Crypto Voters Play Pivotal Role in 2024 US Elections

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Table of Content

In today edition we talk about

• Singapore Gulf Bank Seeks $50M for Stablecoin Firm Acquisition by 2025

• Crypto Voters Play Pivotal Role in 2024 US Elections

• Hashdex Advances Efforts for Nasdaq Crypto Index US ETF

Singapore Gulf Bank Seeks $50M for Stablecoin Firm Acquisition by 2025

Singapore Gulf Bank is reportedly seeking $50 million in funding to expand its operations and acquire a stablecoin payments firm by early 2025. According to Bloomberg, the bank plans to sell 10% of its equity and is in talks with a Middle Eastern sovereign wealth fund and other investors.

Run by Singapore’s Whampoa Group, the bank aims to use the funds to enhance its payment network, develop new products, and attract talent. The acquisition is expected to target a stablecoin company in either the Middle East or Europe.

The Middle East has become a significant player in global crypto adoption, with Bahrain, Dubai, and Abu Dhabi leading investments in the Web3 ecosystem. A recent Chainalysis report highlighted that the region accounts for 7.5% of global cryptocurrency transactions, primarily through centralized exchanges.

As the bank remains tight-lipped on its plans, the move underscores the growing interest in stablecoin technology and the broader crypto space within the Middle East and North Africa region.

Crypto Voters Play Pivotal Role in 2024 US Elections

The 2024 US elections saw a significant influence from pro-crypto voters, with roughly 270 cryptocurrency-friendly candidates winning seats in Congress, according to advocacy group Stand With Crypto. Election Day polling by Paradigm revealed that nearly half of crypto voters cast their ballots late, leaning Republican and contributing to Donald Trump’s popular vote victory with 76.8 million votes.

Trump’s campaign prominently featured crypto policy, including appearances at Bitcoin-related events and pledges to support the industry. In contrast, Democratic candidate Kamala Harris made limited public statements on crypto, focusing her campaign on other issues. Analysts suggest this cost her critical support among pro-crypto voters.

North Carolina Representative Wiley Nickel highlighted crypto’s influence in swing states, where pro-crypto Democrats won Senate seats despite Trump’s overall victories. Arkansas Representative French Hill noted that Trump capitalized on the Biden administration’s "mixed messaging" on digital assets, turning it into a galvanizing campaign issue.

Crypto-backed political action committees (PACs) also played a major role, spending an estimated $134 million to support industry-friendly candidates. The Fairshake PAC alone invested over $40 million in Ohio’s Senate race, contributing to Democrat Sherrod Brown’s loss. Former Senator Pat Toomey praised the industry’s spending as a response to regulatory uncertainty, while Rep. Nickel called for campaign finance reform to reduce the outsized influence of money in politics.

Looking ahead, Coinbase and Fairshake are already preparing for the 2026 elections, pledging millions to support pro-crypto candidates. This suggests the growing political clout of the cryptocurrency industry in shaping US policy.

Hashdex Advances Efforts for Nasdaq Crypto Index US ETF

Hashdex has filed its second amended application with the SEC for the Nasdaq Crypto Index US ETF, aiming to bring a diversified cryptocurrency portfolio to US markets. The ETF will initially include Bitcoin and Ether, the two assets currently in the Nasdaq Crypto US Index, with potential to add more cryptocurrencies in the future.

This move follows Hashdex’s earlier filing in October after the SEC delayed its decision on the ETF. Industry experts see crypto index ETFs as the next frontier, offering investors efficient exposure to the broader cryptocurrency market, similar to traditional stock index ETFs like the S&P 500.

The SEC’s regulatory stance appears to be softening after Donald Trump’s election victory, with SEC Chair Gary Gensler set to depart in January 2025. Trump has pledged to make the US the "world’s crypto capital."

Other asset managers, including Franklin Templeton and Grayscale, are also pursuing crypto index ETFs. Franklin’s ETF will track the CF Institutional Digital Asset Index, while Grayscale’s Digital Large Cap Fund, which holds assets like Solana and XRP alongside Bitcoin and Ether, is positioning itself for ETF conversion.

These developments highlight growing momentum toward broader cryptocurrency adoption within traditional financial markets.

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