Report Shows 42% of Voters in Texas Will Support Crypto-Friendly Legislation: Here is How this Could Benefit Parties

An exclusive Newsweek poll conducted by Redfield & Wilton Strategies has shown the disposition of voters in swing American polls to cryptocurrencies. According to the poll, as many as 42% of Texas voters said they would support any cryptocurrency-friendly bill if introduced in the state.

This question was featured in the poll to dive into voter’s minds in relation to the passage of a progressive crypto bill in Wyoming. The Wyoming bill does not levy taxes on transactions involving digital currencies, and which also exempts them from transmitter regulations. Per the other core highlights of the poll; respondents ranging from 28% in Arizona and 37% in both Texas and Wisconsin are convinced they will support a bill that will make cryptocurrencies legal in the next election.

On the Prospects of a Digital Dollar

In line with the growing trend amongst major economies around the world, the United States Federal Reserve is also conducting research into the potential development of a Central Bank Digital Currency (CBDC) dubbed the Digital Dollar. In contrast to the wide acclaim expected, some American voters are not enthusiastic about the CBDC as the majority says they will oppose the idea. 

While 40% of the polled respondents in Arizona say they would oppose the idea of a Digital Dollar, Georgian voters are somewhat divided in what their response is going to be with 27% saying they will oppose, and 27% affirming support for the new form of money. For the conducted poll, about 25% of respondents across the board showed indifference all around as many said their stance to either support or oppose crypto legalization is unclear.

What Does This Means for Political Parties

The growing mainstream adoption of digital currencies is gradually becoming a central part of many investors’ lifestyles. Understanding the tilt and the sentiments behind voter’s perception can help political parties to channel their campaign strategies in fielding proposals that will resonate with voters across the board.

“If a party wants to catch these receptive voters, it should act swiftly—not only to beat the other party to the punch but also to preempt legislation that would prove difficult to reverse if enacted,” said Louisa Idel, head of insights at Redfield & Wilton.

Per the poll conducted, a sizable number of the respondents were shown to have little or no knowledge of cryptocurrencies, with much more ready to embrace the nascent assets if they gain the right education.

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