It’s election day in America. For those not familiar with US politics, this election is a mid term’. This means that no new President will be elected, but all 34 senators and 435 members of Congress are up for the challenge. According to media reports, lobbyists and political action committees for bitcoin have donated millions of dollars to candidate races. However, this election is a’mid term’ one. 38% of voters stated that candidates’ crypto policy positions were important to them when choosing who to vote for. A poll conducted by the Crypto Council for Innovation around the same time found that 45% of voters agreed that lawmakers should treat crypto as a legitimate and serious part of the economy. “The ideal outcome is crypto… Most crypto traders want a Republican majority, either in one or both chambers. This is because many in the industry believe that it will create a reasonable regulatory environment where investors can have protections without slowing down the growth of an industry that is rapidly growing. “We believe that crypto is one sector we follow where the midterms can have a significant impact on policy. Because crypto products are decentralized and unique, Republicans tend to be more open to fewer restrictions. A GOP sweep of the midterms would be the best outcome. Some people expressed the desire to find reasonable solutions to regulation issues. Some even co-authored bills alongside Republicans. They had two years of power and did not achieve anything. Some even co-authored bills with Republicans. Crypto traders are predicting that a Republican win in the House and Senate tonight will immediately cause market movement upwards. We’ll likely soon find out if they’re right .———–
Author: Ross DavisSilicon Valley NewsroomGCP Breaking Crypto News