At a time when the crypto markets have begun to flourish again, a big win has been recorded by the new asset class in the off-market.
When the results of the just concluded U.S midterm Gubernatorial elections was released on Wednesday, two candidates who have shown support for Bitcoin in the past were elected as Governors in two U.S States - California and Colorado.
Gavin Newsom triumphed in California by winning 59% of the total votes cast by the electorates while Jared Polis beat close rival Walker Stapleton to the Colorado seat by claiming 51.6% of the votes.
Here's how the duo have been involved with the crypto and blockchain space before now.
In 2014, when Bitcoin was still in its early years, the Democrat was arguably among the first high-profile candidates to accept campaign donations in Bitcoin.
Among those who supported his campaign were the Winklevoss twins who has since then opened their crypto exchange known as Gemini. The brothers donated around $116,800 in fiat for Newsom's campaign in 2017.
The politician also opened a Bitpay page from which he accepted Bitcoin and Bitcoin Cash donations from crypto users who supported his aspirations.
While Newsom may not be the biggest of involvements in the crypto space, he has shown some belief in the invention even though there has been regulatory unclarity through these years.
With this disposition, he will likely be among those who approve any positive crypto move in California.
Also a Democrat, Jared Polis followed Newsom's steps by accepting Bitcoin and Bitcoin Cash donations through a Bitpay page for his political campaigns.
In addition to this, he dedicated an entire page of his campaign website to explain a ‘blockchain policy’ which he plans to implement if he wins the gubernatorial elections.
Among the five sectors in which he plans to introduce blockchain technology in Colorado, the outstanding ones include voters protection, Cybersecurity and improving the states Energy grid.
The candidate also promised to create a regulatory atmosphere that will prompt blockchain startups to ‘flock to the state’ and provide value to residents in the long run.
For crypto-related projects, Jared vowed, “to create a statewide safe harbor designed to exempt cryptocurrencies from state money transmissions laws.” This may include the regulatory uncertainty surrounding which crypto tokens should be labeled as ‘security’ under U.S State laws.
Without a doubt, how the new California and Colorado State Governors will bring crypto and blockchain to limelight in their respective jurisdictions will be an exciting development to keep an eye on.