Vote Bitcoin! – The midterm elections (midterms) take place this November 8, 2022 in the United States. They could tilt the Senate and the House of Representatives from the current majority of Democrats to a majority of Republicans. Whether they belong to one party or the other, it is above all the crypto-friendly candidates that interest the trading platforms of cryptocurrencies.
$73 million invested in pro-Bitcoin candidates
All economic sectors try to influence politicians in their favour. From energy companies to agri-food and pharmaceutical laboratories: all are lobbying to steer laws in their favour. The sector of cryptocurrencies has now fully understood the rules of the game imposed on him.
According to a Wall Street Journal (WSJ) publication on this subject, the crypto sector would thus have “greatly increased his political spending” among candidates for the 2022 midterm elections, compared to the previous cycle of presidential elections in 2020.
These “political investments” have in fact gone from an estimate 13 million dollars, in the 2020 elections, at $73 million for the present midterms. The regulation crypto-assets is still in the midst of development, and industry players would like to see laws in development do not ruin their activities.
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Coinbase evaluates candidates for midterms
This American election therefore appears crucial to industry players for the future of digital assets, especially for their decentralization. The crypto stock market Coinbase is one of those companies that would like to avoid lawmakers hostile to Bitcoin and its ilk.
In addition to sending notifications to encourage voter registration and voting, Brian Armstrong’s group has developed a sort of evaluation score candidates “based on their perception of cryptocurrencies”according to the WSJ.
” These midterms are the most important elections for the crypto community. (…) We believe that the legislators who will arrive in this mandate will be able to finally draft legislation to regulate this sector [des crypto-actifs]. »
Hermine Wong, Chief Policy Officer at Coinbase
This ability to influence shows that the young cryptocurrency asset class has taken a new step in its integration into economics and finance. Because once again, even if it is ethically questionable, the lobbying is an integral part and unfortunately essential to any industry who wishes to be heard.
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