By Shelly Melancon (Switzerland)
As the midterm elections in the US draw closer, a group of young and crypto-savvy voters is forming a coalition.
Crypto-Savvy Voters And Pro-Crypto Politicians
Hence, it is no wonder that these crypto-savvy voters are raising a fund pool to support pro-crypto politicians for congress. Political parties have divisive opinions regarding how digital assets work and what they offer to the US’ financial infrastructure system.
Some politicians have accepted that crypto will remain part of our financial system forever and have chosen to start receiving their salaries in crypto. However, others won’t want anything to do with crypto and are trying to wreck the industry. America’s mid-term elections are scheduled for November 2022 and are usually held mid-way into a President’s 4-year term.
Raising Donations For Super-PACs
Per the Washington Post, crypto enthusiasts have set a goal of raising $25M in the form of donations to promote pro-crypto politicians. Through these donations, these crypto advocates will have a massive influence over the super political action committee (the super PACs). The Washington Post report further disclosed that Coinbase led a virtual fundraising event to support Charles Schumer (the senate’s majority leader) last week.
Schumer’s comments have been pro-crypto. His latest comments were a suggestion that regulatory authorities should ensure that their crypto regulations don’t hinder the development and maturity of the industry. However, many crypto analysts opine that this support for pro-crypto politicians will likely favor more republicans than democrats because they have been more vocal about their support for the crypto industry than their Democrat colleagues.
Also read:Famous pro-crypto politicians include Governor Ronald De Santis, Congressman Tom Emmer, and Senators Ted Cruz and Cynthia Cummins. A Democrat candidate for congress, Aarika Rhodes, is also pro-crypto and has been receiving monetary support from these donations by the crypto-savvy voters. Rhodes is contesting with the incumbent (brad Sherman) to represent California in Congress.
Sherman and fellow democrat Senator Liz Warren have been public critics of the crypto space. They have often criticized the crypto sector for everything wrong in the financial system, such as tax evasion and drug trafficking. However, Rhodes has repeatedly stated that crypto can be the basis of economic justice for providing a universal basic income.
Democrats Soften Stance On The Crypto Sector
Per multiple reports, the number of democrats embracing the crypto sector has increased recently. Perhaps, they are starting to realize that the crypto-savvy voters can be the deciding force of the winner of the elections.
Rep. Ritchie Torres and Mayor Eric Adams are two of those that have softened their previous hardline stance on the crypto space. The CEO of crypto asset management firm, CMS holdings, Dan Matuszewski, told the Washington Post, “we want to provide financial support and any other support for the political career of any politician. However, they must be willing to be friendly to the crypto space.” The November midterm elections will determine whether crypto industrialists have a huge impact on the voting landscape in the US.
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