Regulation
60% of Republicans call on Congress to regulate cryptocurrencies
Former President Donald Trump’s recent public support for Bitcoin and cryptocurrencies is gaining traction among Republicans, report says June survey sponsored by Paradigm and produced by Echelon Insights.
Americans dissatisfied with current economic system
The poll highlights a clear contrast between the views of Republicans and those of Elizabeth Warren and Gary Gensler. Members of the Grand Old Party advocate financial autonomy and strongly oppose centralized control, including the use of CBDCs, debanking, and routing all financial transactions through big banks.
The data indicates that 28% of Republicans surveyed currently own or have acquired cryptocurrency, exceeding the national average of 19% among all registered voters.
Additionally, 41% of nonwhite Republicans have invested in or currently own cryptocurrencies, just 11 percentage points lower than the 52% who have invested in the stock market.
The survey, conducted by Katie Biber, Paradigm’s chief legal officer, and Alex Grieve, the company’s head of government affairs, also shows that 87% of Republicans who own cryptocurrency plan to acquire more in the next 12 months, while 13% of Republicans who don’t currently own cryptocurrency are likely to make their first purchase in the next 12 months.
One particularly interesting aspect of these results is the level of dissatisfaction with the country’s current financial situation. 67% of respondents expressed dissatisfaction with how the American economic system is functioning under the Joe Biden administration today.
Additionally, 72% of Republican voters fear losing access to financial services because of their political or religious beliefs.
60% of Republican voters demand full regulation of cryptocurrencies
The global network of digital currency advocates, enthusiasts, and experts is calling for Congress to establish comprehensive regulation for cryptocurrencies. According to the survey, 60% of respondents believe Congress should establish laws that establish clear and consistent guidelines for cryptocurrency businesses and entrepreneurs.
Another important finding of the survey is the importance placed on financial privacy for all individuals. Most American citizens are opposed to the implementation of a Central Bank Digital Currency (CBDC) and other financial tools that could allow the government or the Federal Reserve to monitor individuals’ financial transactions.
This sentiment was further highlighted in the survey, with 94% of Republicans saying they wanted their financial transactions to remain private.
They oppose any IRS involvement in monitoring private financial transactions, as allowed by the upcoming DeFi portion of the IRS’s Digital Asset Brokerage Rule. They also strongly oppose the introduction of a government-controlled central bank digital currency (CBDC).