Summary:
- The 2022 midterm election performed more like a continuation of the 2020 Presidential election than a traditional midterm.
- Our polling showed that voters will take into account a candidate’s view on crypto, and the Digital Future Award recipients made it clear where they stood.
- The foundation built over the past two years will carry over into 2023 – every single one of Crypto Council’s Digital Future Recipients who were up for election, got re-elected.
The funny thing about election predictions….there is a truth test. It’s called election day. Prior to the election, we at the Crypto Council for Innovation (CCI) predicted that control of the United States Senate would be a coinflip and that Republican control of the House of Representatives looked more and more like a lock.
With the results now mostly in, the Senate will remain under the control of a Democratic Majority thanks to the tie-breaking role of the President of the Senate. The coinflip prediction was pretty accurate. The House will presumably be led by a Republican Majority, but the lock is looking more like a twist-tie. With a majority ranging somewhere between 219-221, the GOP majority will be easy to unwind if the conference lacks discipline and unity.
So what happened? During a twitterspace hosted by CCI the day after the election, it was noted that 2022 election performed more like a continuation of the 2020 Presidential election and less like a traditional midterm in which the majority party that shares the same party as the White House loses ground.
Independent voters either didn’t show up or didn’t vote for Republicans like some pollsters predicted, and Democrat voters turned out in big numbers, motivated by abortion and Donald Trump amongst other issues.
Then there is Nevada. Republicans always seem to poll better in Nevada than they actually perform on election day and this election proved to be no different, as Adam Laxalt led in polling but lost where it actually matters, the vote.
After midterms, the Crypto Congress will play a role in our shared digital future
What remains true is that we lose a respected champion in Senator Pat Toomey to retirement. But Sen-elect John Fetterman has been a strong advocate for digital assets and CCI looks forward to working with him. We also gain a powerful member with strong opinions on the industry, Congressman Patrick McHenry, as Chairman of the House Financial Services Committee.
We predicted the need for a two-prong strategy for policy. One focused on the lame duck session and one which focuses on the new Congress. With Democratic control of the Senate, along with significant post-election industry developments, it looks less likely that the lame duck will serve as an opportunity for legislation. But the legislative focus for the new Congress grows even more important.
CCI is very excited that, with the exception of Senator Toomey who is retiring, every single one of CCI’s Digital Future Recipients who were up for election, got re-elected. Sen. Ted Budd will be moving to the Senate from the House, but all of them will be coming back to Congress.
Our polling showed that voters will take into account a candidates view on crypto when they choose for whom they will vote, and the Digital Future recipients made it clear where they stood and were rewarded with victory as a result. Building on this core group of leaders, CCI will work with newly elected members to develop policies that provide clarity and consistency as it relates to digital assets and Web3.
Most importantly is the proof of concept this election provided. CCI made clear from its inception that our goal was – and is – to build a non-partisan environment where data and policy come together. The partisanship of crypto is crypto – its not blue or red, not Republican or Democrat. It is all of the above. Our Digital Future recipients hail from both sides of the aisle, and in an environment where split majorities stand on a razor’s edge.
While it is early days and there are many important issues on the minds of voters across the country, crypto’s potential is an issue. Congress is a critical component to ensuring consistency and clarity in the digital future and the data shows us that people want action. Working together, it’s possible for the US to build more pathways to spur meaningful economic growth, and secure a digital future where crypto’s full potential is realized through careful conversation and smart policy. CCI looks forward to the next Congress where we will continue to lead through the strength of our ideas, built and developed by experts in the field.
