From Reagan Democrats to soccer moms, Americans across the country are picking up a new political catchphrase: the crypto voter. Over 52 million Americans own cryptocurrencies, with a significant concentration in key swing states like Arizona, Michigan, Nevada, Pennsylvania, and Wisconsin. Fundamentally, campaigns and causes across the country need to understand a simple fact: these are the voters who will be instrumental to the outcome of races up and down the ballot this election cycle and beyond.
Who is the crypto voter? They are technologists, investors, activists, and everyday Americans who want clear rules of the road for crypto and who embrace the core tenets inherent in permissionless technology and tools. They value economic freedom and innovation, and they seek leaders who understand and advocate for the potential of crypto to democratize finance and foster greater economic opportunity for all. Crypto voters have organized rallies, voter registration drives, phone banks, and door-to-door campaigns. The crypto voter is real, more often politically independent, and ready to make a difference this election cycle.
Candidates that ignore this constituency do so at their peril this fall. There are 4 million crypto owners in 5 key swing states (Arizona, Michigan, Nevada, Pennsylvania, and Wisconsin), and there are eight times as many crypto owners across the country – who are enthusiastic to vote for candidates who support crypto – than the vote differential in the 2020 Presidential Election. Additionally, crypto owners in the five swing states are more likely to be under 35 and identify as non-white — key demographics for campaigns across those geographies.
More importantly, this voting bloc cares about where political candidates stand on crypto. My organization's research shows that two-thirds of Stand With Crypto advocates are enthusiastic about voting for candidates who have clear positions on this issue. Beyond statements from candidates themselves, robust educational resources can help cut through the noise, like our repository of nonpartisan community-sourced scorecards for more than 1,000 politicians across the U.S. For example, Senator Cynthia Lummis (R-WY) has earned an "A" rating for her pro-crypto stance, including the introduction of payment stablecoin legislation and a bill that would create a strategic Bitcoin reserve. Similarly, Senator Kirsten Gillibrand (D-NY) has also earned an "A" rating for her efforts to pass a comprehensive regulatory framework for crypto. Voters will use these tools to make informed decisions as they cast their vote.
The good news is that both political parties are starting to pay attention to the crypto community. Former President Donald Trump and many within the Republican party have outright embraced crypto, vowing to not only promote blockchain technology but also enact fair and clear regulations that encourage growth while protecting consumers in the U.S. Democrats such as Senator Gillibrand have also embraced crypto, advancing key legislation that would provide regulatory clarity for crypto firms and entrepreneurs. At a virtual "Crypto4Harris" town hall event earlier this month, Senate Majority Leader Chuck Schumer (D-NY) went further, noting that he would like to see comprehensive crypto legislation passed this year and vowed to work with both parties to get it done. Republicans and Democrats in the House of Representatives have done just that. As Schumer noted, passing a crypto bill would "help the United States maintain its status as the most innovative country in the world."
This bipartisan progress is not only encouraging and essential for the economic competitiveness of the U.S., but also provides clarity to small businesses and entrepreneurs currently paralyzed by inaction and uncertainty in the status quo.
As we kick off our swing state bus tour today, one thing has become clear: crypto voters are ready to roar up and down the ballot. As the political dynamics continue to evolve, the candidates who best align with the values of this voting bloc may find themselves at a distinct advantage in what is shaping up to be an incredibly close contest.
