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Mulvaney predicts fascinating crypto impact on elections

Mulvaney predicts fascinating crypto impact on elections

GrafaGrafa2024/10/24 06:40
By:Mahathir Bayena

Mick Mulvaney, the former acting White House Chief of Staff under Donald Trump, recently shared insights on the evolving role of cryptocurrency in U.S. politics. 

In an interview on NewsNation on October 23, he emphasised that the crypto industry transcends traditional political boundaries, appealing to both Democrats and Republicans. 

Mulvaney noted that the political landscape is shifting, stating, “Crypto doesn’t fit neatly into the old Republican, Democrat sort of silos.” 

He pointed out that lawmakers must realign their interests to adapt to this new industry, which is beginning to mature. 

Reflecting on the evolution of crypto lobbying, he remarked, “Four years ago, their effort in DC was effectively people sitting in their basements writing nasty letters to their lawmakers. Now, they have professional operations.” 

Mulvaney highlighted that both Trump and Democratic Vice President Kamala Harris have expressed support for the cryptocurrency sector ahead of the upcoming election. 

Current polls indicate a close race between the two candidates in key battleground states, potentially impacting the Electoral College outcome. 

Having left the White House prior to the 2020 election, Mulvaney has since served as the U.S. special envoy for Northern Ireland and resigned following the Capitol riots. 

He anticipates that the influence of cryptocurrency will be intriguing to observe in the 2024 election cycle and beyond, particularly as interest groups increase their financial contributions to candidates. 

Political action committees like Fairshake and Defend American Jobs have reportedly spent millions on advertising to support pro-crypto candidates. 

As the election approaches, PACs and industry executives are making concerted efforts to sway voters towards candidates who favor cryptocurrency policies. 

The Bitcoin (CRYPTO:BTC) Voter PAC has launched ads endorsing Trump and other candidates, while Ripple (CRYPTO:XRP) CEO Brad Garlinghouse has urged Massachusetts voters to support lawyer John Deaton against incumbent Senator Elizabeth Warren.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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