How Crypto May Swing the November Elections

Even if you care nothing about crypto, it is important to recognize that crypto voters have now mobilized into a powerful and increasingly unified political force that is likely to significantly influence, if not outright shape, the outcome of 2024’s presidential and congressional elections.

On May 31, President Joe Biden vetoed a joint congressional resolution (easily passed by both the House and Senate) that would have repealed an onerous Securities and Exchange Commission (SEC) accounting guideline that prevents banks and other regulated financial institutions from holding digital assets such as Bitcoin (BTC) or Ethereum’s token (ETH) in custodial accounts for their clients.

Banks asserted, and Congress agreed, that the administrative rule (it is not a law) has a chilling effect that inhibits financial institutions from serving the digital asset industry and working with their customers who want to interact with it.

The veto was the latest in a long series of anti-crypto actions taken by the Biden administration and the SEC, and this hostile stance is now seemingly backfiring on the entire Democratic Party and their hopes for November’s elections.

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