Crypto Kingmaker in Close Contests

Ramp Network's CPO Ziad El Baba shares his views on the growing influence of crypto-friendly voters in U.S. elections and the role of product innovation

Kamala Harris has reportedly vowed to support cryptocurrency growth measures if elected U.S. president. This development has sparked speculation about the expanding influence of crypto-friendly voters in U.S. elections. As a seasoned industry expert with a nationwide business, how do you assess the likelihood of crypto-inclined voters shaping the election’s outcome?

It is definitely an exciting time for crypto in the US. The growing importance and popularity of digital assets in the world’s biggest market means it’s a strategic focus for many businesses, including Ramp Network.

The entire Web3 industry is watching closely as the US election unfolds. The broad endorsement of both Donald Trump and Kamala Harris is a rare alignment of the two warring parties. It clearly signals that this is an important issue for a significant segment of the electorate and that they believe crypto-inclined voters could influence the outcome of U.S. elections.

This makes sense as, according to research by Security.org, cryptocurrency awareness and ownership rates have increased to record levels in the US: 40% of American adults now own crypto, up from 30% in 2023. During the last election in 2020, ownership rates were around 8%, an impressive 400% growth since then. This research suggests that 93 million people already own cryptocurrency. Among current crypto owners, around 63% hope to obtain more cryptocurrency over the next year.” In addition, given the youthful demographics and comparative social reach of cryptocurrency advocates, they make themselves a particularly appealing voter segment. They could be particularly impactful in closely contested races, making the crypto community a force to be reckoned with in future elections.

At first glance, it seems likely that Kamala intends to support the industry through regulation to protect consumers whereas Trump takes more of a deregulation stance. However, neither has laid out any plans of substance.

Initially, the crypto market dropped following polls that suggested that Harris won the first presidential debate. This response implies that the market is more optimistic about a Trump presidency due to his more overt backing of Bitcoin. However, the way the market recovered from this dip signals that the underlying issue is uncertainty, and the growth of the crypto industry is not contingent on the success of either candidate.

Beyond the election, the Senate majority leader Chuck Schumer has also signalled that he wants to pass crypto legislation before year-end. Cryptocurrency has become a US political issue, but as the industry is decentralized and global, it will remain bi-partisan, despite the efforts of either candidate.

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