Nearly nine in ten Americans believe it is time to update the financial system, but progress is being slowed “by resistance of those in power who embrace the status quo: outdated systems that limit economic freedom and opportunity for everyday Americans,” according to an updatre shared by Coinbase (NASDAQ:COIN).
Coinbase is launching an effort “to mobilize 52 million crypto owners – younger and more diverse than the US population as a whole – into a powerful force heading into the 2024 elections with an intense focus on nine key states.”
Earlier this year, Coinbase undertook research to “understand the attitudes of Americans toward the financial system.”
It found that people overwhelmingly “want change.” Nearly nine in ten (87%) Americans believe the financial system “needs changing and half (51%) of Americans believe that America’s financial system does not work fairly for everyone.”
Most perceive the system “as benefiting anyone but people like themselves, and only 14% are optimistic about the future of the financial system.”
Prior research reinforces their attitudes in benefiting from the underlying democratizing power of blockchain technology:
63% of crypto owners agree that “the system unfairly favors powerful interests.”
In bellwether states like Nevada, Ohio and Pennsylvania, more than 40% of those who own digital assets do so “to remit money across borders to help family members pay for food, housing and health care for far less than what banks and wire services typically charge.”
72% of 18-34s believe “crypto gives people direct control over their money” and 72% agree that “digital assets are the future of finance.”
The reality is that right now in America, 1 in 5 adults “own crypto – it’s a group 52 million Americans strong.”
In order to update the existing financial system and meaningfully move beyond the current status quo, crypto “needs clear regulation Crypto needs clear, sensible legislation.”
The current “enforcement only” approach puts jobs, innovation, and global leadership at risk.
In DC, paid media and IRL events will “show the size and shape of crypto owners. On September 27, there will be a Stand with Crypto Day where innovators, entrepreneurs, and developers from around the country will fly into DC to be public advocates with Members of Congress and government officials.”
Stand with Crypto‘s goal is “to mobilize one million people, but imagine what it would look like if we could mobilize even 10% of America’s 52M crypto owners into single issue advocates – that would be a game changer in standing up to the status quo and advocating for policies that update our financial systems so it is more fair, more distributed, and more inclusive.”