Cryptocurrency is gradually becoming a crucial issue for candidates in the US elections as the date draws nearer. Major American exchange Coinbase conducted a survey to determine whether or not young crypto holders in swing states identify as Republican or Democrat. The results show they are split nearly equally, with Republicans at 39% and Democrats at 41%.
The crypto sector is popular worldwide, with increasing adoption in many countries, including jurisdictions with unsupportive laws. Regardless of regulatory clarity people still use crypto for payments and cross-border transactions. In addition, enthusiasts continuously find new crypto presales for investment purposes, as these assets are likely to spike after their presale phase. Although the US has yet to throw its weight behind crypto at the federal level, the topic is now a common election topic. According to Coinbase:
“Young voters can tip the scales for either party - and this is all the more critical in battleground states where a handful of ballots can mean the path to victory for either party.”
The survey’s research data was gathered by Impact Research, a public opinion research and consulting firm. In collaboration with survey research technology firm Morning Consult, Coinbase found that 40% of all eligible voters are young people in the Gen-Z and Millennial generational group, between 18 and 34 years old. This group is crucial in general and could sway votes significantly. Already, 92% of registered voters younger than 35 say they will likely vote in November.
The research also shows that 25% of these young voters own crypto, with 51% likely to support crypto-friendly candidates this year. Furthermore, 38% believe crypto is the future of finance and say the crypto and blockchain industry can create better economic opportunities than traditional finance.
“Young, pro-crypto voters are going to make their voices heard at the ballot box this year. Politicians who want their votes must address the future they are asking for. That future is financial and economic freedom. And crypto will be the path to that future.”
Poll results published by Digital Currency Group in May show that more than 20% of voters in battleground states believe crypto is an important issue in the upcoming elections. The survey featured 1,201 registered voters in Arizona, Ohio, Michigan, Montana, Nevada, and Pennsylvania. The poll also found that more than half of the respondents are paying attention to each candidate’s crypto stance.
“This data shows crypto is top of mind for voters in swing Senate states and that a pro-crypto position is a net positive for policymakers and candidates. The poll also underscores a strong desire for policymakers to establish reasonable regulations that protect consumers without stifling innovation,” wrote Julie Stizel, the Senior Vice President of Police at Digital Currency Group.
Over the last few months, Republican candidate and former President Donald Trump seems to have won the favor of the crypto community. As part of his campaign, Trump has repeatedly promised to support pro-crypto legislation and abandon the current method of enforcement action applied by the Biden Administration.
At the recent Bitcoin 2024 conference held in Nashville, Tennessee, Trump spoke to thousands of crypto enthusiasts, promising to fire Gary Gensler, the United States Securities and Exchange Commission (SEC) chairman. Gensler’s administration has been behind several lawsuits against crypto giants like Coinbase, Binance, and Ripple, making the chairman unpopular in the crypto space. Earlier this year, the SEC approved spot Bitcoin exchange-traded funds (ETFs) after it had refused applications for over a decade. Although the rejections did not start with Gensler, his administration cited similar concerns of manipulation and fraud.
Unfortunately, Trump might be unable to get rid of Gensler even if the Republican party wins the election. This is because the President cannot remove the SEC chair without cause since the Commission is protected by regulations that ensure it remains independent and free of political pressure.
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