{"id":7678,"date":"2022-10-06T21:25:10","date_gmt":"2022-10-06T21:25:10","guid":{"rendered":"http:\/\/cryptoheretostay.com\/?p=7678"},"modified":"2022-10-06T21:25:11","modified_gmt":"2022-10-06T21:25:11","slug":"crypto-on-the-ballot-five-midterm-elections-that-could-impact-the-industry","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=7678","title":{"rendered":"Crypto on the Ballot: Five Midterm Elections That Could Impact the Industry"},"content":{"rendered":"<p> <script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<\/p>\n<h3>Key Takeaways<\/h3>\n<p>The U.S. government is taking an increasingly aggressive stance towards crypto regulation.<br \/>\nSome of crypto\u2019s strongest allies at Congress are up for reelection this year.<br \/>\nCrypto Briefing took a close look at five of the most important races in terms of their potential impact on the industry.<\/p>\n<p>Share this article<\/p>\n<p>The last two years have seen the U.S. government take crypto much more seriously, with some congressional representatives proving themselves staunch defenders of the industry. The midterm elections present an opportunity for the space to show them support in return.<\/p>\n<h2>Crypto in the Midterm<\/h2>\n<p>Midterm elections present an opportunity for American citizens to vote for new representatives at Congress halfway through a President\u2019s term. This year, all 435 seats in the House of Representatives and 35 of the 100 seats in the Senate are up for grabs. The United States midterm elections will be held on November 8.<\/p>\n<p>The 2022 midterm elections may be the most important the crypto space has ever faced. The latest bull cycle propelled Bitcoin to over $69,000 in November 2021 and pushed digital assets closer to the mainstream. Coinbase became the first publicly-traded crypto exchange in the United States. The world\u2019s richest man, Tesla CEO Elon Musk, relentlessly promoted Dogecoin. Digital artist Beeple, for his part, sold one of his NFTs for $69 million at Christie\u2019s. If politicians had not been paying attention before, they were after 2021.<\/p>\n<p>So some U.S. lawmakers have begun debating what place the crypto industry should have within the American financial system. In June, Senators Cynthia Lummis (R-WY) and Kirsten Gillibrand (D-NY) introduced the Responsible Financial Innovation Act, a landmark piece of crypto legislation that aims to overhaul the industry\u2019s relationship with regulators completely.\u00a0 The White House, the Treasury Department, and the Justice Department also recently published comprehensive regulatory frameworks. And only two weeks ago, news surfaced that the House of Representatives had started drafting a bill banning certain algorithmic stablecoins for up to two years. Midterm elections will have a direct impact on who ends up writing it.<\/p>\n<p>The crypto space has allies and enemies alike in Congress, some of which are up for reelection this year. <i>Crypto Briefing<\/i> compiled a short list of 2022\u2019s most important congressional races from the industry\u2019s point of view.<\/p>\n<h2>Tom Emmer vs. Jeanne Hendricks<\/h2>\n<p>Rep. Tom Emmer (R) is running against Jeanne Hendricks (D) for\u00a0 Minnesota\u2019s 6th Congressional District. In recent months, Emmer has proved himself one of the crypto industry\u2019s staunchest allies. Most notably, he slammed the Securities and Exchange Commission (SEC) for being \u201cpower hungry\u201d and attempting to \u201cjam [crypto companies] into a violation.\u201d Emmer also questioned the Treasury Department\u2019s decision to ban privacy protocol Tornado Cash and asked what kind of recourse law-abiding U.S. citizens could resort to unfreeze blacklisted funds. Emmer\u2019s letter may have been one of the reasons why the Treasury subsequently issued clarifications over the sanctions on its website. Besides vocally advocating for the industry, Emmer has introduced over 10 crypto-related bills since 2019. Emmer is highly favored to win the race.<\/p>\n<h2>Ron Wyden vs. Jo Rae Perkins<\/h2>\n<p>Rep. Ron Wyden (D) is running against Jo Rae Perkins (R) to represent the people of Oregon in the Senate. Wyden, now 73, has been fighting for Internet freedom since the 1990s\u2014he\u2019s the politician behind the Internet Tax Freedom Act, which for a while protected internet services from being taxed at multiple levels of government. Alongside Sen. Lummis and Sen. Pat Toomey (R-PA), Wyden filed\u00a0a crypto-friendly amendment to 2021\u2019s controversial bipartisan infrastructure bill to protect certain crypto service providers from being falsely considered \u201cbrokers\u201d and regulated as such. While the senators failed to include the entirety of the amendment in the bill, Wyden, Lummis, and Toomey can all be commended for standing up for the crypto industry during a period of high political pressure. Wyden is running for his fifth full term; he is widely expected to win against Perkins.<\/p>\n<h2>Tim Ryan vs. J. D. Vance<\/h2>\n<p>Rep. Tim Ryan (D), who has been serving as a congressman for Ohio since 2003, is running against venture capitalist J. D. Vance (R) for a seat in the Senate. While the race has gripped national attention, it is interesting for the crypto space because both candidates are openly pro-crypto. Ryan is responsible for introducing, along with Rep. Patrick McHenry (R-NC), the Keep Innovation in America Act, which aimed to provide the crypto industry with the necessary legislative leeway to keep growing in the United States. Ryan notably claimed crypto technologies were \u201csome of the most important innovations to come along in a generation.\u201d On the other hand, Vance disclosed in November 2021 that he owned between $100,000 and $250,000 worth of Bitcoin. Until recently, he was backed by billionaire Bitcoin evangelist Peter Thiel. The race for Ohio\u2019s Senate seat is tight: according to <em>FiveThirtyEight<\/em>, Ryan is beating Vance by 1.6 points, very much within the margin of error.\u00a0<\/p>\n<h2>Warren Davidson vs. Vanessa Enoch<\/h2>\n<p>Another contest in Ohio is between Rep. Warren Davidson (R) and Vanessa Enoch (D), this time for Ohio\u2019s eighth congressional district. Davidson has been raising awareness around cryptocurrencies in Congress since 2016; he has even been dubbed \u201cCrypto Congressman\u201d by <em>Bitcoin Magazine<\/em>. On numerous occasions, Davidson has taken to Twitter to comment on developments in the crypto industry. When <em>The Economist<\/em> ran an article accusing cryptocurrencies of being useful monetary vehicles for white supremacists, Davidson wrote back: \u201cSuch contempt for #FreedomMoney reveals either a shocking level of ignorance (improbable) or a highly biased agenda (almost certain).\u201d He called the creation of Bitcoin \u201ca rare and amazing feat\u201d and criticized the Trudeau government for freezing the bank accounts of Canadian protesters in Ottawa at the beginning of the year, adding that Bitcoin could only prove a useful countermeasure if people used self-hosted wallets. To that effect, Davidson has introduced the Keep Your Coins Act, which, if passed, would prohibit federal agencies from passing legislation impairing a person\u2019s right to self-custody. Davidson already beat Enoch in 2020, winning almost 69% of the district\u2019s votes; he is expected to win again.<\/p>\n<h2>Brad Sherman vs. Lucie Volotzky<\/h2>\n<p>Rep. Brad Sherman (D) is facing off against Lucie Volotzky (R) for California\u2019s 32nd congressional district. Sherman has served Congress since 1997; in recent years, he has attained a certain level of fame for his antagonistic stance towards crypto. He has called for a complete ban on cryptocurrencies, arguing that they undermine the U.S. dollar\u2019s hegemony and the U.S. government\u2019s ability to enforce sanctions against enemy states. In a particularly weird congressional session, Sherman stated that the \u201cnumber one threat to cryptocurrency is crypto. Bitcoin could be displaced by Ether, which could be displaced by Doge, which could be displaced by HamsterCoin, and then there\u2019s CobraCoin\u2014and what could MongooseCoin do to CryptoCoin?\u201d The rant prompted the launch of multiple mongoose-themed coins on Uniswap. While Sherman hasn\u2019t managed to organize proper opposition against the crypto industry, it certainly wouldn\u2019t hurt the industry for Volotzky to fill his seat. However, she has raised much less campaign money than Sherman, and her chances of winning the midterm are considered slim.<\/p>\n<h2>Honorable Mentions<\/h2>\n<p>Hundreds of congressional candidates have expressed their stance on crypto: some are staunch defenders of the technology, while others criticize it at every turn. Other notable crypto allies include Rep. Brett Guthrie (R-KY), Rep. Darren Soto (D-FL), Rep. French Hill (R-AR), Rep. Glenn Thompson (R-PA), and Rep. Ro Khanna (D-CA), all of which are running for reelection this year at the House of Representatives. For his part, current North Carolina representative Ted Budd (R) is aiming to take a step up into the Senate.<\/p>\n<p>All of these members of Congress have sponsored or co-sponsored important legislative pieces aimed at nurturing the crypto industry in the United States, including the Keep Innovation in America Act, the Digital Commodity Exchange Act of 2022, the Token Taxonomy Act, and the Blockchain Technology Coordination Act of 2021, among many others.\u00a0<\/p>\n<p>The U.S. government and its many agencies have taken escalating steps toward regulating the crypto industry. The Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) have shown a willingness to indulge in \u201cregulation by enforcement,\u201d establishing new compliance rules one lawsuit at a time. It has therefore become vital for the industry\u2019s interests to be represented in Congress by as many pro-crypto lawmakers as possible. Vote, donate, inform yourself, and engage with your community\u2014because crypto really is on the ballot this year.<\/p>\n<p><i>Disclaimer: At the time of writing, the author of this piece owned BTC, ETH, and several other cryptocurrencies.<\/i><\/p>\n<p>Share this article<\/p>\n<p>The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.<\/p>\n<p>You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.<\/p>\n<p>See full terms and conditions.<\/p>\n<p><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cryptobriefing.com\/crypto-on-the-ballot-five-midterm-elections-that-could-impact-the-industry\/?utm_source=category_feed&#038;utm_medium=rss\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Key Takeaways The U.S. government is taking an increasingly aggressive stance towards crypto regulation. Some of crypto\u2019s strongest allies at Congress are up for reelection this year. Crypto Briefing took a close look at five of the most important races in terms of their potential impact on the industry. Share this article The last two [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":7679,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[4],"tags":[],"class_list":["post-7678","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/7678","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=7678"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/7678\/revisions"}],"predecessor-version":[{"id":7680,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/7678\/revisions\/7680"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/7679"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=7678"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=7678"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=7678"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}