The next US president will use crypto to win

by Arthur · November 4, 2022

Perianne Boring spoke with CNBC anchor Andrew Ross Sorkin on November 4, 2022 ahead of the US midterms so that recent polls show that one in five voters have crypto, making them a significant voting constituency.

With the US midterm elections around the corner on November 8, 2022, Senate, House and gubernatorial campaigns have reached a fever pitch. With the Senate split down the middle between Republicans and Democrats, except for Vice President Kamala Harris’ decisive influence with Democrats, recent state polls suggest Americans want Republicans to win at least the House.

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The Democrats are unlikely to win

If the Senate flip happens, President Joe Biden could have a tough time passing his new crypto framework, still in its nascent stages, and Democrats’ power would be severely hampered.

Historically, the governing party, which is currently the Democrats, has not performed well in the midterms, and President Biden’s current approval rating of 42.3% means that the Republicans could very well succeed.

Crypto experts will keep an eye on the midterms

Crypto enthusiasts will be closely watching the midterm results in states with pro-crypto candidates. For the most part, Republicans including Blake Masters, Theodore Budd, and Tom Emmer have generally favored crypto-friendly policies.

A recent poll shows Masters falling behind rival Mark Kelly, who are both vying for a Senate seat to represent Arizona.

Masters is a cryptocurrency supporter and has long rejected the overreach of his Democratic rivals in efforts to hamper the progress of the crypto industry. “I expect the left will use [the cryptocurrency bear market] to control these technologies,” he said in a Fox Business interview in May 2022. He also advocates legislation to prevent fraud, but favors the decentralized nature of blockchain.

As of August 15, 2022, Masters Bitcoin was worth between $600,000 and $1.2 million. He also has Bitcoin Cash, Ethereum, Filecoin, Bitcoin and Tezos, according to The Verge.

Another Republican pro-crypto candidate, Theodore Budd, who accepts Bitcoin campaign donations via BitPay, is competing against Democrat opponent Cheri Beasley to represent North Carolina in the Senate. At press time, Budd held a 3.8% lead over Beasley, according to FiveThirtyEight.

Interestingly, stablecoin regulatory promoter Pat Toomey is one of four senators not running in this election. Lawmakers say they have become disillusioned with the legislative process. There are over 50 crypto bills awaiting lawmakers in Congress.

After midterms, leadership may be the key to pushing crypto

Former US President Donald Trump hinted that he may announce a bid for the 2024 presidential election on November 14, 2022, at a rally in Iowa on November 3, 2022. During Trump’s previous term, stock markets boomed, and given crypto’s recent correlation with stock markets, crypto may help to regain its former footing.

In other leadership races, new British Prime Minister Rishi Sunak had been optimistic about crypto while serving as Chancellor under former Prime Minister Boris Johnson. Sunak said in April 2022 that he planned to make the UK a global crypto hub. Sunak was a supporter of the British government’s move to exit the EU.

MiCA delayed, frustrating licensing regime

On the other hand, European crypto enthusiasts will have to wait until February 2023 for clarity regarding crypto regulations in the EU. The Markets in Crypto Assets (MiCA) bill, which was reportedly finalized in September 2022, will not be voted on until February 2023. The bill largely deals with DeFi and stablecoin regulations. The delay will affect crypto companies looking for a license to operate in the EU.

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