Only 4% of Americans weigh candidates’ crypto stance

A survey of 2,035 U.S. adults, conducted by polling firm Public First and released Wednesday, found that 4% of respondents would weigh a political candidate’s stance on cryptocurrency when deciding who to vote for.

Respondents were asked to rank congressional priorities. Affordable housing, consumer fraud protection and lower bank fees were the top three. Establishing rules for the crypto market was named a top priority by 18% of respondents, one percentage point higher than regulating large banks.

Researcher Molly White compiled data showing crypto industry lobbyists have contributed more than $130 million to the 2024 election cycle so far and spent about $320 million targeting the November midterms. In some congressional contests in Illinois, lobby spending exceeded $5.5 million on campaigns opposing candidates tied to crypto policy positions.

On policy questions, 27% supported or strongly supported the U.S. government taking action to recognize crypto as a mainstream financial asset, while 31% opposed or strongly opposed such action. More than half of respondents reported they had not and would not consider trading cryptocurrencies, and 19% reported trading crypto. Among those traders, 7% reported that a candidate’s crypto stance would affect their vote. When asked about risk tolerance, 45% described investing in crypto as a risk not worth taking even if returns were high, while 25% said the risk would be worth it.

Representative Dusty Johnson commented, “Most voters don’t care about digital assets. But those who do care a lot. It is a high-intensity issue. The number of people who ask me about it is still very small, but I would say growing.”

A separate poll of 2,008 registered voters found 47% would be at least somewhat likely to consider voting for a candidate outside their preferred party if the candidate supported passing a long-awaited crypto bill. The Senate Banking Committee planned a vote this month on whether to advance a crypto regulatory bill that has drawn attention from the White House and discussions with both crypto and banking lobbyists. A version of the measure passed the House in June as the CLARITY Act.

Industry trade groups and crypto firms have prioritized passage of regulatory legislation and have signaled they will support or oppose candidates based on their positions on crypto rules and market access.