A new study by ConsenSys and HarrisX reveals that nearly half (49%) of U.S. voters believe pro-crypto stances are important when choosing a political candidate.
Furthermore, 62% indicated they would support across party lines for candidates who support pro-cryptocurrency policies.
Cryptocurrency regulation and voter sentiment
The survey also found that 85% of respondents want presidential candidates to take a clear position on cryptocurrencies. The findings suggest that parties that recognize this can win significant votes in closely contested elections.
Voters also expressed concern about the current state of crypto regulation, with 44% of respondents feeling that the Biden administration is not doing enough to support the industry. Additionally, 78% would support politicians who focus on protecting users from crypto-related scams.
Commenting on the survey results, ConsenSys CEO and Ethereum co-founder Joe Rubin said, “There is a myth that the crypto sector doesn’t want regulation, but that’s simply not true.” Rubin noted that both parties need to recognize the importance of cryptocurrencies as a bipartisan issue and called for further regulatory clarity. “For too long we have been operating under a cloud of uncertainty,” he added.
Despite growing interest in digital assets, the survey found voters are confused about which U.S. regulatory agency currently oversees the sector. Only 15% of respondents correctly identified the Securities and Exchange Commission (SEC) as the regulator, and just 4% cited the Commodity Futures Trading Commission (CFTC). 11% of respondents believe the U.S. Treasury is responsible, and an additional 11% believe the industry is self-regulating.
However, when asked which agency understands the industry well enough to set cryptocurrency policy, 70% said the SEC and 67% supported the CFTC.
Politicians’ code knowledge
The survey also examined the public’s perception of U.S. politicians’ understanding of cryptocurrencies. Former President Donald Trump was considered the most knowledgeable, with 53% of respondents saying he knew enough about the area to formulate appropriate policies. This is significantly higher than the 41% who rated Vice President Kamala Harris positively on this issue and the 36% who had a similar rating for President Joe Biden.
Meanwhile, voters are demanding clearer regulations and stronger protections against fraud and consumer protection to boost trust in cryptocurrencies, and these concerns are consistent across key battleground states.
Fraud prevention is another top concern for voters of all political parties, with Democrats and crypto holders calling for greater transparency. Independent companies, on the other hand, are prioritizing clearer regulatory guidelines.
Overall, the biggest hurdle in investing in cryptocurrencies is the perception of risk. The report suggests voters need reassurance to change their minds.
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