Texas Voters Stand with Crypto

Texas Voters are Embracing Crypto

The research is clear: Texas voters believe crypto has a central role to play in improving our financial system. This growing constituency of crypto owners are making it known that they care about where candidates stand on crypto. They’re eager to vote for leaders prepared to harness the potential for crypto to update the financial system, positively impact society, and ensure the U.S. remains a global financial leader.

21% of Texas adults (around 4.7 million people of voting age) are proud owners of digital assets according to Morning Consult data. A recent study conducted by Toluna on behalf of Coinbase shows that a significant proportion (39%) are 18-34 year-old adults. This younger demographic, shaped by the internet era, is eager to modernize our financial infrastructure, viewing crypto as a pathway to innovation and equality.

In the Lone Star State, crypto also draws support from a diverse cross-section of society. Crypto ownership is higher among Texas households earning less than $75,000, underlining the technology's appeal to everyday Americans seeking financial empowerment.

Against a backdrop of widespread dissatisfaction with the current financial system, particularly among young adults, there is strong support for systemic reform among Texas crypto owners. Over 60% perceive the current financial system as skewed in favor of powerful interests, and an overwhelming majority (85%) believe the system needs to change. Nationally, only 7% of young people report feeling satisfied with the existing financial system. 

For these emerging voters, crypto and blockchain are not just tools for personal empowerment, but essential components for reshaping the economic landscape. A significant majority (76%) believe in the potential of crypto to open up economic opportunities that are inaccessible through traditional finance, and 77% agree that crypto and blockchain has a positive impact on society. 

As the 2024 election year unfolds, Texas's crypto community is poised to make its voice heard at the ballot box. These crypto voters overwhelmingly support politicians and candidates who view crypto as crucial for the future of finance and American financial leadership. Among crypto owners in Texas, more than 3 in 4 say they are more likely to become engaged in the political process to back leaders who believe supporting crypto can ensure that the U.S. remains the leader in the global financial system. Another 74% are more likely to support candidates who recognize the importance of nurturing a robust domestic crypto industry that can create jobs and ensure economic inclusion for future generations. Nearly 40% said they would specifically scrutinize their candidates' positions on these issues before casting their votes.

The growing influence of young voters cannot be overstated, with a majority (51%) already signaling their support for crypto-friendly candidates nationwide. This trend underscores the increasing urgency for politicians to embrace crypto and blockchain initiatives to remain relevant and responsive to the evolving priorities of their constituents.

It’s Time to Update the System

It’s time for Texas policymakers to listen to their constituents’ calls to democratize an outdated financial system that isn’t serving them by embracing crypto and blockchain innovation. While much of the developed world advances crypto and blockchain innovation through fair, effective regulatory frameworks, a few key American policymakers are driving a regulation-by-enforcement approach that hinders American innovators and fails to protect consumers. 

Effective policies that create a strong regulatory framework for crypto oversight will serve to protect Texas consumers. Clear rules of the road will empower local entrepreneurs and innovators to pave the path forward for the next generation of financial technology in America, and open up access to new financial tools and resources that increase economic opportunity for everyone. Texans are prepared to stand with crypto by supporting policymakers who are willing to ensure that the United States sets the standard for the next generation of the internet, so it can continue leading the world’s financial future.

At Coinbase, we’re working hard to help update the financial system by building trusted products that expand the utility and adoption of crypto. We are focused on creating a financial system that reflects the principles we embrace at Coinbase: economic freedom, individual empowerment, financial opportunity, innovation, rule of law, and safety and security. Coinbase was founded in the U.S. and became a public company in the U.S., because we believe our values align with those of the American people, and Americans want crypto. Importantly, we will continue to build in international markets, because many of them are moving forward with strategies to become “crypto hubs.” But America can’t fall asleep at the wheel. Congress and other policymakers should take note that crypto voters are engaged in their states and they want rules, not an unpredictable regulation-by-enforcement approach.