US Midterm Elections Gave California and Colorado Pro-Crypto Governors
The US 2018 midterms elections concluded with cryptocurrency as a clear winner in the gubernatorial races.
Although the tension felt during the US midterm elections this year ran high, cryptocurrency enthusiasts in the country can feel relief as two gubernatorial races resulted in governors that were friendly or sympathetic to cryptocurrencies.
In California and Colorado, respectively, candidates Gavin Newsom and Jared Polis are celebrating their victories. These two governors will be instrumental in setting the country’s tone on how cryptocurrencies are discussed in their respective states.
It’s a significant win especially in California, the country’s most populous state and one of the most crucial when it comes to presidential elections and those in the House of Representatives.
Newsom was best known for accepting campaign donations in Bitcoin and allowing prominent players in the crypto community like the Winklevoss Twins to fund previous campaigns of his, SFGate reports. He was the first prominent politician to do so, back when Bitcoin was still a niche market but nonetheless had its first large bull run to over $1,000.
The “ban the dollar” candidate
Another interesting figure in US politics is the newly elected governor of Colorado, Jared Polis. Around the time that Newsom was receiving attention for the bold move of endorsing cryptocurrencies by accepting donations in Bitcoin, Polis was making the rounds with a satirical retort to West Virginia Senator Joe Manchin, according to a report by Forbes.
After Bitcoin’s bull run to over $1,000, Manchin wrote a proposal to regulators asking them to ban or at least provide strict regulations against Bitcoin, citing its volatility and a reputation for being used in crime.
Polis wrote a response to this proposal, replacing “Bitcoin” with “US dollar bills.”
“Printed pieces of paper can fit in a person’s pocket and can be given to another person without any government oversight. Dollar bills are not only a store of value but also a method for transferring that value. This also means that dollar bills allow for anonymous and irreversible transactions,” he wrote.
A recent Europol report appears to validate Polis’ statement, finding that cryptocurrencies launder only 3-4% of illegal money. Cash is still king in criminal circles due to its lack of volatility, its high fungibility, and its anonymity.
As much as this is a win for cryptocurrencies, it’s worth noting that this is only a small victory in the end. Neither candidate has a wide repertoire in economic policy, meaning that they might be a mixed bag when it comes to issues of taxation and regulation.
However, in a previous campaign for Congress, Polis promised he would protect Bitcoin against regulatory measures by the government.