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Cryptocurrency: A Clear Winner in the 2018 Midterm Elections

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Election Day volatility is finally behind us.  We don’t have to hear about blue waves or red waves, or tsunamis any more.  The Democrats won the House. The Republicans still control the Senate. And whether or not the results don’t sit well with you, the good news is that it’s finally over.  No more late-night calls or aggravating commercials. No more televised debates.

Granted, we now have a split Congress, which could make things “fun.”

While there are clear winners and losers, one of the biggest winners may just be cryptocurrency.

In fact, three new governors and two incumbents now in office are crypto-friendly.

The blockchain and crypto advocacy group Digital Asset Trade Association (DATA) surveyed 2018’s gubernatorial candidates.  They published findings based on the politicians’ responses.  And it looks like several new cryptocurrency supporters are taking office.

According to DATA, 2018 will see several crypto-friendly governors, including Gavin Newsom (D) and California Jared Polis (D) Colorado. A few other  re-elected incumbents, Gina Raimondo (D) Rhode Island, and Greg Abbott (R) Texas, have also taken positive stands.

There were 12 criteria in total for the candidates’ crypto-scorecard

These included overall impressions such as being “in favor of blockchain-friendly policies to attract blockchain to their states”.

Other criteria includes more specific laws, like supporting blockchain data as evidence in court or “recognizing the legal enforceability of smart contracts”.

Polis may be the biggest standout, since he already has an impressive pro-crypto record

He was a member of the recent Congressional Blockchain Caucus.  They of course petitioned the SEC and other major lawmaking bodies to set clear rules for cryptocurrency to help promote its growth in the U.S.

He’s also seeking a tax exemption for crypto purchases. Polis also wants to see government records digitized with blockchain.

Gavin Newsom is promising as well, and he has been pro-Bitcoin since 2014

Initially he was accepting crypto for his campaign, before the enforcement of a ban. He also thinks the government should make use of blockchain technology, stating that “government information and services at every level should be thoroughly ‘digitized,’ enabling citizens to conduct business with public agencies online.”

Of course, there were several losses in terms of candidates who are more pro-crypto as well. Other candidates had positive results, but have not necessarily been quite as vocal about cryptocurrency as part of their platform.  Lastly, it should be noted that the report did not cover all 50 states, and a number of candidates did not return the survey.

Still, it might surprise some to know that besides being an interest to lawmakers and corporations, crypto is also an issue for political candidates

As a matter of fact, it’s a key issue for the Libertarian Party’s John McAfee.  McAfee is rumored to be running for President in the 2020 primaries, taking a stance on cryptocurrency in terms of personal liberties.

While a few governors who are proponents of crypto and blockchain may seem like only a small victory, it’s undoubtedly important progress.  Growth for cryptocurrency moves laterally, through government, industry, private wealth and exchange, and other sectors.


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