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Comprehensive Insight into US Politics and Crypto

Below you will find a balanced perspective on the relationship between US politics and cryptocurrencies.
Half of young voters, who own crypto at higher rates than equities, are prioritizing candidates' stances on crypto in their voting decisions.1
Crypto firms spent a record $119 million on the 2024 elections, half of all corporate political donations.
While Senator Elizabeth Warren has raised concerns about cryptocurrencies and called for tighter regulations, the industry's lobbying efforts face challenges as traditional financial institutions and regulators leverage recent scandals to criticize cryptocurrencies.
73% of voters say U.S. presidential candidates should have an informed viewpoint on innovative technology, including crypto and AI.3
The upcoming 2024 elections have further intensified the crypto industry's political engagement.2

THE RESPONSIBLE
FINANCIAL
INNOVATION ACT

In an unusual sort of bipartisanship both Republicans and Democrats are equally supportive of cryptocurrencies.4
Number of politiCians that currently own crypto
18%
Republicans
22%
Democrats
22%
Independents
Senators Cynthia Lummis (Republican) and Kirsten Gillibrand (Democrat) have joined forces on cryptocurrency matters, collaborating as co-sponsors of the "Responsible Financial Innovation Act". This legislation is specifically designed to establish clear regulations and provide guidance in the realm of cryptocurrencies.5
The bill provides a comprehensive framework that aims to promote innovation, establish clear standards, define appropriate jurisdictional boundaries, and safeguard consumer interests. It also proposes the establishment of private financial regulatory bodies similar to FINRA and the National Futures Association.
According to a leaked version of the bill, Lummis and Gillibrand propose granting significant oversight authority to the Commodity Futures Trading Commission (CFTC) rather than the Securities and Exchange Commission (SEC).
207,189 BTC
Amount of Bitcoin the Treasury owns, worth more than $5 billion.6

A FEDERAL SUPER POLITICAL ACTION COMMITTEE (PAC)

Major cryptocurrency companies, including Circle, and a16z, are actively allocating additional resources to support legislators favorable to cryptocurrency and influence pending bills in Congress.
Recently, these firms collectively contributed $78 million to Fairshake, a federal super Political Action Committee (PAC). PAC is dedicated to promoting crypto-friendly political leadership and is funded by unlimited corporate and individual donations.7

voter
sentiment

The political significance of Bitcoin and the crypto asset class is underscored by the following findings:
50%
of young voters are considering candidate positions on crypto before voting.7
78%
of crypto voters believe the President and Congress should address the issue of cryptocurrency.8

CRYPTO REGULATIONS FIND SUPPORT ACROSS THE POLITICAL SPECTRUM

Of the Republicans and Democrats that support crypto, there is a surprising agreement, with minimal partisan differences in their views on its future, engagement, and benefits.

Democratic presidential nominee, Kamala Harris, has not yet made her stance on crypto policy clear. However, her campaign has engaged with crypto representatives, and there's growing pressure from pro-crypto Democrats for her to adopt a more supportive position.

At the Bitcoin Conference in July 2024, Trump shifted his stance on crypto, pledging to make the U.S. the "crypto capital of the planet and the Bitcoin superpower of the world." He also proposed that the federal government create a "strategic Bitcoin reserve."
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% of Politicians that
Currently Own Crypto

THE FUTURE LOOKS BRIGHT, ACCORDING TO CRYPTO HOLDERS

Despite market fluctuations, crypto owners are optimistic about the future of cryptocurrency. They have confidence in its ability to address financial system inequality and create promising societal opportunities.9
of crypto holders believe that the best days for crypto are yet to come.
65%
72%
of crypto holders believe that crypto will personally benefit them.
63%
of crypto holders are optimistic that the growth of cryptocurrency will have positive societal benefits.
52%
of crypto owners believe that it will contribute to creating a fairer financial system.
1 Grayscale. "The Crypto Voter: How Cryptocurrency Will Impact the 2024 Elections."

2 Public Citizen. "Big Crypto, Big Spending 2024."

3 Grayscale. 'Elections.'

4Morning Consult. "Cryptocurrency Perception Study February 2023." PDF file.

5Pimentel, Benjamin. "Crypto’s Big Win: The Lummis-Gillibrand Bill Puts the CFTC in Charge." Protocol, June 7, 2022.

6Del Castillo, Michael. "U.S. Government Owns Way More Bitcoin Than Any Other Country—So Why Aren't They Selling It?" Forbes, June 16, 2023.

7OpenSecrets. "Fairshake PAC Summary, 2024."

8Fairshake PAC. "Home."

9"CryptoSlate. "Political Donations from Crypto Industry Surge Ahead of 2024 Elections."

10Crypto Council for Innovation. "Poll Finds Crypto Voters Are a Key Swing Bloc in 2024 Election.
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11The Conversation. "Where Harris and Trump Stand on Cryptocurrencies – and How It Could Sway Some American Voters."

12Unknown. 2023. Q3 2023 State of Crypto Report. Coinbase, September. PDF file.

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