Former US president Donald Trump has gained a slight lead over vice president Kamala Harris in the upcoming presidential election, with Polymarket data showing Trump at 50% and Harris trailing at 49%.
Even though the race has been tight, the crypto supporters are slowly coming out of the shadows, as new polls reveal that the cryptocurrency policies could very well be the deciding factor in the 2024 US election.
Crypto Voters Poised to Sway the Election
According to a recent survey conducted by HarrisX on behalf of blockchain company ConsenSys, the crypto voters could play a decisive role in the elections. Of the survey respondents, 92% of the cryptocurrency owners said they will be voting on the 5th of November, hence proving the participation rate of this voter.Â
Moreover, 49% of the total US voters require a candidate’s position on the cryptocurrency while 40% of the voters are willing to switch their political party allegiance for the candidate who is friendly to the cryptocurrency.
🚨NEW: The power of the #crypto voter is apparent in findings of a new survey commissioned by @Consensys and @HarrisXdata.
Key takeaways show that:
đź“Ś92% of crypto owners say they plan to vote on November 5.
📌49% of all U.S. voters consider a pro-crypto stance important,…
— Eleanor Terrett (@EleanorTerrett) October 3, 2024
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This new category of pro-crypto voters can be decisive in swing states like Pennsylvania and Wisconsin, where the population is more or less split. For example, in Pennsylvania, 34% of voters said they would be willing to switch to another party to support a candidate who supports crypto. Also, in Wisconsin, Republicans are in a stronger position, 40% of voters are sure that the GOP is ready to manage the regulation of cryptocurrency better.
Donald Trump Gains Favorability with Pro-Crypto Stance
Former president Donald Trump’s support for cryptocurrency appears to be resonating with voters. According to the survey, 56% of voters stand behind Trump because of his positive view on Crypto with one third of the people saying that they would vote for Trump because of his stance on this issue. This increase comes at a timely moment as recent polls indicate that the fight between Trump and Harris has become quite tight with Trump slightly leading the race.
Meanwhile, vice president Kamala Harris is under increasing pressure to state her position on cryptocurrency. According to the poll, 54% of voters think it is important for Harris to take a position on the matter and 55% agree with her position that is against strict rules of the U.S. Securities and Exchange Commission (SEC).
As a large number of voters have not yet decided which party is more qualified to regulate cryptos, Harris’s position on digital assets can sway a certain segment of the voters.
Crypto as a Bipartisan Issue in the 2024 Election
According to the poll results, neither of the Donald Trump and vice president Kamala Harris parties has effectively mobilized the crypto vote. Currently, 35% of voters are confident that the Republicans will address cryptocurrency policy in the best way, while 32% believe that the Democrats will do it, and 26% are still not sure. This shows that crypto is a bipartisan issue and either candidate has a shot at swaying the undecided voters.
In addition, 40% of polled US voters stated that the government is not doing enough to foster the development of the cryptocurrency market. Those voters are asking for the improvement of rules and requirements, more and better protection of consumers, and more openness.Â
Given that such a large number of the voters are unhappy with the current regulatory climate, it becomes a challenge for both Donald Trump and Kamala Harris to woo this key voter demographic.
Court Ruling on Donald Trump vs Kamala Betting
The concept of crypto voters has become even more relevant in light of a recent court ruling that Prediction Markets can legally make bets on the 2024 elections.Â
Kalshi, a prediction market platform, got the approval of the Commodity Futures Trading Commission (CFTC) after the U.S. Court of Appeals for the District of Columbia dismissed the CFTC’s motion to prevent its election-related contracts.
Kalshi then opened a new $100 million betting market on the 2024 presidential election, increasing the uncertainty of political events. Concurrently, debate on crypto policy is not limited to the election, and key players in the industry have voiced their concerns over the lack of regulatory action. According to Austin Federa, a Solana ecosystem influencer, there are currently 237 job listings on the Solana community job board. This is evidence of the increasing need for professionals in the crypto industry.
All these jobs could have been in California or 🇺🇸 had our state and federal governments not been completely incompetent https://t.co/9TUf6yHBal
— toly 🇺🇸 (@aeyakovenko) October 3, 2024
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Replying to him, Solana Labs co-founder Anatoly Yakovenko shared a similar view and criticized state and federal agencies for their management of crypto policies. “All these jobs could have been in California or the U.S. if our governments were not completely incompetent,” Yakovenko said.
Kelvin Munene Murithi
Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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