Republicans Embrace Trump’s Pro-Crypto Stance Amid Calls for Congressional Regulation

• Trump’s pro-crypto stance wins favor among 13% of previously reluctant Republican voters.
• 60% of Republicans surveyed support congressional action for clear crypto regulations.
• Over one in four Republicans (28%) have dabbled in crypto ownership, with younger demographics showing higher involvement.

Former President Donald Trump’s endorsement of cryptocurrency is gaining traction among Republicans, as revealed by a Paradigm-sponsored poll by Echelon Insights.

The poll shows that 13% of Republicans initially hesitant about Trump now view him more favorably due to his support for the crypto sector. This shift follows a series of positive statements from Trump regarding U.S. crypto initiatives.

A significant portion of Republicans (60%) believe that Congress should establish clear regulations for the crypto industry. The data indicates a general dissatisfaction among Republicans with the current financial system.

Katie Biber, Paradigm’s chief legal officer, and Alex Grieve, the company’s government affairs lead, analyzed the poll results, noting that Republicans recognize the benefits of crypto and advocate for legislative action to create clear and predictable rules.

Conducted in mid-June among over a thousand likely GOP voters, the poll also highlights the extent of crypto ownership within the party. 

The survey found that 28% of Republicans have engaged in crypto investments, with higher involvement noted among younger, male, and non-white demographics.

Additionally, an overwhelming 94% of respondents believe in maintaining the privacy of their financial records, indicating a strong preference for financial privacy among Republicans.

Regarding central bank digital currencies (CBDCs), 68% of those familiar with the concept opposed their implementation in the U.S.

Views were mixed on whether the U.S. government should support private sector payment products to compete with China’s digital yuan, with 40% in favor and 31% against.

Polling this year shows complex voter attitudes toward crypto. The Echelon Insights poll reveals that a slight majority of Republicans have a positive impression of crypto (36%) compared to a negative view (30%), though the 3.5% margin of error introduces some uncertainty.

A Harris Poll in May indicated that fewer than one in three voters in key swing states had a positive outlook on crypto. Another Harris Poll later showed that a third of likely U.S. voters consider a candidate’s crypto stance when deciding whom to support, suggesting that crypto could become a pivotal issue for voters.