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A Call To Action: Mobilizing 52 Million Crypto Owners Into An Army of One Million Advocates For Change

Includes Stand with Crypto Day in DC on September 27th and will have an intense focus on organizing in AZ, CA, GA, IL, NH, NV, OH, PA, and WI

By Coinbase Company
, September 19, 2023

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Tl;dr: 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update the financial system, but progress is being slowed by resistance of those in power who embrace the status quo: outdated systems that limit economic freedom and opportunity for everyday Americans. Today we’re 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. If you care about crypto, take one minute to call your congressperson.

It’s time to challenge the status quo by updating the system

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.¹

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 interests²

* 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 charge³

* 72% of 18-34s believe “crypto gives people direct control over their money” and 72% agree that “digital assets are the future of finance"4

When it comes to using blockchain technology to help make our financial system more open, more participatory, and more democratic, the status quo is relying on an “enforcement only” approach to keep in place a financial system that the vast majority of the people want changed. While a growing number of elected officials in Congress are advocating for legislation to regulate crypto and drive progress in the financial system, others are simply choosing to protect the status quo. And in a democracy, the will of the people can drive progress.

52 million Americans matter

The reality is that right now in America, 1 in 5 adults own crypto – it’s a group 52 million Americans strong. To help give this raw number context: (much more at link below:)

https://www.coinbase.com/blog/a-call-to-action-mobilizing-52-million-crypto-owners-into-an-army-of-1