The election results that matter for crypto

11/06/2024 03:02
The election results that matter for crypto

Pro-crypto lobbyists have thrown their weight between key races that could swing control in both chambers of Congress

With the election finally here, the crypto community is closely watching races beyond just the presidential ticket.

Key Congressional seats and Senate contests could shape the future of crypto policy as control of both chambers hangs in the balance. And according to Perianne Boring, founder of the Digital Chamber, this election could be pivotal in creating the most crypto-friendly Congress ever.

"Crypto has had significant setbacks under the current administration," Boring explained to Coinage, emphasizing how recent years have seen policies that many in the crypto space view as hostile, particularly around regulations and enforcement actions led by figures like Senator Elizabeth Warren. The Biden administration’s stance has created challenges, driving some crypto companies and investors overseas to escape stringent regulatory pressures. But as Boring highlighted, this election could be a turning point.

Several key races across the country hold particular significance for crypto, with bipartisan support emerging for more crypto-friendly policies. Coinbase's Stand with Crypto even put together a tracker to follow race results in real time.

Despite crypto often being painted as a partisan issue, Boring noted that digital assets have gained support across both parties, especially as Americans grow more educated about the sector. Evidence of this bipartisan support was seen this past summer when two digital asset bills passed with overwhelming support in both the House and Senate.

In Ohio, the Senate race between Democrat Sherrod Brown and Republican Bernie Moreno could also influence crypto’s future. Brown, a long-serving senator and chair of the Senate Banking Committee, has been a prominent figure in pushing for tighter regulations on crypto. His opponent, Moreno, is a former cryptocurrency entrepreneur with strong support from Ohio’s substantial crypto community. With around 2 million crypto holders in Ohio, even a modest turnout from this voter bloc could tilt the scales in this closely contested race.

Source: RealClearPolitics

Source: RealClearPolitics

Meanwhile, Pennsylvania’s Senate race has also drawn attention, with polling indicating a tight contest that could impact the overall balance of power in Congress. Crypto advocates are closely watching this race as the winner could be influential in shaping future financial policies, including those affecting digital assets. Heading into the election, Republican Dave McCormick was closing in on three-term Democratic Senator Bob Casey.

Source: RealClearPolitics

Source: RealClearPolitics

One of the long shot races is in Massachusetts, where Senator Elizabeth Warren faces a challenge from John Deaton, a pro-crypto advocate. Warren’s reputation as a vocal crypto critic has made her a central figure in the debate around digital assets. “It’s incredibly important to have people like John Deaton going up against the biggest critics of crypto,” Boring noted, stressing that even if Deaton falls short of victory, his candidacy sends a powerful message to Washington about the public's demand for open access to digital assets.

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