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What role did crypto voters play in the 2024 US election?

According to Rep. Wiley Nickel, Democratic presidential candidate Kamala Harris could have made a “really big error” not courting voters in favor of crypto earlier.

Political analysts are still analyzing the results of the 2024 United States elections on Nov. 5, but many candidates who said they would advocate for policies favoring the cryptocurrency and blockchain industry won their respective primaries and races.

According to reporting from the advocacy group Stand With Crypto, roughly 270 “pro-crypto” candidates won seats in the US House of Representatives and Senate.

Election Day polling from Paradigm suggested that roughly half of crypto voters waited until the eleventh hour to cast their ballots, leaned Republican, and likely contributed to Donald Trump winning the popular vote with 76.8 million votes — slightly less than 50% of all votes cast. 

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After US election wins, the crypto industry looks to the 2026 midterms

Contributions from Coinbase and statements from executives suggested that crypto companies were likely to keep pouring money into future US elections. 

Though reporting varies and may still come in after all the elections are called, many experts said crypto interest groups and political action committees (PACs) spent more than $100 million through campaign contributions and media buys supporting or opposing political candidates in the United States — a strategy that is unlikely to change after 2024.

As of Nov. 7, more than 200 candidates running for the House of Representatives, Senate, and White House who had expressed support for digital assets and blockchain had won their respective 2024 races. Among some of the biggest wins crypto leaders claimed would be good for the industry included Republican Donald Trump for US President and Bernie Moreno for one of Ohio’s Senate seats. 

“The Ohio race was actually incredibly impactful and really proved just how powerful the crypto lobby is now,” Exodus chief legal officer Veronica McGregor told Cointelegraph, adding: 

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US lawmaker claims crypto PACs forced out ’important voices in Congress’

Representative Summer Lee took aim at crypto-backed Super PACs funding media buys that could have contributed to two Democratic lawmakers losing their primaries.

Pennsylvania Representative Summer Lee staunchly criticized cryptocurrency-backed political action committees (PACs) for funding ads “demonizing” candidates in 2024 primaries — often for reasons unrelated to digital assets.

Speaking at an Oct. 24 virtual event hosted by Public Citizen and Americans for Financial Reform, Rep. Lee took aim at the “influence and control” special interest groups like crypto Super PACs used to target lawmakers running for reelection in 2024.

The Pennsylvania Representative claimed that money from the digital asset industry was being used to “silence the few representatives actually fighting to hold them accountable.” 

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Mining PAC launches ad for Ted Cruz as early voting begins in Texas

More than 18 million registered voters in the Lone Star State will decide whether to replace Senator Ted Cruz with Representative Colin Allred starting in 2025.

A political action committee (PAC) backed by cryptocurrency mining executives has launched two ad spots for Republican candidates as early voting continues in the United States for the November election.

In an Oct. 21 X post, the Bitcoin Voter PAC said it was responsible for an ad supporting Texas Senator Ted Cruz as residents of the state began early voting. The ad spot claimed Cruz understood “embracing Bitcoin” without explicitly mentioning any of his opponent Colin Allred’s policies. 

Executives from crypto mining firms Marathon Digital Holdings, CleanSpark, and Riot Platforms form the board members of the Bitcoin Voter Project, an advocacy group launched in June to identify potential voters and influence crucial elections. According to Federal Election Commission records as of Sept. 30, the organization’s PAC had filed no contributions or expenditures in the 2024 election.

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‘The crypto voting bloc is not voters’ — political scientists debate election impact

Recent polling among cryptocurrency holders has candidate Donald Trump firmly ahead of his opponent but researchers are undecided about whether it even matters. 

Political science experts are having a tough time factoring in the ‘crypto vote’ when it comes to the impending US presidential election. While the experts’ opinions run the gamut from claims crypto voters will be the deciding factor in the 2024 race to those who think they’re inconsequential, they all seem to agree on one thing: the number of voters who care about crypto is growing. 

A recent article published by the Northeastern University press took on the challenge of determining just how much impact the so-called “crypto bloc” may have on the 2024 US presidential election. 

According to the political science professors interviewed, polling data suggests a decided political bent between those who hold crypto and those who don’t, but it remains unclear just how many voters consider cryptocurrency a major political issue.  

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US Democrats are ‘increasingly gravitating towards crypto’ — Poll

A poll of 804 self-identified Democrats suggested a majority favored some of the core values surrounding digital assets, as well as the US leading the world on innovation.

According to a poll sponsored by venture capital firm Paradigm, United States Democratic presidential nominee Kamala Harris has an opportunity to make “inroads with crypto owners” during her campaign.

In a poll conducted with Mercury Analytics among 804 self-identified Democratic registered voters after US President Joe Biden said he would not be running for reelection, data suggested that Vice President Harris could increase her chances of winning in November by appealing to crypto-focused voters. Of the Democrats surveyed, 27% said they were “somewhat likely” or “very likely” to purchase crypto in the next year.

According to the poll, roughly 13% of Democrats said they were undecided or intended to vote for Republican nominee Donald Trump or a third-party candidate like Robert F. Kennedy Jr. This data suggested that Harris could “win back some wayward Democrats” seemingly by distancing herself from the Biden administration’s crypto policies, such as those at the Securities and Exchange Commission.

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US senators urge CFTC to finalize ban on election betting

It comes as decentralized prediction platform Polymarket has gathered more than $500 million in bets on who will likely win the 2024 United States presidential election.

Five United States Senators and three House representatives have renewed calls for the commodities regulator to ban betting on the 2024 presidential election.

They claimed that such markets “could influence and interfere with elections and further erode public trust in democracy” in an Aug. 5 letter to the Commodity Futures Trading Commission Chair, Rostin Benham.

“We urge you to promptly finalize and implement this rule to prevent the commodification of U.S. elections.”

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‘Cast a vote, but don’t join a cult’ — Edward Snowden at Bitcoin 2024

The former National Security Agency contractor did not name any particular US or international lawmakers but warned many didn’t belong to the “tribe” of Bitcoiners.

Edward Snowden, the former National Security Agency contractor who has been in exile in Russia since 2013, warned attendees at the Bitcoin 2024 conference about politicians trying to woo them over crypto.

In a July 26 speech held virtually at the crypto conference, Snowden said many lawmakers were trying to earn the “love” of Bitcoiners, hinting at those attending the Nashville event. He did not explicitly refer to US or international politicians, though US Senators Bill Hagerty, Cynthia Lummis, and Tim Scott addressed attendees in different panels shortly before Snowden spoke.

“Cast a vote, but don’t join a cult,” said Snowden. “They are not our tribe. They are not your personality. They have their own interests, their own values, their own things they’re chasing. Try to get what you need from them, but don’t give yourself to them, even if you have to vote for them.”

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Crypto think tank launches voting project to support ‘right candidates’

The Digital Future project did not endorse specific candidates or political parties, but its CEO ran as a Republican in a 2022 congressional campaign associated with FTX.

Michelle Bond, the CEO behind a crypto-focused think tank in Washington, DC and the partner of former FTX Digital Markets co-CEO Ryan Salame, announced the launch of an initiative “to boost voter registration and crypto education” in the United States.

In a July 24 notice, crypto think tank Digital Future said it would initially target US voters in Arizona, Nevada, Wisconsin, Minnesota, Georgia, Michigan, Pennsylvania, and North Carolina as part of Project Swing. According to Digital Future, the voter project aims to “activate support for pro-crypto candidates” ahead of the 2024 election season, which is already in full swing nationwide.

Bond said in an X post that the project would help “ensure the right candidates are elected” related to policies on financial freedom. Cointelegraph reached out to Digital Future for comment but did not receive a response at the time of publication.

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What crypto policies can voters expect from potential VPs under Kamala Harris?

Despite endorsements from major party leaders, the top and bottom of the Democratic presidential ticket have yet to be fixed.

Though United States Vice President Kamala Harris has yet to officially win the Democratic nomination for president in 2024, many experts suggest she has an excellent chance to be the party’s candidate, facing off against Republican Donald Trump in November.

At the time of publication, it was unclear whether the Democratic National Convention (DNC) would hold an open primary — allowing any candidate to potentially win the delegates for the top of the ticket — or conduct a “virtual roll call” to decide on a nominee before a critical state deadline. The DNC is scheduled to begin on Aug. 19 in Chicago. However, Ohio’s election laws require parties to certify their presidential tickets by Aug. 7, suggesting that Democrats may take steps to ensure Harris is nominated outside of an open convention.

With the endorsement of US President Joe Biden, Senator Elizabeth Warren, Representative Nancy Pelosi, and many Democratic leaders, Harris may become the party’s candidate in 2024. Until the nomination is official, certain Democrats have a chance of being at the top of the ticket or potentially vice presidential candidates under Harris.

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