60% of Republicans want Congress to regulate cryptocurrencies

Former President Donald Trump’s recent public support for bitcoin and cryptocurrencies is gaining popularity among Republicans, according to a June poll sponsored by Paradigm and conducted by Echelon Insights.

Americans dissatisfied with current economic system

The poll highlights a stark contrast between Republican views and those of Elizabeth Warren and Gary Gensler. The Grand Old Party favors financial autonomy and strongly opposes centralized control, including the use of CBDCs, debanking, and routing all financial transactions through big banks.

The data shows that 28% of Republicans surveyed currently own or have acquired cryptocurrency, higher than the national average of 19% among all registered voters.

Moreover, 41% of nonwhite Republicans have invested in or currently own cryptocurrency, which is only 11 percentage points lower than the 52% who have invested in the stock market.

The survey, conducted by Katie Biber, Paradigm’s general counsel, and Alex Grieve, the firm’s head of government relations, also found that 87% of Republicans who own cryptocurrencies plan to acquire more in the next twelve months, while 13% of Republicans who do not currently own cryptocurrencies are likely to make their first purchase in the next twelve months.

A particularly interesting aspect of these findings is the level of dissatisfaction with the country’s current financial situation. 67% of respondents expressed dissatisfaction with the functioning of the American economic system under Joe Biden.

Moreover, 72% of Republican voters fear losing access to financial services because of their political or religious beliefs.

60% of Republican voters call for comprehensive cryptocurrency regulation

A global network of digital currency advocates, enthusiasts, and experts are calling for Congress to enact comprehensive cryptocurrency regulations. According to the survey, 60% of respondents believe Congress needs to enact laws that establish clear and consistent guidelines for cryptocurrency businesses and traders.

Another important finding from the study is the emphasis on financial privacy for all individuals. A majority of U.S. citizens oppose the implementation of Central Bank Digital Currency (CBDC) and other financial tools that could allow the government or the Federal Reserve to monitor individuals’ financial transactions.

The survey further underscored this sentiment. 94% of Republicans said they want their financial transactions to remain private.

They oppose any IRS involvement in monitoring private financial transactions, which is possible with the upcoming DeFi section of the IRS’s digital asset brokerage regulations. They also strongly oppose the introduction of a government-monitored central bank digital currency (CBDC).