As a seasoned researcher with a keen interest in the intersection of politics and technology, I find myself closely watching the upcoming Congressional elections and their potential impact on the crypto space. While the race for the White House has been dominating headlines, it’s essential not to overlook the importance of the 119th Congress, particularly when it comes to passing bills currently stuck in limbo.
During the ballot-tallying process across the U.S., the cryptocurrency community remains vigilant, not only focusing on who wins the presidency but also monitoring other key elections as well.
In this election season, the close contest between Kamala Harris and Donald Trump has been the main topic of discussion. However, it’s important to note that aside from the presidency, all 435 seats in the House of Representatives and 34 out of 100 seats in the Senate are also being contested.
As a crypto investor, I’m keeping a close eye on the upcoming 119th Congress that will officially begin their term in January. The bills regarding cryptocurrencies that are currently stalled in both the House and Senate could potentially see movement with the new Congress if they aren’t passed during the “lame-duck” session, which is the period between an election and the start of a new term. This could significantly impact the crypto market, so it’s essential to stay informed about any legislative progress.
Cryptocurrency may not be a primary concern for many voters, as economic matters and immigration tend to hold more importance; however, this local sector has channeled approximately $240 million towards supporting candidates across all the contests.
Based on reports from Coinbase’s advocacy group, Stand With Crypto (SWC), these Senate elections are particularly important for the crypto sector as they are closely monitoring their progress.
Ohio: Brown vs Mereno
An ardent supporter of cryptocurrency, Republican contender Bernie Moreno aims to replace the current Democratic Senator, Sherrod Brown, who heads the Senate Banking Committee – a crucial position in shaping regulations for the sector.
Brown is marked as “strongly against crypto” by SWC for what it claims are multiple anti-crypto remarks while Moreno started the blockchain firms Ownum and Champ Titles and has long pitched to make the city of Cleveland a hub for blockchain and crypto firms.
Politicians such as Sherrod Brown and Joe Biden have limited comprehension of cryptocurrency, making them ill-equipped to oversee it effectively. Their persistent focus on undermining crypto appears to stem from a dislike for progressive American technological advancements. In the U.S. Senate, I will champion efforts to protect the interests of the crypto community.
— Bernie Moreno (@berniemoreno) June 29, 2024
Moreno has pledged to provide “regulatory clarity” for cryptocurrencies, but his campaign site doesn’t discuss digital assets at all. He has received over $40 million in backing from the PAC Defend American Jobs, which is largely associated with Fairshake and supports Republican candidates.
The latest polls taken on Nov. 3 show the race between Brown and Moreno is a coin flip.
Massachusetts: Warren vs Deaton
In a notable confrontation, the highly vocal crypto skeptic, Democratic Senator Elizabeth Warren, went head-to-head with John Deaton – a renowned crypto attorney who supports XRP (XRP) holders in their legal battle with the Securities and Exchange Commission, as represented by Ripple.
Deaton received substantial support from the cryptocurrency sector, securing a total of $2 million in investments from the co-founders of Gemini, Tyler and Cameron Winklevoss, as well as Ripple.
The Associated Press announced Warren’s re-election at approximately 1 am UTC on November 6. However, the polls indicated that Deaton was an underdog in this race, with Warren leading by a significant margin as evidenced by the latest poll results from Nov. 1, which showed him with 60% of the vote compared to Deaton’s 37%.
Montana: Tester vs Sheehy
Currently, Democratic Senator Jon Tester, who holds office, is classified as neutral regarding cryptocurrency by SWC. However, he has publicly referred to crypto as “nonsense” and stated that there’s no valid reason for its existence. Despite these negative views, the crypto industry seeks his removal from office due to his influential position on the Senate Banking Committee, which could impact regulations and policies related to cryptocurrency.
In support of this, the pro-cryptocurrency Republican candidate Tim Sheehy has entered the fray, declaring cryptocurrencies as “the future of finance and the internet” and pledging to prevent the creation of a central bank digital currency (CBDC) if elected.
Approximately one-fifth of Americans currently own cryptocurrency, which is seen as the future of both finance and the internet, creating countless job opportunities within the United States. Unfortunately, JonTester has dismissed it as nonsense and has aligned with President Joe Biden in an attempt to suppress and dismantle the crypto community. Montana deserves a leader who supports innovative technologies and fosters economic growth.
— Tim Sheehy (@SheehyforMT) June 4, 2024
He’s 11 percentage points ahead of Tester as of Nov. 3 polls.
Pennsylvania: Casey vs McCormick
Pennsylvania has been drawing attention as a crucial battleground state due to its significant 19 electoral votes in the presidential election, but the contest for its open Senate seat is also considered significant within the cryptocurrency realm.
Democratic Senator Bob Casey Jr., according to SWC’s rating, maintains a balanced stance on cryptocurrency. He has voted against the SEC’s crypto-restrictive banking guidelines but supports the Digital Asset Anti-Money Laundering Act of 2023. This legislation, as perceived by the industry, is considered less favorable towards cryptocurrencies.
As a political analyst, I find myself in a unique position to observe the ongoing Senate race between Casey Jr and Dave McCormick. Both candidates are vying for a seat that carries significant influence over cryptocurrency legislation, specifically on the Senate Finance Committee. While Casey Jr has yet to make a public stance on crypto, his opponent, McCormick, has made it clear where he stands. In an op-ed, McCormick advocated for U.S. leadership in the cryptocurrency sector and received the endorsement of Brian Armstrong, CEO of Coinbase. This could potentially indicate that McCormick may be more favorable towards crypto regulations if elected.
Polls from Nov. 3 show a tight race, with Casey leading by just 3 percentage points.
Wisconsin: Baldwin vs Hovde
In the Wisconsin Senate race, it’s a close contest as Republican candidate Eric Hovde aims to unseat incumbent Democrat Tammy Baldwin.
Nov. 3 polling has the pair neck and neck, with Baldwin leading leading by 1 percentage point.
SWC categorizes Hovde as “moderately” in favor of cryptocurrencies, assigning him a score of half. In his statement, he expressed support for DeFi and viewed Bitcoin (BTC) as a potential future asset, but he does not endorse numerous worthless digital coins without any tangible value creation.
Despite this, it seems he is considered a more suitable option for the Senate by the industry, as opposed to Baldwin, who cast a vote against the previously mentioned SEC’s anti-cryptocurrency banking advice.
Currently, as I’m typing this, voting tallies are starting for the majority of Congressional contests, meaning it might take several days to announce the final outcome because there are many close races.
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2024-11-06 05:18