Next week the make up of Congress is to be decided in the US midterm elections, and there is a lot at stake for the cryptocurrency community. By 2024, the largest single issue voting block is expected to be Bitcoiners, so the results of the current election, and the political direction that follows, is destined to be extremely significant.
Many had hoped 2022 would be a year for more regulation
At the start of the year, the crypto markets were still reasonably positive that there could be significant regulatory milestones reached in the US.
Despite the fact that the markets had peaked, people remained bullish, and many believed that the price of Bitcoin would soon eclipse $100k.
However, due to a litany of reasons including ongoing court cases, changing market conditions, and a series of high profile collapses, it has become more difficult for regulatory clarity to be reached.
To independent-minded voters:
Shared power curbs the worst excesses of both parties, therefore I recommend voting for a Republican Congress, given that the Presidency is Democratic.
— Elon Musk (@elonmusk) November 7, 2022
A Republican majority may mean less scrutiny for crypto firms
One of the main issues over the course of the last few years has been the increasing levels of scrutiny and regulation that has been levied at firms in the world of cryptocurrencies.
The Democrat Party is well-known for being more pro regulation than their Republican counterparts, especially when it comes to ESG concerns that are arising over the prevalence of Bitcoin mining.
There are many who hope that a Republican victory in the election would mean that it would be easier for states to follow the example set by Texas, which has welcomed Bitcoin miners as a means to stabilise their energy grid during adverse weather events; if Democrats gain more power in Congress this could be problematic for a whole range of industries given the potential for Bitcoin mining to make energy consumption more efficient.
The Republican Party is gaining steam
Given his mental state and incompetence over foreign policy, the US president is currently polling as one of the least popular in history, and this has been extremely damaging for his party.
The Republicans, by contrast, have been gaining momentum, and it is coming to seem more and more likely that they will fare well in the coming elections.
In particular, politicians such as Francis Suarez, the Mayor of Miami, have been helping the Republican Party to appeal to voters in swing states.
His open support for the Bitcoin industry and his desire to turn Miami into a Bitcoin hub has been hugely positive for the city, and could be a sign of greater things to come if his ethos is reflected amongst the rest of his Republican cohort in the coming weeks.
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