In a shocking move, results of a recent survey shows United States Democrats lawmakers own cryptocurrencies more than Republicans. Notably, this statistics is beyond expectations considering the usual anti-crypto stance shown largely by Democrats.
According to a survey by the Crypto Council for Innovation (CCI), more Democrats than Republicans own crypto. The CCI is an alliance of crypto industry leaders to support governments and institutions worldwide by informing and encouraging responsible crypto-related public policy, and to educate the public about crypto’s potential to create positive change.
The survey reveals that thirteen percent of Democrats own crypto, compared to just ten percent of Republicans. Amid the prevalent political divide in the lawmakers’ lobby with criticism for crypto pouring from Democrats, the survey reveals the very surprising adoption statistics.
While the Republican candidates like Ron DeSantis, French Hill, Cynthia Lummis have been vocal in favoring cryptocurrencies and have stood up for the sector by introducing several pro-crypto legislation. On the contrary, Democrats including Elizabeth Warren, Ed Markey, Brad Sherman, etc. have often criticized the industry and proposed harsh regulatory measures.
As reported by Todayq News, in the most recent update, Democrat lawmakers have intensified their calls for the IRS and the Treasury to promptly publish comprehensive tax reporting guidelines for cryptocurrency brokers, which were mandated in the $1.2 trillion infrastructure bill passed in August 2021. The move aims to combat tax evasion within the cryptocurrency industry,
However, some Democrats have also displayed a different stance and have favored cryptocurrencies. Among these, some popular names includes Robert F. Kennedy Jr., Ritchie Torres, Kirsten Gillibrand, etc. and have also participated in proposing to regulate the sector comprehensively. To this, Kennedy has also confirmed his purchase of Bitcoin with high hopes and optimism.
It is important to note that the current statistics also align with the increasing demand for a crypto favoring candidate during the elections. A recent Twitter poll commissioned by Michael Saylor, the executive chairman of MicroStrategy, revealed that 84% of respondents believe a presidential candidate must support their right to Bitcoin to secure their vote. This highlights the growing public demand for leaders who actively endorse and promote the use of cryptocurrencies.
Simultaneously, the increasing hostilities of the crypto sector has exposed the investors to various threats making them desperate for regulations. Some of the instances can be listed as high-profile collapses of the Terra-Luna algorithmic stablecoin and FTX, not to mention harsh enforcement actions against exchanges Binance and Coinbase earlier this year.