- Crypto is emerging as a hot topic in the U.S. presidential election this year, with many voters looking forward to hearing their candidates takes on the asset class.
- Per a Digital Currency Group (DCG) survey of 1201 registered voters conducted last month, about one in five voters view crypto as a major issue in the 2024 election.
- Roughly 40% of voters said they want their candidates to talk more about crypto, with most respondents agreeing that crypto regulation needed an “overhaul.”
As the 2024 U.S. presidential election approaches, crypto is taking center stage. A recent survey reveals voters’ growing interest in candidates’ stance on crypto, signaling a shift in the political landscape.
Crypto: A Major Issue in the 2024 Election
According to a survey conducted by the Digital Currency Group (DCG), approximately 20% of the 1201 registered voters surveyed view crypto as a significant issue in the upcoming election. This interest comes despite only 14% of voters claiming crypto exposure and 69% admitting they lack knowledge about the asset class.
Call for More Crypto Discussions and Regulation Overhaul
Interestingly, about 40% of the voters expressed a desire for their candidates to discuss crypto more. The majority agreed that crypto regulation needs an overhaul. The survey also highlighted a lack of trust in elected officials’ understanding of innovative technology like crypto, with over half of the respondents expressing concern about policymakers stifling innovation via overregulation.
Partisan Political Deadlock Over Crypto
Currently, policymakers are in a partisan political deadlock over crypto. Democrats are advocating for strict industry rules to protect consumers, akin to those in the existing banking system. On the other hand, Republicans are pushing for tailor-made regulations with a lighter touch to prevent the industry from moving offshore.
Republicans’ Stance on Crypto
Recently, Republican candidate Donald Trump has shown support for the crypto industry, despite his past hard-line stance against Bitcoin. This week, Republicans passed a resolution in Congress to nullify SAB 121, a piece of accounting guidance backed by the Democrat-led White House that prevents banks from providing crypto asset custody services.
Increased Interest in Crypto from Regulated Firms
The DCG survey also mentioned that 50% of respondents would be more likely to buy crypto if it was offered by an established, regulated firm. This indicates a growing trust in crypto, provided it is backed by reputable and regulated entities.
Conclusion
As the 2024 U.S. presidential election nears, crypto is becoming a significant talking point. The growing interest among voters, coupled with the call for more discussions and an overhaul of crypto regulations, indicates a shift in the political landscape. However, the partisan deadlock over crypto regulations remains a hurdle. The future of crypto in the U.S. will largely depend on how policymakers navigate this complex issue.
