The Senate, House, and governorship races have all heated up in anticipation of the next midterm elections in the United States on November 8, 2022. Recent state surveys indicate that Americans want Republicans to win at least the House of Representatives despite the Senate being evenly divided between Republicans and Democrats with Vice President Kamala Harris’s decisive vote favouring the Democrats.
President Joe Biden might find it difficult to approve his new crypto framework, which is in its infancy if the Senate changes and the Democrats’ influence would be severely curtailed. Due to the historically poor midterm results for the Democrats, and president Biden’s current approval rating of 42.3%, Republicans have a very good chance of winning.
The midterm election outcomes in states with pro-crypto candidates will be closely watched by cryptocurrency supporters. Republicans in general have advocated crypto-friendly policies, including Blake Masters, Theodore Budd, and Tom Emmer.
A recent poll reveals that Masters is losing ground to competitor Mark Kelly in the race for the Arizona Senate seat.
Masters, a pro-crypto Republican candidate, has long criticised his Democratic rivals’ strategy for attempting to impede the growth of the crypto business. Additionally, he appreciates blockchain’s decentralised character while advocating legislation to stop fraud.
On August 15, 2022, Masters owned Bitcoin worth between $600,000 and $1.2 million. The Verge reports that he also owns Tezos, Filecoin, Ethereum, Bitcoin, and Bitcoin Cash.
One of the four senators not standing in this election is Pat Toomey, a supporter of stablecoin regulation. Such lawmakers claim that they have lost faith in the parliamentary process. More than 50 cryptocurrency bills are pending in Congress.
At a speech in Iowa on November 3, 2022, former U.S. president Donald Trump suggested that he would declare his candidacy for the 2024 presidential elections on November 14, 2022. Stock markets saw a boom during Trump’s first term, and considering that they recently correlated with stock markets, this might help cryptocurrency restore its prior footing.