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The cryptocurrency election season is starting
The United States will hold presidential elections this fall. More than half a dozen other countries and bodies are also holding – or have held – elections this year. Some candidates and lawmakers have already addressed cryptocurrencies, appealing to the industry or simply commenting on the technology. It is not yet clear to what extent a “crypto voter” exists, but it is undeniable that there is a wave of attention directed towards this sector.
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There are more than half a dozen elections this year, from the U.S. presidential election this fall to the European Union election next month to the South Korean election last month and more. Even though cryptocurrencies aren’t shaping up to be a major election issue in most of these countries, we’ve still heard candidates – including former US president and presumptive Republican nominee Donald Trump – address members of the crypto community directly.
Cryptocurrencies haven’t really been an issue in past elections. Sure, there were candidates who had previously covered cryptocurrencies or were close to the industry, but there wasn’t really a concerted effort to try to solicit people who believed that cryptocurrencies were a major, or primary, factor. for their vote. To some extent, this appears to be changing, although it is still difficult to quantify to what extent the crypto contingent will be an important voting bloc.
This year, CoinDesk is trying to cover the election as comprehensively as possible, focusing on cryptocurrencies and related issues. The first wave of articles we published focused on the extent to which cryptocurrencies might pose an issue in some of these elections and the extent to which industry participants in different countries expect election results to influence crypto policy.
Indonesia’s incoming vice president, for example, has said he wants to improve technology education, too cryptography and blockchain education – during his campaign.
And in the United States, a massive wave of attention hit last week, after former US President Donald Trump (who is the clear favorite to win the Republican Party’s nomination this year) told a group of holders of his NFT which is “for that” in reference to cryptocurrency. This comes just three months after he said it “you will probably have to do some regulation” regarding cryptocurrencies, and years later he famously said he was “not a fan of bitcoin and other cryptocurrencies.”
As Danny Nelson reported, it is It’s unclear whether Trump understands the problems around cryptocurrencies, but is still addressing the crypto community. His comments sparked a great deal of online discussion whether he is the bulwark against what is seen within crypto circles as overreach by an administrative state or what the role of crypto voters is could play in the elections. Current President Joe Biden’s administration hasn’t been the friendliest to cryptocurrencies, with a series of actions by the Securities and Exchange Commission and the Department of Justice targeting the largest cryptocurrency exchanges and other companies and services. It’s unclear what will happen when the presidential campaign moves toward the general election in the coming weeks.
These are questions that deserve further investigation in the coming months. For now, I leave you with the first wave of CoinDesk stories covering the potential effect the election could have in various nations.
We are also looking survey information, prediction markets, political action committee activities and more. If you have any thoughts on the role of cryptocurrencies in this election or the effect this election may have on cryptocurrencies, please contact us. We want to hear from you. This applies to presidential, Senate, and House elections in the United States and their equivalents elsewhere.
You can continue to follow all our election coverage around the world at this link.
If you have any thoughts or questions about what I should discuss next week, or any other feedback you’d like to share, feel free to email me at nik@coindesk.com or find me on Twitter @nikhileshde.
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