Crypto legislation is a partisan issue, ownership swings both ways
A recent study indicates that Republican, Democratic and independent cryptocurrency ownership is consistent, despite crypto legislation being stalled in the US Congress as a partisan issue.
How do people living in the US view cryptocurrency? The Morning Consult revealed results from a recent survey on the subject commissioned by Coinbase. The results show that the majority of Americans include crypto as a significant part of an updated financial system across party lines.
Democrats and Republicans share the crypto bug
According to those surveyed, 22% of Democrats, 18% of Republicans and 22% of independents own cryptocurrency. Most Democrats proposed tightening crypto regulations during a recent Senate Banking Committee hearing on crypto legislation. Meanwhile, many conservatives argued that the SEC stifled innovation.
Blockchain technology and cryptocurrencies are the future, according to 76% of crypto owners, according to the survey. Among younger Americans and people of color, these numbers are even higher.
Senator Tom Emmer, a pro-crypto Republican, recently expressed privacy concerns regarding a potential Fed-issued digital currency.
In addition, the survey reveals that regardless of whether they own cryptocurrency, younger age groups believe in crypto. Most Gen Zers (54%) and Millennials (55%) believe blockchain and cryptocurrencies are the future.
Which crypto winter?
As for the US as a nation, 20% of those surveyed are crypto owners. In particular, the survey found that crypto winter had not deterred ownership much since early grabs in early 2022.
In addition, 80% of respondents also believe that the global financial system unfairly favors wealthy interests, while 67% of Americans prefer the financial system to undergo significant reforms or a complete overhaul.
Meanwhile, the US and the IMF are backing India’s efforts to regulate cryptocurrencies. While the United States has yet to propose an outright ban, Treasury Secretary Janet Yellen stated that it is important to have a regulatory structure for cryptocurrencies.
Disclaimer
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