Most survey respondents reject Warren and Gensler’s centralized control theory, supporting Trump’s pro-crypto stance, boosting his popularity among Republicans.
The vast majority of responders reject the centralized control theory put out by Warren and Gensler.
According to a new survey sponsored by Paradigm, Republican presidential contender and former US President Donald Trump has gained more support from his party due to his recent acceptance of cryptocurrency.
A survey on the growing industry conducted by crypto-focused venture capital firm Paradigm last month among 1,025 probable Republican voters revealed their strong support for Trump and profound faith in the current financial system.
Trump’s prospects of winning
According to the survey, almost 13% of Republicans who said they had no intention of voting for Trump suddenly said they are more inclined to do so because he supports cryptocurrency. A further subset of participants expressed heightened eagerness to cast ballots in favor of the previous president.
The former president has promised to help the cryptocurrency industry and adopted a more positive attitude toward it. Trump declared during his campaign that the US will become a “powerhouse” in Bitcoin mining and that the leading cryptocurrency “may [be] the last line of defense” against a digital currency issued by a central bank (CBDC).
The majority of respondents acknowledged the importance of cryptocurrencies in the US economy. Consequently, forty percent of respondents recommended that the US government establish a channel for US businesses to produce stablecoins to rival China’s digital yuan, the country’s national digital bank currency.
Additionally, roughly 60% of respondents said that Congress should pass laws to give the cryptocurrency business regulatory clarity. Additionally, 40% of respondents thought elected officials, not unelected appointees, should be in charge of regulating cryptocurrency at government organizations like the US Securities and Exchange Commission (SEC).
Ownership of cryptocurrency
The survey also revealed a surge in Republican adoption of cryptocurrency. Republicans who own or have purchased cryptocurrency have risen from a national average of 19% to 28% since March 2024.
Of these, 87% want to purchase more cryptocurrency in the upcoming year, and 13% want to buy cryptocurrency for the first time in the forthcoming year.
Many respondents said they got into cryptocurrency because they didn’t trust financial systems. According to the report:
“72% of Republican voters are at least somewhat concerned that they could lose access to financial services due to their political or religious views.”