Pro-Crypto Candidates Elected As Governors In California And Colorado

The cryptocurrency industry could be among the big winners in this week's U.S midterm gubernatorial elections, with two of the winners known to be pro-cryptocurrency.

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The cryptocurrency industry could be among the big winners in this week’s U.S midterm gubernatorial elections, with two of the winners known to be pro-cryptocurrency.

The U.S states of California and Colorado have elected crypto friendly candidates as governors during the midterm gubernatorial elections, news outlet TrustNodes reported on November 7.

Together, these two states consist of over 45 million Americans, representing close to 14% of the total U.S. population according to 2017 estimates.

Crypto-friendly wins in California and Colorado

California – Gavin Newsom

In California, Democrat Gavin Newsom defeated Republican John Cox, winning by 59.3 percent of the vote.

Newsom’s crypto roots go as far back as four years ago, The Sacramento Bee, a local newspaper reported. The newly-elected governor was reportedly among the first politicians to accept campaign donations done in crypto, doing so in 2014 when he accepted Bitcoin (BTC) donations.

Notably, the California governor-elect has received campaign support from the Winklevoss twins Cameron and Tyler. The Gemini exchange founders reportedly donated a total of $116,800 towards Newsom’s campaign in 2017.

Even though the crypto entrepreneurs gave their donations fiat currency, the Democratic candidate turned governor-elect is said to have maintained a BitPay page that allowed his supporters to donate in Bitcoin (BTC) or Bitcoin Cash (BCH).

Colorado – Jared Polis

The Colorado electorate also elected a pro-crypto Democrat as their governor. In the election, Democrat Jared Polis beat Republican Walker Stapleton, garnering 51.9 percent of the voter support against the challenger’s 44.5 percent.

Polis also maintained a Bitpay page that allowed him to accept crypto-based campaign donations.

The Colorado politician’s crypto agenda was clearly stated on his midterm elections campaign website. The site devoted an entire page to the Polis’ Blockchain Policy, in which he outlines five key areas that he plans to focus on promoting the use of blockchain technology in the state.

  1. Voter Protection // Bolster Colorado’s Cybersecurity
  2. Regulatory Sandbox and Securities
  3. Energy Load Balancing
  4. Government Transparency // Digitize Government Records
  5. Council for the Advancement of Blockchain Technology Use

The former Congressman’s five-point agenda include voter protection, cybersecurity infrastructure, and improving Colorado’s energy grid via adoption of blockchain-based solutions.

He also pledged to support the use of public ledgers to make state contracts, and expenditure, among other government processes, become more transparent than is the current case.

Polis, who has been a member of the Blockchain Congressional Caucus, also said that he would seek to establish regulatory sandboxes and turn the state into “a national hub for blockchain innovation.”

The move would persuade blockchain firms and enterprises to “flock to the state,” with the result being that it leads to the development of “applications that save taxpayers money” and in the process “create value for Colorado residents.”

Crypto “safe harbor”

Regulatory challenges continue to make it hard for crypto-focused businesses to operate in many jurisdictions but Polis wants to change that for Colorado.

His campaign pledge envisioned the state a “safe harbor designed to exempt cryptocurrencies from state money transmissions laws.”

He aims to create a legislative environment that protects “cryptocurrencies that are exchangeable for goods and services,” without exposing them to the arduous licensing requirements as is under existing securities laws.

Polis’ blockchain policy seeks to emulate the state of Wyoming that defined crypto assets as “Utility Tokens” and in March had its senate pass a Bill that aimed at exempting crypto assets from the state’s securities regulations.

Newsom and Polis’ wins as governors could constitute a big step forward for the cryptocurrency industry, though much still depends on what happens in the rest of the country.

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