Key takeaways
- Half of US voters support pro-crypto policies according to a new Consensys and HarrisX survey.
- Crypto owners are highly likely to vote, with 92% indicating their intention to participate in the election.
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A new study from Consensys and HarrisX finds that pro-crypto policies could influence a significant portion of voters in the 2024 US presidential election, with neither party currently holding a decisive advantage on the issue. The survey highlights the growing importance of crypto as an electoral issue and the opportunity for candidates to gain an advantage by adopting clear and united positions.
Key findings show that while Republicans have a slight lead in crypto-friendliness, Democrats stand to gain from voters across parties who are attracted to pro-crypto policies. With close races expected in several swing states, the bloc of crypto voters could prove crucial in determining the outcome.
Crypto as a voting issue
The survey found that 49% of national voters consider crypto an important issue when evaluating candidates. This figure rises to 85% among crypto owners, who also report a high likelihood of voting (92%), making them a potentially influential voting bloc.
Importantly, voters are willing to cross party lines based on crypto policies. The survey finds that voters are +13 points more likely to consider voting for a candidate outside of their preferred party if they support their preferred pro-crypto policies. This willingness to switch parties is even more pronounced among crypto owners, who are +58 points more likely to do so.
Party perceptions and candidate positions
While Donald Trump’s pro-crypto public policies have 56% support and Kamala Harris’ hypothetical stance opposing restrictive SEC rules garnered 55% support, neither party has established a clear lead as a pro-crypto option. Voters are almost evenly split on which party they trust most to set crypto policies, with 35% favoring Republicans and 32% favoring Democrats.
The survey highlights a desire for more clarity from candidates, particularly Vice President Harris. 54% of voters stressed the importance of Harris clarifying her policy positions on crypto. This suggests an opportunity for candidates to differentiate themselves and potentially garner support by articulating clear and supportive crypto policies.
Dynamics of swing states
The state-focused poll results reveal nuanced dynamics in key battleground states. In Pennsylvania, Michigan, Wisconsin, and Texas, voters showed a slight preference for the Republican Party in setting crypto policies. However, in every state except Texas, Democratic candidates could win more voters across parties by taking pro-crypto positions.
For example, in Pennsylvania, 38% of voters trust Republicans on crypto policy, compared to 36% for Democrats. However, Democratic Senate candidate Bob Casey Jr. could see a net gain of +11 points of support by adopting pro-crypto policies, compared to a +4 point gain for his Republican opponent David McCormick.
Similar trends were observed in Michigan and Wisconsin, highlighting the potential impact of crypto policies in these crucial swing states.
Priorities and concerns of voters
The survey also shed light on what voters want to see in terms of crypto regulation and policy. Better consumer protection, clearer regulations and increased transparency of operations were among the main factors likely to make voters more confident in investing in cryptocurrencies.
Interestingly, voters across party lines cited the perception of crypto as “too risky” as the main barrier to investing. This was followed by lack of funds to invest and the complexity of crypto as other major obstacles.
The Need for Crypto Education
The survey revealed a significant need for education about cryptocurrencies. Only 17% of voters reported a high level of understanding of crypto, and more than half reported low or no understanding. Even more striking, fewer than one in ten voters could correctly match different cryptographic terms to their definitions on a knowledge test. There is also the factor of election disinformation campaigns from bad actors, which Crypto Briefing has previously covered.
This lack of understanding likely contributes to the mixed emotions surrounding crypto. Although curiosity was high among many groups, skepticism and confusion were the most common emotions associated with cryptocurrencies across most voter segments.
Implications for candidates and parties
The survey results suggest that candidates and parties have the opportunity to attract voters by adopting clear and supportive crypto policies. With no party currently holding a decisive advantage on this issue, candidates have the opportunity to differentiate themselves and potentially influence crucial votes in close races.
Dritan Nesho, founder and CEO of HarrisX, highlighted the potential impact of crypto voters.
“It is not surprising that this bloc of voters, who are up for grabs in either presidential campaign, could tip the scales in an election that appears increasingly likely to be decided by a small margin,” Nesho said.
Joe Lubin, CEO and founder of Consensys, highlighted the bipartisan nature of crypto issues and the desire for regulatory clarity.
“There is a myth that the crypto industry doesn’t want regulation, but that’s simply not true. The results of this poll show that crypto is a bipartisan issue, with voters also demanding clarity and a pro-crypto stance,” Lubin said.
As the 2024 elections approach, candidates who can effectively address voters’ concerns about crypto risks, provide clear policy positions, and demonstrate an understanding of the technology could find themselves with a crucial advantage in what promises to be ‘be a hotly contested race.
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