Cryptocurrency regulation is emerging as a pivotal issue in the upcoming US presidential election, with a majority of crypto owners factoring candidates' positions on the subject into their voting decisions, according to a recent Gemini study.
Crypto Becomes Key Election Issue
Bitcoin and other cryptocurrencies are expected to factor into the upcoming US presidential election since many US crypto investors are worried about the candidate's stance on crypto regulation.
Cointelegraph reports that a recent study by the cryptocurrency exchange Gemini, which was created by the Winklevoss twins, states that while voting for US presidential candidates in November, the great majority of US crypto owners will take the candidates' positions on crypto regulation into account.
The most recent "Global State of Crypto" report from Gemini, which was released on September 10th, surveyed 6,000 adults, who were chosen at random to represent the consumer populations of the US, UK, France, Singapore, and Turkey. Online participation in the study was open from May 23 through June 28, 2024.
Voters Consider Candidates' Crypto Stance
The results from Gemini show that a candidate's position on cryptocurrency could influence voters' decisions to vote for them (73% of US respondents who possess crypto now).
The crypto stance of a presidential candidate would also be important to 37% of voters, who called it a "significant impact" on their decision.
The results of the poll, according to Gemini, show that cryptocurrency is playing an increasingly important role in the current US presidential campaigns:
“For the first time in United States history, crypto has become a significant campaign issue in a presidential election.”
Regulatory Concerns Impact Crypto Market Entry
Gemini discovered, among other things, that respondents were more concerned about regulatory uncertainty as a hurdle to investing in cryptocurrency in 2023 compared to 2022.
An overwhelming 38% of US respondents in 2024, up from 28% in 2023, cited regulatory concerns as an obstacle to entering the cryptocurrency market.
As worries about crypto regulation have grown in recent years, the poll shows that US investors have been moving toward cryptocurrencies nonetheless.
More Americans Now Hold Cryptocurrency
In 2022, 75% of US respondents said they had no exposure to cryptocurrency; by 2024, that number had reduced to 65%. From 20% in 2022 to 21% in 2024, the number of crypto holders climbed modestly, while the number of prior owners surged from 5% to 14% in the same year.