Here’s what you should know about the upcoming US midterms: Law Decoded, Oct. 31–Nov. 7
The United States will go to the voting booths on Nov. 8 to decide the fate of all 435 members of the House of Representatives and 34 out of the 100 Senate seats. The outcome will decide the prevailing power balance in Washington and has the potential to affect the crypto industry. Perhaps that’s why 38% of eligible voters will consider candidates’ positions on crypto, according to a recent survey. Another survey suggests that crypto regulation is a bipartisan issue, with 87% of Democratic and 76% of Republican respondents saying they want clarity from the U.S. government on digital assets.
Fundraising is a normal part of the American political system, but the numbers associated with crypto may have raised some eyebrows. Sam Bankman-Fried called $1 billion his “soft ceiling” for 2022 election contributions, for example. Even though he backpedaled on some of his intentions, he remains the sixth-largest donor in this election cycle. There are numerous crypto-related political action committees as well. According to some reports, crypto-affiliated donors have spent more than major mainstream lobbies like defense and Big Pharma.
With the nonpartisan nature of crypto being somewhat of a cliche, there are clear signs of political divisions. First, crypto tends to skew to the Right. An analysis of legislators’ agendas shows that Republicans are generally way more friendly to digital assets. Why? Read Cointelegraph’s full review of the upcoming midterm elections and their relation to crypto.
Chinese central bank governor Yi Gang claimed that while the country moves forward with adopting its central bank digital currency (CBDC) — the digital yuan — privacy protection remains “on the top of the issue.” He went on to describe the
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