Bipartisan Agreement Emerges on Digital Assets in U.S. Elections

Joe Biden among crypto coins

A few years ago, cryptocurrency firms were prominently featured in Super Bowl advertising, indicating a possible change toward general acceptance of cryptocurrencies as regular investment possibilities. As we all know, this didn’t work then. However, there are always grounds for optimism. Controversial sectors under examination in Washington have a tried-and-true strategy: persuade politicians that business is important to citizens, who will vote out legislators they perceive to be unfriendly.

Crypto Lobbying Power Persists

During the aforementioned era, Sam Bankman-Fried, the creator of FTX, became one of the top political contributors in the United States. However, his later prosecution and conviction for fraud had no substantial impact on the industry’s attempts to influence policy and perception in Washington.

According to the Center for Responsive Politics, the cryptocurrency business broke a record last year by spending $24.5 million on lobbying operations, reflecting its sustained dedication to obtaining a favorable regulatory environment and public opinion, despite setbacks and criticism.

Despite great progress in terms of lobbying and awareness, the bitcoin sector continues to confront skepticism and opposition from certain politicians and authorities. Notably, Senator Elizabeth Warren of Massachusetts and Gary Gensler, Chairman of the Securities and Exchange Commission (SEC), have taken a negative position on cryptocurrencies.

From ‘Web 3.0 Voters’ to Widespread Ownership

In the spring of 2022, seasoned political strategist Chris Lehane, who was representing a cryptocurrency investment firm, publicized a survey he had initiated to promote the notion that “Web 3.0 voters,” as he coined the term, would play a decisive role in the upcoming midterm elections, comparing them to a modern equivalent of the influential “soccer moms” demographic. I remained doubtful about this claim.

Since then, the bitcoin market has worsened, with the conviction of Sam Bankman-Fried playing a significant role. Despite these problems, the notion that voters interested in Bitcoin constitute a major constituency with which political politicians should engage continues.

Author: Simeon

Simeon is a seasoned crypto writer with a passion for exploring the fascinating world of blockchain and digital currencies. With a background in finance and technology, Simeon brings a unique perspective to his writing, delving into the complexities of decentralized finance, cryptocurrency trading, and emerging blockchain projects.