Why cryptocurrency owners could impact the US presidential election

For the first time, cryptocurrency could play a role in the choice of the next American president. As digital currencies become more mainstream, crypto investors are emerging as a key new voting bloc.

Between 7% and 21% of Americans own cryptocurrencies, which equates to 18 million on the low end and around 50 million on the high end. According to a study by crypto exchange Gemini, 73% say a political candidate's stance on the industry will influence their vote.

The ability for crypto voters to shake things up is particularly notable in swing states. Organizations like Stand with Crypto, a pro-crypto political action committee, are recruiting “crypto advocates” in critical battleground states. In fact, Arizona and Georgia each have three times as many of these supporters as the number of votes President Biden won in 2020.

“More and more people are turning to digital assets every year. The product is here and it's not going away,” said Patrick Gerhart, president of banking at digital bank Telcoin. “Understanding voters and their needs will be vital for any politician.”

This growing influence is a reality that the crypto industry is looking to capitalize on this election. FairShake, a PAC backed by big digital asset players like Coinbase and Ripple, has raised more than $200 million to help elect pro-crypto candidates. The next four years will play a crucial role in shaping regulations, which is why the industry is spending so much.

“Ideally, the administration is not only pro-crypto, but also knowledgeable,” Gerhart said. “Competent administration in this area will not only help everyday users of digital assets, but also regulators.”

Presidential candidates are taking note. Donald Trump is actively courting the community, presenting himself as the first pro-crypto leader. Despite once calling the space a scam, the former president has pledged to establish a bitcoin reserve and ease regulations. Trump even headlined the world's largest Bitcoin conference, although some crypto supporters question whether he will deliver on his promises.

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In contrast, the Biden-Harris administration is generally considered anti-crypto. Regulatory measures and vetoed bipartisan legislation have raised concerns among advocates, who say current leaders do not fully understand or support the industry's potential.

“The Biden administration will likely be remembered as one of the most politically hostile toward the crypto industry,” said Todd Ruoff, CEO of Autonomys, a decentralized data network. “The lack of clear regulatory guidelines has created uncertainty, stifled innovation and caused some companies to leave the United States. »

Although Vice President Kamala Harris has spoken with crypto industry leaders, she has not announced any campaign policies. This left many in the industry unsure of what a Harris presidency would mean for the future of crypto.

“Trump has taken a recurring, more supportive tone,” Ruoff said. “Neither candidate may be the crypto industry’s dream, but we hope one will be less of a nightmare than the other.”

Although the 2024 election could be the first time crypto voting counts, it is unlikely to be the last. Candidates who embrace this change could find themselves shaping both the future of the industry and their political fortunes.

More from Kelly O'Grady

Kelly O'Grady is a CBS News MoneyWatch correspondent.

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