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California Voters Embrace Pro-Crypto Candidates in 2024 Elections

Crypto The cryptocurrency exchange highlighted data indicating that approximately 8.2 million individuals in California were owners of digital assets, with a significant portion of them likely to support lawmakers with pro-crypto stances.Coinbase, a United States-based cryptocurrency exchange, projected that the influence of crypto-oriented voters in California would be substantial in the forthcoming 2024 elections, drawing
The cryptocurrency exchange highlighted data indicating that approximately 8.2 million individuals in California were owners of digital assets, with a significant portion of them likely to support lawmakers with pro-crypto stances.

Coinbase, a United States-based cryptocurrency exchange, projected that the influence of crypto-oriented voters in California would be substantial in the forthcoming 2024 elections, drawing from both ownership statistics and attitudes toward policies related to digital assets.

In a comprehensive blog post on February 9th, Coinbase referenced findings from Morning Consult, a business intelligence firm, which suggested that 27% of Californians, translating to roughly 8.2 million people, had invested in cryptocurrency. The prevailing sentiment among crypto holders in the state was one favoring policymakers who championed “new, innovative, and disruptive technologies,” with a significant portion expressing willingness to support such candidates at the ballot box.

According to Coinbase, a staggering 78% of crypto owners in California voiced their inclination to back candidates advocating for the advancement of the U.S. crypto industry as a job creator and a source of national strength in geopolitical terms. This sentiment underscores the potential electoral impact of the crypto community’s preferences.

Coinbase further revealed that a slim majority, accounting for 51% of voters nationally within the Gen Z and millennial demographics, signaled their readiness to support candidates with crypto-friendly agendas in the upcoming 2024 elections. Notably, the leading candidates from both major political parties, including incumbent President Joe Biden and former President Donald Trump, have already participated in primary elections in states such as South Carolina and New Hampshire.

This analysis from Coinbase resonates with the findings of a January survey conducted by the Crypto Council for Innovation, which indicated a prevailing preference among U.S. voters for legislators committed to establishing clear regulatory frameworks for cryptocurrency. The emergence of crypto users as a potentially influential voting bloc in 2024 elections underscores the significance of policy positions on digital assets.

In emphasizing the importance of this demographic, Coinbase urged Congress and policymakers to recognize the engagement of crypto voters within their respective states, emphasizing the necessity for clear regulatory guidelines rather than an ad-hoc, enforcement-centric approach.

The intersection of digital assets and electoral politics has already manifested itself within the Republican Party, with candidates such as Florida Governor Ron DeSantis and former President Donald Trump taking firm stances against the introduction of central bank digital currencies in the United States. Trump, in particular, has made it a cornerstone of his campaign, pledging to resist the implementation of a digital dollar should he secure reelection.

Wasif Shakir

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