Crypto Legislation a Partisan Issue, Ownership Swings Both Ways

A recent study indicates that Republican, Democratic, and Independent ownership of cryptocurrency is consistent, despite the fact that crypto legislation is stalled in the U.S. Congress as a partisan issue.

How do people living in the U.S. view cryptocurrency? The Morning Consult revealed results from a recent survey on the topic under commission by Coinbase. The results demonstrate that the majority of Americans include crypto as a significant part of an updated financial system beyond 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 claimed that the SEC was stifling innovation.

Blockchain technology and cryptocurrencies are the future, according to 76% of crypto owners, as per the survey. Among younger Americans and people of color, these figures 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 Z people (54%) and Millennials (55%) believe blockchain and cryptocurrencies are the future.

What Crypto Winter?

When it comes to the U.S. as a nation, 20% of those surveyed are crypto owners. Notably, the survey found that the crypto winter had not deterred ownership much since early taking hold in early 2022.

Additionally, 80% of respondents also believe the global financial system unjustly favors wealthy interests, while 67% of Americans prefer the financial system undergoing significant reforms or a full overhaul.

Meanwhile, the U.S. and the IMF support India’s attempt to regulate cryptocurrencies. While the U.S. has not yet proposed an outright ban, Treasury Secretary Janet Yellen stated that it is imperative to have a regulatory structure for cryptocurrencies.