All politics are local: engaging crypto advocates across the United States

At Coinbase, we’re working hard to help update the financial system by building trusted products that expand the utility and adoption of crypto because we believe crypto and blockchain technology have the ability to increase economic freedom and opportunity around the world. Coinbase chose to become a public company in the US because we believe the US would best be served by embracing this fundamental innovation, but we’re also focused on international markets, many of which are moving forward with strategies to become “crypto hubs.” We would like to see the US take a similar approach, but a regulation by enforcement approach in the US is instead leading to a disappointing trend for crypto development in the United States. Fortunately, we're seeing progress at the local level. 

This is because all politics are local. Most elected officials care deeply about the people they represent. As the representative of their districts and states, Members of Congress typically work hard to be the voice of their constituents and the person who will fight for their interests and needs. In order to be that voice, policymakers need to listen closely to their constituents who speak up and share their stories. That’s why Coinbase launched Crypto435, an advocacy group that will help crypto champions, enthusiasts, technologists, and people everywhere speak up and make their voice heard. Crypto435 is excited to share that in less than two months, more than 35,000 crypto advocates across all 435 Congressional Districts have signed up for Crypto435 to advocate for pro-crypto policies. As we fly toward our goal of recruiting 50,000 crypto advocates by the end of the year, we’re sharing a look at the latest data on who makes up the crypto community in the US and what it means to be a crypto advocate.

Who makes up the crypto community in the United States? 

Crypto users represent a large, diverse community from states across the nation who understand the promise of crypto to update our financial system and support more economic freedom and opportunity. 

• The crypto community is large. According to data from Morning Consult, nearly 20% of US adults, over 50 million people, say they own crypto.

• Crypto users come from diverse political, racial, and ethnic backgrounds. Crypto ownership is relatively consistent across the political spectrum – crypto owners are Republicans (18%), Democrats (22%), and Independents (22%). According to Pew Research, 24% of Asian adults and 21% of Black or Hispanic adults have invested in or used crypto at some point. 

• They come from all over the US. Coinbase’s own crypto community is strong across the US. As of the end of 2022, we had nearly 90,000 verified users in Montana, more than 1,000,000 in Ohio, more than 450,000 in Nevada, and nearly 135,000 in New Hampshire – just to name a few.

• They’re excited about crypto’s power to create economic freedom and update the financial system. From Pennsylvania (43%) to Montana (42%) to Ohio (44%), crypto users or those who own or intend to use crypto are excited about the possibility for crypto to build a faster, more efficient, and more equitable financial system, according to a recent consumer survey we commissioned. Respondents to the survey were also drawn to crypto’s privacy features.

• Younger Americans are more likely to own crypto, and they believe that blockchain and crypto are important for the future. Crypto ownership is highest among younger Americans, including Gen Z (36%) and Millennials (30%), and survey results suggest that over half of Gen Z adults (54%) and Millennials (55%) agree that cryptocurrency and blockchain are the future.

What does it mean to be a crypto advocate?

Crypto holds immense possibility for updating the current financial system – one that 67% of Americans believe needs major changes or a complete overhaul. But right now the US is at risk of missing out on this opportunity. According to a report from venture capital firm a16z, “between 2018 and 2022 the proportion of crypto developers based in the US vs. the rest of the world fell by 26%.” The rest of the world is not waiting for us.

The US can’t afford to miss the opportunity to update our financial system and build the future of crypto and web3 here at home. With that in mind, we’re pleased to see the growing grassroots engagement for pro-crypto policy happening at the federal and local level through Crypto435, including:

• Direct engagement with policymakers through useful tools, resources, and strategies for member outreach.

• Highlighting the crypto community’s call for pro-crypto policy by organizing an open letter to members of Congress.

• Supporting community outreach to grow Crypto435 and build the grassroots movement for crypto policy in the US.

We’re also excited to announce a new series called “States of Crypto,” which will highlight entrepreneurs across a number of states that are contributing to crypto innovation in their state. We look forward to sharing stories from hard working Americans that are committed to keeping innovation alive in their communities.

It’s not too late to join other crypto advocates from 435 Congressional Districts to make your voice heard on crypto. Sign up today to keep crypto innovation right here in the United States.

Disclosure. This blog contains links to third-party websites for information purposes only. Third-party websites are not under the control of Coinbase, and Coinbase is not responsible for their contents. The inclusion of any link does not imply endorsement, approval or recommendation by Coinbase of the site or any association with its operators. The Morning Consult survey and National Research Group survey referenced in this blog were each developed on behalf of and paid for by Coinbase, Inc. involving representative sample sizes of 2,202 and 2,891 US adults (age 18 or older) respectively nationwide. Findings have been extrapolated to represent the views of the US adult general population.