Yesterday’s midterm elections in the US brought some talk surrounding crypto, with some commentators bringing skepticism to bear around crypto campaign contributions. Coming through the other side of the US midterm, the election of a number of pro-crypto politicians, have brought some stability and optimism to the crypto market.
The election in Colorado, as reported earlier resulted in the victory of Governor Jared Polis, who has been a blockchain evangelist for a while- having said at one time, ‘My goal is to establish Colorado as a national hub for blockchain innovation in business and government.’
Congratulations to early Bitcoin advocate @jaredpolis on being elected Governor of Colorado!— Francis Pouliot (@francispouliot_) November 7, 2018
"Polis said that he will use his powers in Congress to fight against any attempts by the government to enact policies that restrict the growth of bitcoin" - 2014 pic.twitter.com/LOjTsYwiyK
Similarly, in California, the newly elected Governor Gavin Newsom is vocally pro-blockchain, and like Polis, has solicited campaign donations in cryptocurrency.
Both of these states are hubs of the technology sector, especially California’s Silicon Valley, so the election of pro-crypto governors who wish to represent their fintech constituency may not be surprising, but its already having an effect on the market. According to NewsBTC, Bitcoin has seen marked stability immediately following the election, which has cemented recent gains and also proven a boon to altcoins.
With pro-crypto politicians continuing to infiltrate Washington, its only a matter of time before regulatory clarity and even government adoption of blockchain technology starts to be discussed more seriously inside the Federal government.