“Pro-crypto candidates,” should U.S. voters be worried?

Voters’ interest in crypto and its political role is pumping up as the United States Presidential election 2024 is zoning in. The digital assets industry leaders are now weighing their opinions openly on the running candidates’ stances and pledges to safeguard the market participants.

Ethereum co-founders, Charles Hoskinson and Vitalik Buterin expressed their concerns over the rising political focus on crypto. This includes regulations like MiCA in the EU and stablecoin rules in the UK, while, in the U.S. it remains the Securities and Exchange Commission’s (SEC) complex approach adds to the mix.

Hoskinson sounds the alarm

Ethereum and Cardano co-founder Charles Hoskinson has expressed concerns over Donald Trump’s entry into the DeFi space. He fears that the former President’s involvement could polarize the crypto topic that could turn it into a partisan issue. 

As per reports, he has suggested that the Democrats will try to weaponize the institutions in the U.S. to slow down and damage Trump. He added that it wouldn’t be a surprise if a Department of Justice (DOJ) investigation or the SEC go after them for the new platform. Despite Trump’s earlier criticisms of crypto, his campaign has embraced the industry as he amassed $25 million in donations. This development marked a major shift in Trump’s stance as he courts crypto voters.

On the other hand, Kamala Harris has garnered a “B” grade from the Stand With Crypto advocacy group. This comes in after she showed her support for crypto and AI innovation. Both parties are now actively engaging with the digital asset space.

Crypto views becoming key in U.S. politics

A fresh survey done by Grayscale Investments and The Harris Poll found a surge in the percentage of American voters considering candidates’ views of Crypto. It found out that the voters remain split on crypto support between parties. 45% of the crypto owners view the Democratic Party favorably while 42% prefer the Republican Party. This reflects the minimal change recorded since May 2024.

The poll discovered that awareness of crypto is on the rise as 53% of voters are familiar with it. when asked about their interest in crypto investing options, around 45% of voters stated that they are interested in Bitcoin.

Ethereum co-founder Vitalik Buterin in an early post had already urged the community to remain cautious about backing candidates purely based on their crypto-friendly stance. He even warned them against superficial political support.

He highlighted that being crypto-friendly now does not mean being crypto-friendly five years from now. He advised looking into politicians’ past views on crypto and related topics like encrypted messaging. Vitalik had suggested identifying areas where “supporting freedom” conflicts with “supporting corporations,” using the copyright wars of the 2000s as an example.