In a recent poll on the role of crypto in the US 2024 Presidential election, nearly half of the voters polled declared that they expected to include crypto in their portfolios.
Spot Ethereum ETF approval even took SEC by surprise
The approval of the Spot Ethereum ETFs took many by surprise, including, if rumours are to be believed, the Securities and Exchange Commission (SEC) itself. With only three days to go before the deadline for the decision, applicants had still not been contacted by the SEC to ask the customary questions on their proposed funds. However, something drastic must have changed Chairman Gary Gensler’s mind at the last minute, and all the ETFs were then approved at record speed.
What could have caused this change of mind for an SEC chair who, throughout his tenure, has made absolutely no secret of his dislike for crypto?
It was doubtless a call from someone within the Biden administration (also extremely anti-crypto) who possibly told Gensler to get the Spot Ethereum ETFs approved in short order.
Crypto becomes an electoral red-hot potato
Of course, a court date would almost definitely have been made by certain parties who would have taken the SEC to task in a court of law in order to ask why they would not approve these funds, and the SEC would have been batting on a very sticky wicket indeed, given the terrible drubbing they received from Grayscale in the case for the Spot Bitcoin ETF approval.
However, it most probably wasn’t even this that prompted the presumed phone call from the Biden administration. It was simply that it had probably finally sunk in that crypto was going to be a red-hot potato in the coming election, and that if you got on the wrong side of this, you would be facing certain defeat.
Senator Elizabeth Warren must have been choking on her dry toast, when she was informed of the radical 180 degree turn in an administration policy of which she herself was the principal architect.
Grayscale’s Harris Poll shows how interested voters are in crypto
Harris Poll recently organised a survey, sponsored by Grayscale, which tested voters’ opinions on crypto, and the effect this could have on the upcoming US presidential election.
It was discovered that two important events had certainly registered with voters, and these were the Spot Ethereum ETF approvals, and the Bitcoin halving.
According to the survey, nearly 1 in 3 voters had been prompted to become more interested in Bitcoin or crypto after the Spot Bitcoin ETF approval. Also, nearly half of them (47%) expected to include Bitcoin and/or other cryptocurrencies in their portfolios.
It also appears that the very negative stance on crypto taken up to now by the Biden administration, has not been particularly noticed by voters, given that crypto ownership among Democrats and Republicans is practically equal, and the voters polled do not see which party is the more favourable towards crypto.
Inflation and the economy are uppermost
On the subject of which issue most concerned US voters, inflation, followed by the economy, were seen to be the most worrying. Given that Bitcoin and crypto certainly fit into the financial scene, this new asset class is certain to play a major role in the November election.
With 62% of Gen Z and Millennial voters believing that crypto and blockchain technology are the future of finance, how the Republican and Democrat candidates treat this subject is likely to be crucial.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
