Crypto Voters Defy the Trump Trap
Surveys find surprisingly bipartisan support for the crypto industry.
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The Crypto Voter Panoply
In the 2024 U.S. election, the cryptocurrency industry turned out a surprisingly bipartisan cohort of single issue voters. Yes. Donald Trump swept into the White House, but many of the impressive crypto-supported candidates were Democrats like Ruben Gallego and Shomari Figures. This turned out to be a massive strength for the industry in Congress, because its relative bipartisanship means that it has more than an ice-cube’s chance in hell of passing targeted legislation, something that no other industry in the United States can say right now. But the coalition was always vulnerable, because as crypto-achievements began to accrue to a Trump Presidency, many believed it was likely that the issue would polarize, alienating Democratic voters.
Well, seven months into Trump’s reign as America’s “crypto president,” the crypto voter remains bipartisan. They’re unperturbed by Trump’s alleged conflicts of interest, despite the launch of a memecoin, stablecoin, and the growth of a DeFi business tied to his family. And they’re keen on passing legislation as soon as possible.
At least, that’s according to three research reports released in the past three weeks by the venture capital firm Paradigm, crypto nonprofit Cedar Innovation Foundation, and emerging technology-focused, nonpartisan polling group HarrisX. Their release puts pressure on members of Congress to regulate crypto just as both chambers kick off discussions of key bills that attempt to write rules for the industry.
“The implication here is that the crypto voter was important last election,” says Jennifer Schulp, director of financial regulation studies at the Cato Institute’s Center for Monetary and Financial Alternatives. “See what the voter wants now? Maybe they will be important again.”
Market Timing
All three polls show widespread, positive attitudes towards crypto and the reasonable regulation of it, believing the merely fitful progress that cryptocurrency legislation has so far made in Congress.
One interpretation of this new polling is that it is intended as an advocacy tool. As legislation enters the doldrums of mid-summer, industry groups release data intended to buoy it. It is an appealing story.
Insiders deny this. Justin Slaughter, Paradigm’s VP of Regulatory Affairs and a leader in the firm's polling efforts, says the timing is a mere coincidence. “I wanted it out in the summer, because I definitely think crypto is a major topic of conversation, but it was not some kind of deliberate design or timeline,” he told me, noting that the research has been planned since late 2024.
And I believe him. But still, context is hard to deny. The Senate Banking Committee today convened a hearing titled “From Wall Street to Web3: Building Tomorrow’s Digital Asset Markets,” where witnesses including not only Paradigm General Partner Dan Robinson but also Blockchain Association CEO Summer Mersinger, Chainalysis CEO Jonathan Levin, and Ripple CEO Brad Garlinghouse are expected to advocate for industry-friendly legislation.
The committee has also pledged to release a market-structure draft before the August recess and vote on it by September 30, with White House support.
Then next week, the House will roll into “Crypto Week,” during which it says it will consider three major bills: the GENIUS Act (stablecoin framework), the Clarity Act (which clears up SEC vs. CFTC jurisdiction), and Rep. Tom Emmer’s Anti‑CBDCs Surveillance State Act, which would ban U.S. central-bank digital currency efforts. The assumption around the Capitol is that these bills come up for floor votes (partly because Ag Committee Chair GT Thompson let it slip last week), though these votes have not yet been scheduled on the House’s official online calendar.
And while some Democrats seethe — Senate Banking Committee Ranking Member Elizabeth Warren has said that the GENIUS Act “would accelerate the corruption” of Trump’s ventures, making him “the regulator of his own financial company and, importantly, the regulator of his competitors.” — these industry polls tell a different story.
For instance, the Cedar Innovation Foundation poll suggests that three out of five voters aren’t familiar with either Trump’s memecoin or the Trump family crypto business, while 17% more voters favor some new legislation than those who prefer none at all. The HarrisX poll, further, asserts that 73% of crypto investors approve of Trump’s approach to crypto policy. According to industry polls, ethical qualms among Democrats aren’t moving the needle on what crypto voters want.
There has been some indication of groundswell opposition from Democrats. A June poll from the progressive nonprofit Data for Progress says that 62% of “likely” voters support inserting a provision to prevent Trump and his family from profiting off crypto. But, on balance, the evidence available today suggests a surprising resilience of crypto issues in Washington.
Crypto’s Middle Ground
Beyond Trump, the three surveys agree on several key points. Two show, for example, that crypto owners are not a Republican monolith, as many critics have claimed in recent months. Paradigm found crypto owners are split relatively evenly between Democrats, Republicans, and Independents. The Cedar Innovation Foundation polling showed a majority of Democrats, Republicans, and Independents supporting the Clarity Act, specifically. (The HarrisX polling doesn’t break out party affiliation).
All three surveys also suggest that voters want reasonable crypto regulation. Cedar Innovation’s poll similarly showed a majority of voters have a positive view of lawmakers who support implementing new regulations for cryptocurrency. HarrisX’s polling suggests that voters are supportive of Trump’s push for crypto regulatory clarity, with 64% saying that his policies on crypto make them more likely to invest. Paradigm’s poll of crypto owners found that 62% were worried about the overregulation of crypto, despite overwhelming optimism about the industry’s impact on society.
The polls demonstrate that “the conversation can be different,” says Schulp. “It’s not simply trying to explain to people what crypto is and why it might need to be regulated. Now, it’s talking about real world impacts that regulation might have on people’s ability to use crypto.”
Of course, the polls aren't identical. Paradigm’s poll of crypto investors, for instance, avoids asking about Trump’s policies or specific legislation directly, while HarrisX’s polling focuses specifically on Trump’s popularity amongst this same demographic group. And the Cedar Innovation’s Foundation polling of U.S. registered voters, generally, asks about the Clarity Act in particular.
While Paradigm’s research seems aimed at substantiating the argument that crypto investors are diverse, the Cedar Innovation Foundation’s polling appears targeted to Members of Congress who are still on the fence on crypto legislation. Still, HarrisX, which has little obvious incentive for bias, shows the starkest numbers in Trump’s favor. All together, whatever the priorities of the groups involved, the latest research undeniably suggests consistent, pro-crypto sentiment.
The Minds That Matter
So how much credence should we give the polls? Everyone has an agenda, but should we discount accordingly? Slaughter tells me that he sees Paradigm’s research as a resource for journalists, academics, policy wonks, and even the broader public who still don’t understand how widespread and mainstream crypto ownership has become.
“There’s almost a blind spot for certain parts of the economy, especially at the heights of media, the heights of politics, in not only how common crypto is, but how normal and acceptable it is,” he said. “I wanted to be able to show that this is crypto’s wonderful panoply of users.”
But Schulp is skeptical. She says this type of polling is aimed squarely at politicians with the message that legislators should take crypto seriously. “I look at this polling as [identifying] ‘where’s the heat?’” she said. “How does that inform how you need to talk to people about what you think the right policy should be?”
While the 2026 midterms are still more than a year away, the political consequences of ignoring this constituency are very real. Paradigm is a major donor, giving money to Senators Lummis, Moreno and Representative Hill in 2024, just to name a few. The Cedar Innovation Foundation, for its part, has received support from Coinbase and Ripple and has a record of high-impact political plays.
These new pollsters will put money where their mouth is, supporting candidates who support crypto. Their polling, intentionally or not, sends a message to Congress from crypto’s voter base: “defy us at your peril.”
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