Crypto Nation wants to weigh in on the US midterm elections

Posted on November 5, 2022, 10:15 am

Cryptos and bitcoin have become a real campaign topic in the United States. According to the Federal Reserve, 12% of Americans, evenly split between the two camps (Democrats and Republicans) held crypto in 2021. “Crypto is not a divisive issue between Republicans and Democrats like gun ownership, climate and abortion. They have supporters in both camps, and a comparable percentage wants to strengthen their control”, underlines the magazine “Vox”.

For 39% of crypto owners, a candidate’s favorable position in their assets will influence their vote in Intermediate terms according to a Pioneer Polling survey in October. In some key states (Nevada, New Hampshire, etc.), they have electoral weight that can tilt the outcome. In contrast, two-thirds of Americans who do not own bitcoin expect future elected officials to tighten regulations to limit scams and scams .

For elections, crypto donations (bitcoin, crypto stables like Tether) are authorized at the federal level and in certain states. But they are still banned in others, like North Carolina. California banned it until the summer, but Silicon Valley’s powerful lobbying against the restriction eventually led to its being allowed. In 2016, Democrats and Republicans viewed cryptocurrencies with the greatest suspicion even though they could theoretically accept them within certain limits. Their reluctance is reduced. Elections are getting more and more expensive — already $7 billion in ads for Midterm candidates — and any financial help from the crypto world is welcome. Especially since the number of American billionaires in this sector has increased, so has their wealth, although it remains highly volatile due to market volatility. At the start of the year, the top 10 had a combined fortune of $60 billion, according to Forbes magazine.

Congress under scrutiny

The first wave of American crypto-billionaires appeared in late 2017 thanks to rising prices. It is the Winklevoss twins, Tyler and Cameron, who would have been the first to cross this symbolic ribbon between them. They were joined by hedge fund manager Mike Novogratz and Brian Armstrong CEO of Coinbase. The platform today ranks politicians according to their degree of crypto-adherence. It encourages its 9 million regular customers in the United States to put pressure on them.

From the Bahamas to the White House

The richest of the American crypto-billionaires at $17 billion, Sam Bankman-Fried, the head of FTX, funds up to fifteen million dollars. political action committee (interest group created to promote the election of a candidate or fight a political opponent) entitled “Protect our future”. With democratic sensibilities, he wants to make the political world aware of the dangers and prevention of a new pandemic. The resident of the Bahamas, where he repatriated his firm from Hong Kong this year, made a sensational announcement in May. He had announced that he could invest up to $1 billion to help his favorite candidate win the 2024 election. He admits today that the amount he mentioned is no longer relevant. The head of FTX now wants to spend $1 billion on buying companies in the crypto world, not on financing the race for the White House in two years.

Trump and the bitcoin scam

donald trump possible candidate in 2024 , has never hidden his animosity towards cryptos. In 2021, he still stated: “bitcoin appears to be a scam. I don’t like it because it is a competitive currency with the dollar. I want the dollar to be the currency of the world”. a ” TrumpCoin was launched in 2016 before his election with the goal “to support Donald Trump’s powerful vision to make America great again.” Will financial support from part of the crypto world if he runs again in 2024 make the Republican soften his stance on bitcoin? According to “Axios”, Donald Trump may announce his candidacy from November 14 .

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