Crypto Industry Shifts Focus to US Congressional Races as Elections Near

As the 2024 US elections approach, the cryptocurrency industry has intensified its focus on the potential outcomes of the Congressional races, in addition to the Presidential contest between Democrat Kamala Harris and Republican Donald Trump. This heightened interest reflects the growing significance of digital assets in American politics and regulation.

Throughout October, key crypto industry players gathered at major conferences such as Permissionless III in Salt Lake City and Ripple Swell in Miami. Discussions at these events centered on the increasing role of regulations in shaping the future of the cryptocurrency landscape. Lauren Belive, Ripple’s head of US public policy, noted that “every single panel is talking about regulations,” highlighting how the industry’s trajectory in 2024 differs from previous election cycles.

While Trump was critical of Bitcoin during his first presidency, branding it a “scam,” both he and Harris have since signaled a willingness to support the crypto sector. Trump’s keynote address at Bitcoin 2024 and the participation of lawmakers at crypto-focused events reflect the sector’s growing political influence.

According to market predictions, platforms like Polymarket suggest a 60% chance of Trump winning the presidency, while Kalshi places the odds of Republicans taking control of the House, Senate, and Presidency at 42%.

A recent survey by The Digital Chamber revealed that 16% of voters prioritize pro-crypto candidates, indicating the formation of a “crypto voting bloc.” Additionally, a Fairleigh Dickinson University poll found that crypto holders are more likely to support Trump, with 50% of respondents backing him, compared to 38% supporting Harris.

As the crypto industry becomes more intertwined with politics, its impact on the upcoming elections is expected to shape future policies and regulations around digital assets.