Mistrust of politicians is nothing new, but the perception that bitcoin and other crypto tokens are unregulated has heightened the suspicions of eligible US voters.
According to a survey conducted by blockchain research firm Clovr, 64 percent of respondents across the US political landscape were fearful of politicians coming up with ways to illegally take advantage of campaign donations made in cryptocurrency. The highest level of mistrust was recorded among independents where 70 percent believed politicians would exploit the loopholes. Relatively, Republicans had the lowest level of mistrust at 56 percent while Democrats polled at 66 percent.
The survey, which interviewed 1,023 eligible US voters, also found that the mistrust was also extended to political parties, though on a different level. Regardless of political affiliation, 56 percent of eligible US voters indicated that they wouldn’t trust political parties not to take advantage of the loose regulations that exist on campaign donations made in cryptocurrency.
Misuse by a Political Party
On a party-by-party basis, the perceived likelihood that a politician from a particular end of the political spectrum would misuse crypt funds was lowest for the Green Party at 60 percent. Libertarians polled at 63 percent, Democrats at 83 percent, and Republicans at 90 percent.
From the survey, respondents also revealed fears that cryptocurrency campaign donations could be used by foreign governments and other foreign actors to interfere in elections and the wider political system with 60 percent saying this was likely to be the case. More Democrats than Republicans believed this to be the case with the figure being 66 percent for the former and 58 percent for the latter. Independents, on the other hand, polled at 56 percent.
Despite the concern among eligible US voters that the loose regulations around cryptocurrency could be exploited by politicians and political parties, 54 percent of the respondents expressed confidence that cryptocurrencies are secure enough for use in the political process. Republicans expressed more confidence at 63 percent than either Democrats (52 percent) or independents (45 percent).
Given the option of giving to a political campaign in cryptocurrencies, 27 percent of Republicans indicated that they would, compared to 25 percent of Democrats and 22 percent of independents. However, some states are yet to allow cryptocurrency donations to political campaigns citing the anonymous nature of blockchain technology and the general suspicions that exist around cryptocurrencies.
“There are several reasons why state governments are hesitant to adopt cryptocurrency donations, but the two major ones are the validity of cryptocurrencies and the anonymity of the donor, one of the hallmarks of blockchain technology,” the report, titled “Crypto & Politics: Voters’ Perceptions of Cryptocurrency and Politics,” said.