In July, the Fair Political Practices Commission voted to approve political donations of cryptocurrencies. This means that candidates for state and local offices in California can now accept cryptocurrency, just like candidates for federal office have been able to do.
A new national survey released this week shows crypto users are poised to have an impact in close midterm races across the country. The poll, commissioned by the Crypto Council for Innovation, shows 1 in 7 voters own cryptocurrency with support across party lines. Voters want elected officials to treat crypto as a serious and valid part of the economy (45%) more than they want to see it treated as a mechanism for fraud and abuse (36%).
Interestingly, a majority thinks crypto has unrealized potential and can be an access point for those historically excluded from the financial system, but that regulation is needed to protect consumers.
Cory Gardner, former United States Senator and Chief Strategist of Political Affairs for the Crypto Council said: “Ballots are going out across the country - election day is just a few weeks away. This election promises some of the most competitive races in a generation, with many races likely to be decided by narrow margins. The crypto community is ready to make its voice heard in November - those candidates that listen will get their vote.”
From a demographic perspective, independents (17%), Latinos (18%), African Americans (18%) and young voters (20%) – are even more likely to be crypto owners than the rest of the population.
With less than two weeks to election day, it is left to be seen, what role cryptocurrency will play in elections from the federal down to the local level and whether candidates begin to turn their attention more towards cryptocurrency and web3 technologies to relate to a younger voter base.