Wallace is also the only full-time African American driver in NASCAR Cup Series, and has previously been vocal on political issues and causes, such as Black Lives Matter.
However, ahead of the 2024 presidential election he has refrained from commenting or endorsing a candidate.
The 47th president of the United States will be decided between Kamala Harris and Donald Trump on November 5th, with Wallace having previously opposed the latter of the two candidates following NASCAR controversy.
In June 2020, one of Wallace’s team members reported to NASCAR that a noose had been placed in Wallace’s garage stall at Talladega Superspeedway, with NASCAR contacting law enforcement immediately.
The FBI found that Wallace was not a victim of hate crime, and the alleged noose was a pull-down rope with a loop, in the style of a hangman's knot and had been in the garage since the fall Talladega race in 2019.
Whilst Wallace was relieved he was not targeted, people online, including Trump, accused him of creating a ‘hoax’, and called for him to apologise to NASCAR.
"You will always have people testing you. Seeing if they can knock you off your pedestal,” Wallace said in response.
“I encourage you to keep your head high and walk proudly on the path you have chosen.
"Always deal with the hate being thrown at you with LOVE!... Love should come naturally as people are TAUGHT to hate. Even when it's HATE from the POTUS."
Speaking to FOX News Digital, Wallace was recently asked about the US election and revealed his stance, refusing to vocalise his opinions.
"Investing my time into that seems like a waste of time," he said.
"I was definitely more vocal then because our sport was in desperate need of change."
"My beliefs stand strong in just being good humans to other people... at the end of the day we're in this world together. And we have to make it work together. And I think I've said that from day one and that hasn't changed and nor will it change.”