The midterm election results may have a big influence on how crypto policy is established. The makeup of next year’s Congress is set to be decided next week. For the crypto community, as with many other constituencies, there’s much at stake.
Next week the makeup 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.
At the start of the year, the crypto markets were still reasonably positive that there could be significant regulatory milestones reached in the US.
Related: EU Financial Services Boss Pushes US For Crypto Regulations
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.
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.
