As Mexico gears up for its largest election to date, with 100 million voters selecting 628 officials, crypto-related matters remain on the periphery of the political discourse. The leading candidate, former Mayor of Mexico City Claudia Sheinbaum, is expected to maintain her party's stance on crypto, prioritizing consumer protection over explicit legislation.

The future trajectory of crypto in Mexico hinges on the outcome of the presidential race, as incumbent President Andres Manuel Lopez Obrador is ineligible to seek re-election under constitutional constraints. The three-way contest for the presidency features Sheinbaum of the ruling Morena party, Senator Xóchitl Gálvez representing the Strength and Heart for Mexico coalition, and former legislative deputy Jorge Álvarez Máynez from the Citizen Movement party.

Polls indicate that Sheinbaum holds a significant lead in the presidential race, with Gálvez and Máynez trailing behind. Sheinbaum has expressed confidence in maintaining strong economic ties with the United States, regardless of whether Donald Trump or Joe Biden holds office, given Mexico's status as the largest recipient of remittances from the U.S.

Her party's approach to crypto has been cautious, with a focus on financial integration and security rather than comprehensive legislation. While a 20% tax on crypto gains has been implemented, there is no overarching regulatory framework. However, regulations mandate that cryptocurrency exchanges adhere to global anti-money laundering and counterterrorism financing standards.

Sheinbaum's party has indicated an interest in regulating blockchain technology to enhance security within the ecosystem. Nonetheless, even if one of the other contenders secures victory, crypto may not emerge as a top priority amidst pressing issues such as cartel violence, corruption, and migration, which have dominated the pre-election landscape, with numerous candidates falling victim to violence.