“Cost of living” and “jobs and the economy” topped the list when 1,000 registered American voters were asked what mattered most heading into November. Cryptocurrency came in dead last at 1%, trailing even artificial intelligence, which managed 2%.
The findings come from a survey conducted by Public Opinion Strategies on behalf of CoinDesk in late April, part of the outlet’s coverage of the 2026 U.S. midterm elections. The poll carried a credibility interval of plus or minus 3.53% and split evenly between Republican and Democrat respondents, with 41% identifying with each party to some degree.
For an industry that poured hundreds of millions of dollars into the 2024 election cycle (more than any other single donor industry), the results land somewhere between sobering and unsurprising. Crypto advocates have long argued that digital assets represent a bipartisan economic opportunity, a chance to modernize finance and expand access. American voters, when given a list of priorities, said they’d rather talk about Social Security.
Cost of Living Dominates, Crypto Trails Everything
The numbers tell a stark story. When asked to name their single most important issue, 36% of respondents pointed to cost of living. Jobs and the economy followed at 13%, with Social Security and Medicare taking 11%. Immigration, healthcare, national security, and government spending all drew single-digit responses, but crypto couldn’t even crack that tier.
At 1%, cryptocurrency tied for last place on the priority list. Artificial intelligence edged it out at 2%, which is its own kind of indictment given how much overlap exists between the two sectors. The crypto industry has spent the past two years telling anyone who would listen that digital assets are critical infrastructure for America’s financial future. Voters responded by ranking them below Medicare cuts and border walls.
The credibility interval means the true figure could be as high as 4.5% or as low as negative territory (statistically speaking, functionally zero). Either way, the message is clear: when voters walk into polling booths this fall, they won’t be thinking about Bitcoin prices or stablecoin reserves.
This doesn’t mean crypto is irrelevant to the election. The industry’s political spending remains substantial, and several key races will feature candidates who have taken clear positions on digital asset regulation. But the gap between industry priorities and voter priorities has rarely been more visible. The crypto lobby cares intensely about the Clarity Act. The average voter in Ohio or Pennsylvania has probably never heard of it.
The Trust Problem Runs Deeper Than Politics
Beyond the priority rankings, the survey exposed a more fundamental challenge for crypto advocates: most Americans simply don’t like cryptocurrency.
The favorability numbers were rough across nearly every demographic. Base GOP voters (the group most likely to own crypto) split 33% favorable versus 39% unfavorable. Independents went 27% favorable to 48% unfavorable. Democratic-leaning voters registered 26% favorable against 54% unfavorable. Base Democrats were the harshest, at 25% favorable versus 58% unfavorable.
The only group that showed net positive sentiment was GOP-leaning voters (distinct from base GOP), who went 41% favorable to 39% unfavorable. That’s a two-point edge in a survey with a 3.53% credibility interval, so calling it a statistical tie would be generous but accurate.
These numbers matter because they suggest the industry’s image problem extends beyond regulatory uncertainty or exchange collapses. Even after the 2024 election brought a crypto-friendly administration to power, even after Ethereum spot ETFs launched and institutional adoption accelerated, the average American voter looks at cryptocurrency and feels… skeptical.
The data on actual ownership adds context. Just 27% of respondents said they had invested in, traded, or used a cryptocurrency. Another 27% said they hadn’t but might someday. The remaining 46% apparently have no interest whatsoever.
Among those who have invested, the holdings skew modest. Twelve percent said they owned $1,000 or less in crypto. Nine percent reported holdings between $1,001 and $10,000. Only 2% said they held more than $10,000 in digital assets. This isn’t an investor class with significant wealth at stake; it’s mostly a collection of small speculators and the crypto-curious.
One interesting wrinkle: among respondents who said they were “much more interested” in this year’s election compared to 2022, 49% owned $1,000 or more in crypto. That suggests engaged voters with real skin in the game, but it also highlights how small that group remains as a share of the overall electorate.
Republicans Own the Pro-Crypto Brand, But Not Voter Trust
The survey’s most paradoxical finding involves party perception. When asked which party was more supportive of cryptocurrencies, 47% of respondents said Republicans, compared to just 14% who said Democrats. That’s a 33-point perception gap, an overwhelming advantage for the GOP on brand association.
But perception isn’t trust. When asked which party they trusted more to handle crypto policy, Democrats held a slight edge: 27% trusted Democrats versus 25% who trusted Republicans. The largest share, 40%, said they trusted neither party.
How do you square these numbers? Republicans are seen as more supportive of crypto, but voters don’t necessarily view that as a good thing. If you believe cryptocurrency is risky, speculative, or associated with scams, a party’s enthusiasm for it might count against them rather than in their favor.
The Trump administration’s approval ratings reinforce this dynamic. According to the survey, 40% of respondents somewhat or strongly approved of President Trump’s performance, while 60% disapproved. That’s a net negative 20-point approval rating for an administration that has positioned itself as aggressively pro-crypto.
None of this means Republican candidates will suffer at the polls because of their crypto stances. The issue ranks so low on voter priorities that it’s unlikely to swing many races either way. But it does suggest that the industry’s heavy investment in GOP candidates may be generating less voter goodwill than crypto executives might hope.
For market participants tracking regulatory outcomes, our derivatives dashboard offers real-time data on how traders are positioning ahead of political catalysts. Funding rates and open interest often shift before elections, as speculators bet on which party will control committee chairs and regulatory appointments.
The Clarity Act Hangs in the Balance
While voters may not care much about crypto regulation, the industry certainly does. The Clarity Act, also known as the market structure bill, remains the top legislative priority for digital asset companies. It would establish clearer rules for which agencies regulate which tokens, potentially ending the jurisdictional tug-of-war between the SEC and CFTC that has plagued the industry for years.
The bill still has a path to becoming law before year-end, but it has taken far longer than expected and faces multiple hurdles. Tax reform legislation is also expected to hit Congress in coming months, which could include provisions affecting crypto capital gains treatment.
The electoral math adds uncertainty. As of early May, the most likely outcome is a split Congress: Democrats taking the House majority while Republicans retain Senate control. A generic ballot question in the survey gave Democrats a three-point edge (44% to 41%), roughly consistent with other polls tracked by The New York Times.
Prediction market Kalshi shows the Senate at an even split, though the Cook Political Report noted in April that Democrats face a tough road to picking up a majority there. If the chambers divide, any crypto legislation will require bipartisan support, which makes the trust numbers relevant again. Neither party has convinced voters they’ll handle crypto responsibly.
The market cap tracker shows how total crypto valuations have responded to previous regulatory developments. Legislative progress on the Clarity Act correlated with price rallies in late 2025, while delays have coincided with sideways action.
Industry Spending Meets Voter Indifference
Crypto was the single largest donor industry in the 2024 election, pouring hundreds of millions into PACs and candidate contributions. That spending bought access, attention, and arguably some policy wins. The question now is whether it bought votes.
The survey suggests probably not. Roughly 40% of respondents said they would be more likely to vote for a candidate who shared their views on cryptocurrency, but that figure is nearly meaningless without knowing what those views are. If your view is that crypto is a scam that needs stricter regulation, you’d be more likely to vote for a candidate who agrees, and that candidate might be running against the industry’s preferred choice.
The industry’s political strategy has always been a bit awkward. Crypto companies want regulatory clarity, but they’re backing candidates in an environment where most voters either don’t care about the issue or actively distrust it. That creates a disconnect: the industry’s preferred candidates are winning primaries and general elections, but not because of their crypto positions. They’re winning on cost of living, immigration, and everything else voters actually prioritize.
This dynamic has implications for how much leverage the crypto industry actually has in Washington. Politicians who accepted industry money know where it came from, but they also know their voters didn’t elect them to pass the Clarity Act. If push comes to shove between a crypto priority and a voter priority, the math is clear.
What the Data Says About Crypto Holders
Beyond the headline numbers, the ownership data offers a profile of the American crypto holder. They’re slightly more likely to lean Republican than Democrat, more likely to be engaged in electoral politics than the average voter, and more likely to hold modest sums than substantial positions.
The 27% ownership figure roughly matches other surveys conducted over the past two years, suggesting crypto adoption has plateaued rather than continued its 2021 trajectory. The “might invest someday” cohort (another 27%) represents potential growth, but conversion rates from curiosity to ownership have been slow.
For those tracking trending coins and sector momentum, the ownership data suggests the U.S. market is more retail-driven than often assumed. With only 2% of voters holding more than $10,000 in crypto, institutional and whale activity dominates actual trading volumes even as retail participants dominate the headcount.
The favorability gap between parties also prompts skepticism about crypto’s future demographic appeal. If the industry’s most enthusiastic supporters are concentrated among Republican-leaning voters, and if younger voters continue trending Democratic, the long-term political coalition for pro-crypto policy may be narrower than advocates hope.
A Reality Check for Crypto Advocates
None of this means crypto is doomed politically. Industries with narrow but intense support have succeeded in Washington before. The NRA maintained outsize influence for decades despite gun control polling well with the general public. Crypto could follow a similar path: small base, big money, focused lobbying.
But the survey punctures some of the more optimistic narratives the industry has told itself. Crypto is not a mainstream political priority. It is not popular with most Americans. It is not trusted by voters of either party. The 2024 election put a friendly administration in power, but voter sentiment hasn’t followed.
For traders and investors, the political landscape matters less for day-to-day price action than for long-term regulatory clarity. The Clarity Act’s fate will shape which tokens get listed on U.S. exchanges, which projects face enforcement risk, and which business models remain viable. Voters may not care, but the outcome still matters.
The sector breakdown page tracks how regulatory developments affect different crypto verticals. DeFi tokens, for instance, tend to show more volatility around legislative news than established assets like Bitcoin or Ethereum.
Looking Past November
The midterms will come and go. Democrats will probably take the House, Republicans will probably keep the Senate, and crypto legislation will probably stall in the divided Congress that follows. That’s the base case.
The more interesting question is whether the industry can change the underlying numbers before 2028. Improving crypto’s favorability ratings from 27% to 40% would fundamentally alter the political calculus. Getting more voters to hold meaningful positions would create genuine constituency pressure. Neither will happen quickly.
In the meantime, the crypto lobby will keep spending, candidates will keep accepting, and voters will keep caring about cost of living. The industry built its political strategy on intensity rather than breadth. This survey shows exactly how narrow that intensity remains.
For anyone holding crypto and wondering what November means for their portfolio: probably less than you think, but more than voters care about.
Related Reading
- Politics news
- More on US Midterm Elections
- More on Voter Survey
- More on Crypto Regulation
- More on Clarity Act
Sources
The information here is not financial advice. Cryptocurrency investments are speculative and can result in loss. DYOR.
