Voters criticize SEC’s crypto regulation approach, favoring Congressional guidance in a recent poll.
At a Glance
- 66% of voters favor waiting for Congress to issue regulatory guidance before SEC enforcement
- 81% of respondents express a need for better education on digital assets
- 54% feel SEC regulations are stifling blockchain progress in the US
- Voters likely to support candidates endorsing clear regulatory frameworks
- House passed resolution to overturn SEC’s crypto custody policy
American Voters Skeptical of SEC’s Crypto Approach
A recent HarrisX poll for the Blockchain Association reveals that a majority of American voters are critical of the Securities and Exchange Commission’s (SEC) current stance on cryptocurrency regulation. The survey, which included 1,717 registered voters, shows a clear preference for Congressional guidance over immediate SEC enforcement actions.
According to the poll, 66% of voters favor waiting for Congress to issue definitive regulatory guidance before the SEC implements enforcement actions. This sentiment reflects a growing concern among the electorate about the impact of current regulatory practices on the blockchain and cryptocurrency industries.
Education and Progress: Key Concerns for Voters
The survey also highlighted a significant knowledge gap, with 81% of respondents expressing a need for better education regarding digital assets. This overwhelming majority suggests that voters feel ill-equipped to navigate the complex world of cryptocurrencies and blockchain technology.
“It’s not unusual to get large stacks of voter registrations or large stacks of requests for mail-in ballots. It’s just this was an overabundance of registrations from one particular organization,” Julie Wheeler said.
Furthermore, 54% of voters feel that the SEC’s regulations are stifling blockchain progress within the country. This perception could have significant implications for the future of technological innovation and economic competitiveness in the United States.
Political Implications and Congressional Action
The poll’s findings present a potential advantage for political candidates who endorse digital asset support. Voters are more likely to support those pushing for clear regulatory frameworks and technological advancement, which could shape the platforms of future campaigns.
In a related development, the House of Representatives recently passed House Joint Resolution 109 (H.J.Res. 109) with bipartisan support. The resolution aims to overturn the SEC’s Staff Accounting Bulletin (SAB) 121, which is seen as discouraging banks from custodying digital assets.
Representatives Mike Flood (R-NEB) and Wiley Nickel (D-N.C.) co-sponsored the resolution, which passed with 207 Republicans and 21 Democrats voting in favor. The debate in the House was broader than just SAB 121, focusing on the SEC’s overall approach to digital assets.
Congressman Flood criticized the SEC’s policy, stating that it allows only unregulated non-banks to custody digital assets. This critique aligns with the sentiment expressed by voters in the HarrisX poll, who favor a more measured and informed approach to cryptocurrency regulation.
As the cryptocurrency landscape continues to evolve, it’s clear that American voters are calling for a more balanced and informed regulatory approach. With the 2024 election on the horizon, candidates who can articulate a clear vision for cryptocurrency regulation may find themselves with a distinct advantage among an increasingly crypto-aware electorate.
