Cryptocurrency policy may be an issue in the coming midterm election.
- The U.S. midterm election will be happening on November 8.
- A recent poll from the Crypto Council for Innovation shows that crypto is on the voters’ minds.
- About 84% of pollers said that a politician’s public position on crypto would affect their opinion of them—13% of pollers own some form of crypto.
- “Despite hardcore crypto supporters remaining a relatively small voting bloc, the results show the increasing influence of crypto on the population, as voters weigh the industry’s risks and the need for regulation,” says Fortune Crypto.
- “The question remains whether crypto will be a significant enough factor to sway voters’ minds. Only 19% said it would be an important factor, with 65% saying it would be a minor factor, and just 32% of likely voters saying it was valuable for politicians to take a position on crypto,” it continues.
Why it’s Important
Crypto didn’t make Axio’s list of the top 20 issues based on search engine rankings. The largest issues going into the election are jobs, taxes, firearms, wages, and Ukraine, as of October 17.
While only a minor issue in the upcoming elections, crypto is becoming a more well-known phenomenon and more voters are interested in public policy and regulation as it becomes more mainstream.
“The poll reveals that crypto is a motivating factor in voters’ decisions, whether they hold any cryptocurrency or not. Especially given the negative headlines of hacks and scams over the past year, as well as the lack of government regulation, safety and security are top of mind. About 52% of likely voters said there needs to be more regulation, with just 20% saying existing regulation is sufficient.,” says Fortune Crypto.
Backing up a Bit
Crypto regulation has become a priority for the federal government this year. As we previously reported, President Joe Biden, the Federal Reserve Chair, the Department of Justice, and Congress have pushed for tightening regulations on crypto in just the past few months.
Republicans and Democrats in Washington D.C. are mostly in alignment on this issue, with many core pieces of bipartisan legislation being proposed.
“[This includes] two Senate bills—one introduced by Senator Kirsten Gillibrand (D-NY) and Senator Cynthia Lummis (R-WY), and the other by Senator. John Boozman (R-AR) and Senator Debbie Stabenow (D-MI), as well as stablecoin legislation in the House, proposed by Representative Maxine Waters (D-CA) and Representative Patrick McHenry (R-NC),” says Fortune Crypto.
“The poll shows voters trust the Republican and Democratic parties equally when it comes to cryptocurrency, and that support from likely voters for cryptocurrency as a long-term part of the economy is split evenly along party lines.”