Coinbase’s latest report shows that cryptocurrency ownership has surged in the United States, with one in every five adults now holding digital assets. This growing community of 52 million Americans rapidly shapes the country’s financial landscape and influences the political stage.
A fall 2022 poll conducted in key states, including New Hampshire (NH), Nevada (NV), Ohio (OH), and Pennsylvania (PA), underscores the profound impact of digital currency.
A resounding 55% of voters in these states expressed that they would be less inclined to support candidates who oppose crypto and the broader web3 ecosystem.
Coinbase conducted research earlier this year to delve into the attitudes of Americans toward the financial system. The findings revealed a strong desire for change, as an overwhelming 87% of respondents believe that the system requires transformation. In fact, 51% assert that it currently operates unfairly. Interestingly, only a mere 14% express optimism about the future of the system.
Further insights reveal that individuals who own digital currency perceive the innate potential of blockchain technology to democratize various sectors. Notably, 63% of digital currency holders express their believe that the current system unfairly favors influential interests.
In pivotal states like Nevada, Ohio, and Pennsylvania, over 40% of digital asset owners use cryptocurrencies for cross-border remittances, providing critical support to needy family members.
Additionally, 72% of the younger demographic (18-34) believe crypto offers direct control over finances, and they view digital assets as the future of finance.
Global Competition In Crypto Regulation
The debate surrounding digital currency regulation is heating up in Congress. While some lawmakers advocate for clear and sensible legislation to harness the potential of crypto, others resist change, endangering jobs, innovation, and the nation’s global leadership.
Countries worldwide are embracing responsible crypto regulation to establish themselves as “crypto hubs.” It not only attracts innovative companies but also generates significant economic opportunities.
However, the United States faces a potential risk of losing one million developer jobs and three million non-technical jobs to web3 development overseas, as reported by Electric Capital.
The Financial Innovation and Technology for the 21st Century Act (“FIT21”) represents a significant step towards achieving clear and sensible crypto legislation. With bipartisan support, it is poised for a House floor vote this fall.
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