California’s crypto enthusiasts can potentially influence the U.S. 2024 election outcome, per the recent Coinbase study. Among the cryptocurrency exchanges in the United States, Kraken has drawn attention to the findings of a survey showing that a considerable proportion of the population in California owns cryptocurrency and supports candidates whose policies are related to blockchain and digital assets.
Crypto Ownership in California
The survey showed that more or less 27% (8.2 million people) of Californians have cryptocurrency. This large demographic strongly favors policy programs promoting innovation and technological disruption. More than 78% of the world’s crypto-holders opine that authorities must support new innovative technologies like blockchain and digital assets. This is especially true in California, where, similar to the nationally reported trend, a reasonably large group of voters in the Gen Z and Millennial age bracket is likely to support the candidates who promise crypto-friendly approaches.
The Coinbase’s report emphasizes the possible political leverage of cryptocurrency owners in California. Almost 80% of crypto owners in the state show a propensity to support candidates with pro-crypto industry US job creators, and a source of geopolitical strength could profoundly shape electoral outcomes. This group’s view also represents a broader wish for a standard regulation instead of the current ad hoc approach to these asset classes.
The traditional governmental understanding of the crypto field has already been reformed thanks to the ambitions of the republican party candidates. Similarly, before Florida Governor Ron DeSantis discontinued his presidential campaign, he opposed central bank digital currencies (CBDCs) in the U.S. Trump announced that he would oppose CBDCs if he came to power.
The Call for Clear Cryptocurrency Regulations
The demand for clear cryptocurrency regulations is increasing among crypto owners and U.S. voters. Coinbase’s announcement is in tandem with a Crypto Council for Innovation survey results, revealing the overall approval by U.S. voters on making lawmakers set clear rules on crypto. This new trend implies that crypto users can be an essential voting block in the 2024 elections, and as such, candidates’ platforms and policy proposals may be affected by this.
As digital assets are further embedded into the finance system, the requirement for a regulatory system that balances innovation and safety becomes increasingly urgent. With California’s crypto owners ready to support pro-crypto candidates, the message to Congress and policymakers is clear: Crypto societies are active and seeking to create an environment that fosters growth and invention in the digital asset sector.
Read Also: Could Bitcoin’s Open Interest Peak Signal a New Price Rally?
