Crypto industry focuses on US elections and potential impact on the sector
2 min readAs the United States prepares for crucial decisions in Congress and the presidency, the crypto industry is focusing its attention on the potential impact of this year’s election on the sector.
In October, important figures in the crypto space gathered for two significant events in the country: the Permissionless III conference in Salta Lake City, Utah, and Ripple Swell in Miami, Florida.
In short, the panels included discussions on the possible outcomes of the US presidential election race between Democrat Kamala Harris and Republican Donald Trump. In addition, the debates speculated on how the crypto ecosystem could evolve by 2025.
Favorable movement
Overall, executives at these events showed a strong interest in the intersection of digital assets and politics in the United States. In this sense, they emphasized that cryptocurrencies have become a mainstream issue in the country, in a way that has never been seen before.
“Every presentation involved conversations about regulation,” said Lauren Belive, Ripple’s head of U.S. public policy. Belive said the trajectory of the crypto industry in 2024 will differ from the scenario of the 2020 and 2022 elections in the country.
During Trump’s presidency (January 2017 to January 2021), Bitcoin was viewed with skepticism. The former president even went as far as calling the cryptocurrency a “scam.”
However, both he and Harris have signaled that they intend to support the crypto sector if they are elected to the US presidency this year. This move, therefore, represents a significant departure from past rhetoric.
The growing willingness of lawmakers to address digital assets became evident during these and similar events.
The growing importance of cryptocurrencies in the electoral scenario was notable, for example, during Trump’s presentation at the Bitcoin 2024 conference. The same occurred with the effective involvement of presidential candidates and legislators in meetings such as the North American Blockchain Summit.
Another factor that has influenced the presidential elections in the United States, naturally, is the electoral polls.
Platforms like Polymarket suggest a 60% chance of Trump being elected president. Meanwhile, Kalshi points to a 42% chance of Republicans taking control of Congress and the US presidency.
Trump's odds are up 2.5% after Kamala Harris' Fox News interview.
He now has a 24% lead. pic.twitter.com/7YFOFzwrfu
— Polymarket (@Polymarket) October 17, 2024
16% of voters prioritize pro-crypto candidates
A recent survey by the Chamber of Digital Commerce showed that around 16% of respondents listed pro-crypto policies as “extremely” or “very important” when selecting a candidate.
These voters are part of what the study calls a “crypto voting bloc,” and among them, there is a strong inclination to choose candidates who support crypto initiatives.
Another survey, conducted by Don Cassino, professor and CEO of Fairleigh Dickinson University (FDU), revealed that crypto owners are more likely to support Donald Trump. On the other hand, the study shows that people who do not own digital assets lean towards Kamala Harris.
