u.today
Ripple executive and current President of the National Cryptocurrency Association (NCA), Stuart Alderoty, has urged federal lawmakers to stop treating the U.S. cryptocurrency constituency as some sort of marginal movement.
Alderoty has noted that 67 million American adults now hold digital assets.
The "fringe" myth
A recent Politico poll shows that only 27% of Americans support the CLARITY Act.
Some Washington insiders have concluded that the progress of the crypto movement is irrelevant to the average American based on the results of the poll.
However, Alderoty pointed out that a recent study found that one in four American adults now owns cryptocurrency. The 27% corresponds to the share of people who actually hold crypto.
"For starters, it means more people have crypto than have dogs," Alderoty wrote. "It is, by any reasonable standard, one of the largest constituencies in the country."
According to the NCA data, the industry added 12 million new U.S. users over the past year.
The Politico poll noted that 45% of Americans view crypto as risky, but Alderoty argued that risk perception does not equal rejection.
Outdated stereotypes
Alderoty also took aim at the outdated caricature of the average crypto investor as an affluent male tech worker or a speculator.
Women now account for 42% of all new digital asset holders. Furthermore, the data indicates that crypto is now used by the middle and working classes. Nearly a quarter of holders earn under $75,000.
Construction and manufacturing workers now constitute over 21% of the holder base.
Alderoty has argued that passing the CLARITY Act does not require Congress to endorse any specific cryptocurrency. However, it will establish standard consumer protections and promote innovation.