Ignoring blockchain may cost politicians at the polls — Digital Chamber CEO

As a seasoned analyst who has witnessed the rapid evolution of technology over several decades, I find myself increasingly convinced that the dismissal of blockchain and cryptocurrency is akin to turning a blind eye to the potential of the internet in the 1990s. The parallels are striking: both technologies were initially met with skepticism by many, yet they have proven to be transformative forces that could reshape our world.

Advocates for blockchain suggest that resisting cryptocurrency is similar to opposing the internet during the 1990s – it refers to being against a technological innovation that has the potential to transform the world, regardless of whether or not political figures endorse it.

In the 2024 U.S. presidential election, it’s becoming more costly in votes for candidates who are unfriendly towards the blockchain industry, as stated by Perianne Boring, head of The Digital Chamber advocacy group.

During a webinar held by Hashdex on October 30th, Boring expressed her belief that many people across the nation have significantly underestimated the significance of cryptocurrency to voters. In simpler terms, she highlighted that cryptocurrencies play a crucial role for numerous voters.

“25% of Democrats said that if a candidate takes a positive position on cryptocurrency, they would be more likely to vote for them. And 21% of Republicans said if a candidate takes a positive stance on crypto, they’re going to be much more likely to vote for them.”

As per Boring’s findings, approximately 2% of Democrats admitted they would be significantly less inclined to cast their vote for a pro-cryptocurrency candidate, compared to 3% of Republicans who expressed similar reservations.

According to our survey, your support for cryptocurrency could range from 21% to 25%, with a possible loss of 2% to 3%. This makes it a cautiously balanced stance for those advocating for cryptocurrencies,” she explained.

From my perspective as a crypto investor, I believe that the makeup of Congress will have a significantly greater impact on our industry compared to who occupies the White House. As the chief information officer at Hashdex, I anticipate the upcoming term in Washington to be more favorable for digital assets than the previous cycle, but it’s important to note that regulations won’t materialize instantaneously. In simpler terms, I believe we’re looking at a more bullish environment for cryptocurrencies, but change will take time.

“We expect to see the next four years way more positive on the policy side than the last four years. […] and even if Trump is elected and we get like a Republican sweep in Congress, that’s going to take a few months, maybe some years until this actually becomes like new regulations and full clarity to the industry.”

Instead, regulatory bodies within the nation might speed up the procedure for providing clarity that fosters business growth.

Based on Boring’s analysis, it appears that many crypto companies have chosen to leave the U.S. in recent years due to the SEC’s enforcement strategy towards them.

She mentioned that she’s traveled extensively to the UAE and various parts of Asia, and countless individuals she’s encountered have expressed concern about restricting access to the United States. They strive to abide by the law, yet they find themselves uncertain about its specifics.

She proposed that determining when a digital asset falls under the jurisdiction of the Securities and Exchange Commission (SEC) or the Commodity Futures Trading Commission (CFTC) would resolve approximately 70% of the disputes among companies. In her words, “A significant amount of immediate relief could be achieved right from the start with the proper individuals in charge.

2024-11-01 23:53

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