Democrats Circulate Poll Suggesting Unfavorable View of Crypto Industry Ahead of CLARITY Act Vote

The CLARITY Act, a key legislative priority for the crypto industry, is headed towards a first-floor Senate vote next week. However, ahead of this vote, Senate Democrats have circulated internal polling that suggests Democratic voters view the crypto industry unfavorably.

According to the poll conducted by Normington Petts, 84% of respondents had an unfavorable view of congressional candidates backed by the crypto industry, with opposition strongest among very liberal voters. The poll also found that Democratic primary voters viewed the crypto industry less favorably than oil companies, Wall Street, or data centers.

Faryar Shirzad, Coinbase's Chief Policy Officer, has pushed back on the poll, calling it 'a message-testing memo dressed up as public opinion.' He noted that the survey lacks important methodological information and undercounts crypto ownership. Shirzad also pointed out that even within the poll's sample, favorability roughly doubled among those respondents who said they own crypto.

The dueling narratives come as lawmakers prepare for a first-floor vote on the CLARITY Act, with disagreements still unresolved over multiple provisions, including stablecoins, illicit finance rules and ethics provisions. The poll's findings could potentially influence the outcome of the vote.