Author: Daniel Kuhn, CoinDesk

Translation: Felix, PANews

An online survey by the venture capital company Digital Currency Group (DCG) shows that over 20% of voters in several swing states consider cryptocurrency a key issue in this year's U.S. election. This poll indicates that cryptocurrency is gradually becoming one of the factors influencing elections, with more and more politicians expressing support or criticism towards cryptocurrencies. This is in stark contrast to the previous U.S. election.

Furthermore, cryptocurrency is increasingly being taken into consideration by candidates. Former U.S. President Donald Trump has changed his previous critical stance on cryptocurrencies, perhaps because he sees the crypto industry as a potential powerful ally (and profitable). Candidate Robert F. Kennedy has also become a staunch supporter of Bitcoin.

Interestingly, according to an online survey commissioned by DCG in early April from Harris Poll, cryptocurrency seems particularly important in several key states such as Arizona, Michigan, Montana, Nevada, Ohio, and Pennsylvania. One-third of voters with a "positive" view of cryptocurrency believe that politicians should prioritize regulating cryptocurrencies.

Julie Stitzel, Senior Vice President of Policy Business at DCG, stated in a release, "These data indicate that cryptocurrency is a top concern for swing state voters in the Senate, and taking a pro-cryptocurrency stance is positive for policymakers and candidates." "This survey also emphasizes that voters strongly desire to protect consumers without stifling innovation and that decision-makers should enact reasonable regulations."

At the time of this data release, some cryptocurrency companies and influential advocates are increasingly acknowledging the political risks associated with cryptocurrencies. For example, in October last year, potential voters helped raise over $2 million for Stand With Crypto, a nonprofit organization led by Coinbase, aimed at influencing state and federal cryptocurrency policies.

It is reported that Super Political Action Committees are focusing on eliminating or influencing cryptocurrency skeptics, such as Senator Sherrod Brown. He faces a tough re-election battle in Ohio. Fairshake may be the largest cryptocurrency Super PAC, which has stated it will invest resources in four Senate races this year: Maryland, Michigan, Montana, and Ohio.

Potential Backlash?

While fighting for one's beliefs is a noble cause, the public often feels disgusted and uneasy about money flowing openly into politics. After the FTX scandal, this may be especially true for cryptocurrencies, as SBF (Sam Bankman-Fried) has funded at least one-third of Congress members and poured funds into national campaigns.

Moreover, no one can guarantee that once politicians are in office, they will act or support what they said during the campaign. Take Gary Gensler, for example, due to his teaching courses on the crypto industry at MIT, it was expected that he would be a more lenient chairman of the U.S. Securities and Exchange Commission (SEC), but the reality turned out to be the opposite.

So it can only be said that if power can be bought, it can also be sold.

Related Reading: "Buying Power" for "Superpowers": Decrypting How Crypto "Mega-Donors" Influence U.S. Elections?