showing a strong inclination toward candidates who support cryptocurrency initiatives.

Another survey conducted by Fairleigh Dickinson University’s (FDU) Poll revealed that crypto owners are more inclined to support former President Donald Trump, while those without digital assets lean towards Vice President Kamala Harris.

The survey, led by Dan Cassino, professor of government and politics and executive director of the FDU Poll, found that among these, 50% support Trump, who has recently become a vocal advocate for digital currencies.

In contrast, only 38% of crypto holders back Harris.