Bitcoin and Crypto Become a Critical Factor in US Elections: Research

A new survey by ConsenSys and HarrisX reveals that nearly half of American voters (49%) consider a pro-crypto stance important when choosing political candidates.

Additionally, 62% are willing to cross party lines for a candidate who supports pro-cryptocurrency policies.

Crypto regulation and voter sentiment

The study also found that 85% of respondents want presidential candidates to take a clear position on cryptocurrency. The results suggest that any party that recognizes this could gain significant votes in the hotly contested race.

Voters also expressed concerns 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% said they would support politicians who focus on protecting users from crypto-related scams.

Joe Lubin, CEO of ConsenSys and co-founder of Ethereum, addressed the study’s findings, stating, “There’s a myth that the crypto industry doesn’t want regulation, but that’s simply not true.” Lubin called for more regulatory clarity, noting that both sides need to recognize the importance of crypto as a bipartisan issue. “We have been operating under a cloud of uncertainty for too long,” he added.

Despite growing interest in digital assets, the study found that voters were confused about which US regulatory body currently oversees the sector. Only 15% of respondents correctly identified the Securities and Exchange Commission (SEC) as a regulator, while only 4% identified the Commodity Futures Trading Commission (CFTC). 11% of respondents believed that the US Treasury Department is responsible and another 11% believed that the industry self-regulates.

However, when asked which agencies understand the industry well enough to set crypto policies, 70% said the SEC and 67% favored the CFTC.

Cryptographic knowledge of political figures

The study also examined the public perception of US politicians’ understanding of cryptocurrency. Former President Donald Trump was rated as the most informed, with 53 percent of respondents saying he has a strong enough knowledge of the industry to set appropriate policies. That was significantly higher than the 41% who rated Vice President Kamala Harris favorably on the issue and the 36% who said the same of President Joe Biden.

Meanwhile, voters are calling for clearer and stronger anti-fraud regulations and consumer protections to boost confidence in cryptocurrency, and those concerns are consistent across key battleground states.

Fraud prevention is another top concern for voters of all political affiliations, with Democrats and cryptocurrency owners pushing for greater transparency. Independents, on the other hand, prioritize clearer regulatory guidelines.

In general, the biggest obstacle to investing in cryptocurrency is perceived risk. The report suggests that voters need reassurance to change their views.

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