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Cryptocurrencies are an election issue this year. Is this a good thing?
This was found in an online survey conducted by blockchain conglomerate Digital Currency Group more than 20% of voters in several swing states they consider cryptocurrencies a key issue in the upcoming US elections. The poll is the latest sign that cryptocurrencies are increasingly becoming an election issue, with more and more politicians on both sides of the issue willing to condone or condemn cryptocurrencies.
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This is in stark contrast to the last presidential election cycle, before so-called single-issue voters like Ryan Selkis (who will speak at Consensus this May) took on the task of trying to find and support pro-crypto polls.
Cryptocurrencies are also on the minds of the candidates themselves. Former President Donald Trump made a U-turn on his previous criticisms of cryptocurrencies, apparently because he sees the sector as potentially powerful (and profitable) ally. Outsider candidate Robert F. Kennedy has also become a vocal supporter of Bitcoin (RFK will also speak at Consensus this May).
Interestingly, cryptocurrencies appear to be of particular importance in key battleground states, including Arizona, Michigan, Montana, Nevada, Ohio and Pennsylvania, according to an online Harris Poll survey of more than 1,000 voters in each state commissioned by DCG early of April. A third of voters with “crypto-positive” views believe politicians should prioritize regulating cryptocurrencies.
“This data shows that cryptocurrencies are a priority for voters in Senate swing states and that a pro-crypto position is a clear advantage for politicians and candidates,” Julie Stitzel, senior vice president of policy at DCG, said in a statement. “The survey also highlights a strong desire among politicians to establish reasonable regulations that protect consumers without stifling innovation.”
The data comes at a time when crypto firms and influential supporters have become increasingly vocal about the political risks of cryptocurrencies. In October, for example, potential voters helped raise more than $2 million for the Coinbase-led nonprofit Support cryptocurrencies which aims to influence state and federal crypto policy.
The super PAC is reportedly focusing attention on ousting or influencing cryptocurrency skeptics like Sen. Sherrod Brown, who is facing a tight re-election in Ohio. Fairshake, perhaps the largest crypto super PAC, said he will dedicate resources to four Senate races this year: primaries in Maryland, Michigan, Montana and the aforementioned Ohio.
While fighting for what you believe in is certainly a noble cause, the general public is often disgusted and dismayed by the blatant flows of money into politics. This may be especially true for cryptocurrencies after the FTX scandal, which saw at least the financing of Sam Bankman-Fried one in three members of Congress and funneled money into races across the country (with mixed results).
Furthermore, there is never any guarantee that, once in office, politicians will do or stand by what they said on the campaign trail. Take for example Gary Gensler, who although not elected should have been a more lenient head of the US Securities and Exchange Commission (SEC) due to his experience teaching the industry at MIT.
All I can say is that if influence can be bought, then it can also be sold.