Coinbase Logo

Texas Voters Stand with Crypto

TL;DR: A new study highlights that a ​​growing pro-crypto constituency in Texas wants to update the financial system. This is particularly true among the Lone Star State’s younger demographic who view crypto as a tool for change to support economic opportunity, freedom and fairness. With the 2024 election fast approaching, With Texas leveraging its natural strengths to grow as a global crypto hub, Texas is standing with crypto and making clear policy makers should mess with Texans’ crypto. 

  • 4.7 million Texas adults (or 21%) own digital assets, according to previous Morning Consult data.

  • Texas crypto owners represent the next generation of Texas voters, with 39% falling between ages 18-34 and a majority reporting a household income below $75K.

  • Polling finds that this emerging cohort of younger, more diverse voters care about the positions politicians and leaders take on crypto, pointing to the economic opportunity, freedom and fairness; job creation; accessibility; and global leadership potential of the tech.

By Coinbase

Policy

, February 23, 2024

, 3min read time

Final-TX-BlogHeader@2x

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.

Coinbase logo