The recent Midterm elections in the USA have seen some changes as the Democrats were able to gain the House of Representatives, yet the Republicans held onto the Senate. It is hard to decipher who was the outright winner there. However, in cryptocurrency terms, there was a clear win for blockchain-based digital tokens.
There were wins for pro-Bitcoin and blockchain believers in California and Colorado on behalf of the Democrats, which could help bolster blockchain and Bitcoin adoption. The technology has moved along so much that there are regulators and government agents who are strong believers and could help boost it from their positions of power.
In Colorado, Democratic candidate Jared Polis won his race and is believed to be a huge supporter of blockchain. In California, Gavin Newsom won, and he has been known to accept Bitcoin donations.
The fact that these influential men are open to the potential of Bitcoin and blockchain—and have the power to institute orders that can help bolster the technology—is important. The next wave of adoption has to come with the approval of regulators and governments, and to have these types of people in positions of power is the beginning.
Boost in Colorado
In Colorado, Polis bested Republican Walker Stapleton in a tight race. Polis is apparently an ardent supporter of Bitcoin’s underlying technology blockchain.
“My goal is to establish Colorado as a national hub for blockchain innovation in business and government. I believe strong leadership will put Colorado at the forefront of innovation in this sector—encouraging companies to flock to the state and establishing government applications that save taxpayers money and create value for Colorado residents,” Polis wrote.
Looking deeper into Polis’ position on blockchain, one can clearly see he is respectful of the power that the decentralized network can bring, but wants it to work within the regulations provided. At the same time, he also wants to use the current laws to make a better environment for cryptocurrencies and blockchain.
“Similar to Wyoming, I will work alongside the legislature to create a statewide safe harbor designed to exempt cryptocurrencies from state money transmissions laws, and I will work to establish legislation that protects “open blockchain tokens” or cryptocurrencies that are exchangeable for goods and services,” the newly elected governor said.
Similar situation in California
In California, Newsom made it known he was an early Bitcoin adopter, stating back in 2014 that he would accept Bitcoin for his campaign, but found it hard to explain just what it was back then.
Congratulations to early Bitcoin adopter @GavinNewsom on being elected Governor of California!— Francis Pouliot (@francispouliot_) November 7, 2018
"I should promote the technology ever so subtly by saying I'll accept bitcoin in the campaign". "I'm ready for it". "But how the hell do I explain it to anybody?" - 2014 pic.twitter.com/4RLGa9BdMf
California’s win with a pro-Bitcoiner is important, as Northern California and its Silicon Valley is widely regarded as home to some of the largest technological and financial technology innovation companies in the world. Coinbase is also based in San Francisco, California.
Power to innovate
With these Bitcoin believers now in power in two important states, it is more than likely that there will be much more room for innovation rather than restriction.
Freedom to participate and innovate is crucial for the growth of a crypto economy, and while other states may be focused on collecting fees and restricting the activities of crypto exchanges and other types of crypto businesses, California is still free from overly restrictive laws like the BitLicense in New York.