The upcoming United States election year is poised to be highly dynamic, with cryptocurrency adding to the excitement. Unlike previous election cycles, politicians are now taking a stance on crypto and blockchain issues. Donald Trump has pledged to be the “crypto president,” while Democratic candidates are showing more support for crypto reform legislation.
Carole House, the author of President Joe Biden’s executive order on creating a regulatory framework for cryptocurrencies in the U.S., recently left her role as a crypto adviser at the New York Department of Financial Services to rejoin the White House. This move is seen as significant by many observers.
This new embrace of cryptocurrencies by U.S. politicians may be driven by the realization that crypto owners make up a substantial portion of the American public, around 15% to 20%. They are seeking to win over these voters by appealing to their economic interests, just as they do with other assets like 401ks, according to Grant Ferguson, an instructor at Texas Christian University.
Moe Vela, an adviser to Unicoin and a former White House senior adviser, emphasized that any candidate running for office must now address the reality of cryptocurrency. Rehiring House signals the Biden administration’s recognition of the importance of digital assets and their impact on the economy.
The mainstream acceptance of the crypto industry is becoming more apparent, with politicians increasingly showing interest in appealing to crypto owners. Recent research suggests that the demographics and opinions of crypto owners are a key factor driving politicians to engage with this group of potential voters.
The typical U.S. crypto investor is described as a young, centrist male, often Latino or African-American, who is open to new technology and risks. This demographic resembles a swing voter who could potentially support candidates from different parties.
The durability of politicians’ newfound interest in crypto remains uncertain, especially if crypto prices fluctuate. However, the potential to win over crypto voters and the ability to use crypto to fund campaigns could lead to a lasting relationship between politicians and the crypto industry.
Some lawmakers have been accused of using crypto as a distraction during this election season. However, any attempt to manipulate voters using cryptocurrency is likely to backfire, as it shows a lack of understanding of the public’s sentiments.
Overall, the outcome of the upcoming U.S. elections could have a significant impact on the future of crypto and blockchain technology globally. The winners of the presidency and Congress will shape laws that either enable or hinder new technologies like crypto, depending on their policies and priorities. Ultimately, politicians are recognizing that crypto represents more than just a financial system; it is a movement that aims to create a more inclusive and accessible system for millions of people.