The crypto industry spent over $100 million on lobbying and campaign donations. It got a pro-crypto president, a friendly SEC chair, and the first stablecoin law in US history. And after all of that, most Americans still do not like crypto and do not trust the people running it.
A CoinDesk survey of 1,000 registered voters found that 62% do not trust the Trump administration to oversee the crypto sector. Only 30% of respondents have a favourable view of crypto. And just 1% named it as their single most important issue heading into the November midterm elections.
The industry thinks it has won Washington. The public thinks it has a trust problem. Both are right.
What Did the Survey Actually Find?
Only 30% of voters view crypto favourably. That is lower than either political party. Republicans have 39% favourability. Democrats have 43%. Crypto sits below both. DeFi is even worse at just 17% favourable, though most people have never heard of it.
When asked to rank their top issues for the midterm election, voters put crypto dead last. Just 1% called it their number one concern. The economy, healthcare, inflation, and immigration all ranked far higher. Crypto barely registered.
The trust numbers are the most striking. 62% said they do not trust the Trump administration on crypto. That includes a chunk of Trump’s own voters. The survey was evenly split between people who voted for Trump and people who voted for Harris in 2024. If 62% overall do not trust Trump on crypto, that means some of his own supporters are sceptical too.
Why Don’t People Trust Trump on Crypto?
Trump launched the TRUMP memecoin. His family runs World Liberty Financial, which issued the USD1 stablecoin. Eric Trump is co-founding a Bitcoin mining company. Trump held a private dinner at Mar-a-Lago for his top memecoin holders. His Commerce Secretary’s family trust received a loan from Tether. His crypto czar wrote the policy framework.
The CoinDesk poll found that voters overwhelmingly believe government officials should keep their own financial interests separate from the industry they regulate. When the president and his family have over $1 billion in crypto ventures while simultaneously writing the rules for crypto, the public sees a conflict of interest. Not a policy win.
Trump’s overall approval rating sits at 40% in the poll. That is sinking. And the crypto associations are not helping. For many voters, crypto is something the president is involved in for personal profit, not something he is trying to regulate for the public good.
Does Anyone Actually Own Crypto?
27% of respondents said they have invested in, traded, or used crypto. Another 27% said they have not but might someday. That means over half of Americans either own crypto or are open to it.
But the amounts are small. Only 2% hold more than $10,000 in digital assets. About 9% hold between $1,000 and $10,000. And 12% hold less than $1,000. The typical American crypto holder has a few hundred dollars in Bitcoin or Ethereum. They are not the whales. They are not the traders. They are regular people who bought a small amount and mostly forget about it.
That profile matters for politicians. Crypto voters are numerous enough to notice but not passionate enough to swing elections. The industry’s $100 million in political spending bought access and influence in Washington. It did not buy public support.
What Does This Mean for the CLARITY Act?
This is where the survey gets politically dangerous for crypto. The CLARITY Act needs 60 Senate votes. Democrats are needed for that number. And the poll shows that Democratic voters are the most sceptical of crypto. Base Democrats view crypto unfavourably by a 58% to 25% margin. If a Democratic senator votes for the CLARITY Act, they are voting for something their base does not like, championed by a president their base does not trust.
Senator Tillis is already threatening to block the bill over Trump family ethics. Senator Warren is investigating Tether’s loan to the Commerce Secretary’s family. Now the polling data gives Democrats another reason to demand ethics provisions: their voters want them.
The industry thought public opinion was shifting in its favour. The poll says otherwise. Americans still prefer banks over crypto for financial access. They see crypto as more negative than positive for the economy. And they do not think the current administration should be the one setting the rules.
Is There a Silver Lining?
A small one. Despite all the negativity, 25% of voters said crypto is an important issue for the midterm, including 3% who called it the single most important issue. That is a small but meaningful constituency. In close races, 3% can swing the outcome.
The generational split is also real. Younger voters are more likely to own crypto and more favourable toward it. As the electorate ages, the numbers should gradually shift. But “gradually” does not help the CLARITY Act, which needs to pass in the next two weeks or wait until 2030.
Artificial intelligence polled better than crypto at 46% favourability versus 30%. For an industry that is increasingly building at the intersection of AI and crypto, that gap matters. Branding products as “AI-powered” might win more public support than branding them as “crypto.”
The bottom line is uncomfortable for the industry. Crypto has won in Washington. It has not won with the public. And in a democracy, that gap eventually catches up.
Disclaimer: This article is for informational purposes only and does not constitute financial, investment, or legal advice. Always conduct your own research before making any investment decisions.
