Virtual currency-related policies will be one of the issues in the US presidential election in November 2024

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M.Somekawa Reference: Grayscale, Politico

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2024/02/10 16:00
02/10 16:00
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Lobbying and support from the crypto asset world is also active
In the US presidential election to be held in November 2024, in addition to major topics such as the economy and immigration issues, policies regarding crypto assets (virtual currencies) and central bank digital currencies (CBDC) will also be an issue. ing.
According to research by Morning Consult, an increasing number of young voters are interested in emerging technologies such as web3 and crypto assets, and these topics are starting to take center stage in political discussions.
As of 2024, the number of voters who own crypto assets is estimated to be in the millions, and they reside in battleground states that were decided by narrow margins in the last election.
Lobbying and support for candidates in the crypto industry is on the rise, and current information published on Polymarket, a blockchain-based prediction and betting platform, suggests that former President Donald Trump, the Republican candidate, It has the support of a majority and is said to be in a favorable position.
In this article, we will explore in detail the importance of crypto asset policy in the upcoming US presidential election.
grayscale poll
A Grayscale poll titled “Election 2024: The Role of Cryptoassets” (conducted by Harris Poll) published in late 2023 revealed how Bitcoin (BTC) and other cryptoassets play in the context of elections. We investigated what is being said and confirmed the political importance of crypto assets.
The main points of the survey results are as follows.

Voter concerns about inflation highlight Bitcoin’s importance in an election year.
46% of voters are waiting for additional policies regarding crypto investments.
Roughly half of young voters, who own more crypto assets than stocks, consider a candidate’s stance on crypto assets before voting.

The findings show that concerns about financial stability and inflation are driving interest in crypto assets, particularly Bitcoin, which has been correlated with the decline in the value of fiat currencies.

Source: Grayscale

Grayscale analysis
Regarding these trends, Grayscale’s analysis reveals two important observations regarding Bitcoin:

People familiar with Bitcoin view it as a macroeconomic asset. We recognize that investing in Bitcoin goes beyond speculative activities or the pursuit of short-term profits; it is an asset whose value fluctuates as it is influenced by broad economic trends.
On the other hand, more education is needed for the general public to understand Bitcoin. Doing so could help Bitcoin gain widespread acceptance and become a mainstream investment option.

Gen Z and Millennials are more likely to own crypto assets than stocks, and many believe that crypto assets and blockchain technology are the future of finance. Additionally, many respondents said they would be more willing to invest in crypto assets if clearer policies and regulations were introduced.
According to the survey, 73% of voters think presidential candidates should have an informed perspective on innovative technologies like AI and crypto assets.
connection : U.S. presidential election, virtual currency, and growing interest in Bitcoin policy among voters = Grayscale survey
Opinions of former SEC enforcement officer Mr. Stark
Former Securities and Exchange Commission (SEC) enforcement officer John Reed Stark said on January 17, 2022 that crypto debate and policy could be key to the 2024 presidential election. I posted it on X (formerly Twitter) on Sunday.

The Crypto Movement Could Hold the Key to the 2024 Presidential Election
Every presidential contender should immediately appoint an internal Crypto Czar to serve as the crypto-focal point and crypto-spokesperson for that candidate.
The Crypto Czar should join the stages of all…
— John Reed Stark (@JohnReedStark) January 17, 2024

All presidential candidates should immediately appoint an internal crypto asset official to serve as the candidate’s central point of contact and spokesperson for crypto assets.

This post takes the view that crypto assets will be an important discussion and policy point in the 2024 presidential election. Cryptocurrency is not just a minor issue; it could play an important role in election campaigns.
Super PAC backed by crypto industry
On December 18, 2023, three super PACs backed by crypto industry executives and investors said they had raised $78 million as part of a major new effort to influence the 2024 election. Announced.
This shows the crypto industry’s very serious commitment to tackling the 2024 elections, seeking to support friendly policymakers in the face of increased scrutiny from regulators.
This campaign is supported by venture capital giant Andreessen Horowitz (a16z), US cryptocurrency exchange Coinbase, Ripple, Messari (crypto asset market data analysis company), early investors in crypto assets, and technology. It has received support from numerous other companies and individuals, including the entrepreneurial Winklevoss brothers.
connection: Major US venture capital a16z announces “9 virtual currency trends to expect in 2024”
On the same day, Ripple CEO Brad Garlinghouse posted on
“Ripple and its team intend to take the lead, along with other industry leaders, in actively supporting innovative and crypto-friendly candidates in the 2024 U.S. election.” .
Garlinhaus, who expressed concern about regulatory overreach, particularly the SEC’s overreach, emphasized the need for the United States to avoid going in the wrong direction.

Team @Ripple is putting a stake in the ground, leading the charge with other industry leaders to support pro-innovation and pro-crypto candidates in the 2024 US election cycle. The US cannot afford to continue taking a back seat on the global stage. Regulatory overreach (esp from…
— Brad Garlinghouse (@bgarlinghouse) December 18, 2023
This is consistent with a message released by Ben Horowitz of Andreessen Horowitz (a16z) on December 14th, who said that all donations would only support candidates who align with his ideas and that the United States The government has stated that it plans to oppose candidates who try to hinder technological progress.
Brian Armstrong, CEO of Coinbase, a major US cryptocurrency exchange, posted the following on X.

The crypto industry has a large war chest now to elect pro-crypto candidates in 2024. We’re proud to contribute, and give the 52m Americans who have used crypto better representation.
It will be bi-partisan. And hopefully we can get it to $100m in Q1 next year.
— Brian Armstrong 
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