What the numbers say:;A recent survey conducted by the;Cato Institute;has shown that most Americans are still skeptical about a potential central bank digital currency (CBDC) or the digital dollar. In the poll, only 16% of Americans said they support the idea of a CBDC. On the other hand, 34% reported opposition to a digital dollar's adoption, while a significant 49% stated that they had not formed an opinion regarding the issue yet. Cato Institute underlined that only 28% of the survey respondents were familiar with CBDCs.
Details:;The survey has also pointed out that the support rate increases as far as the age group gets younger. Generation Z has become the age group with the most support for a CBDC. Views on a digital dollar also vary across political groups. Republicans reported the highest opposition rate at 53%, while Democrats are equally split on the issue. The poll results also indicated that most Independents have no opinion about a CBDC.
Relevance:;U.S. President Joe Biden signed an executive order in 2022 for the federal government to explore the potential use cases and risks of a CBDC. The move has ignited debates from many lawmakers in the U.S. Most recently, Florida Gov.;Ron DeSantis;officially banned the use of a CBDC issued by the Federal Reserve (Fed), the central banking system of the U.S., as money in the state. While proposing the law, DeSantis;cited the risks;of hindering innovation and promoting government surveillance. In March, Sen. Ted Cruz from Texas also;introduced a bill;to prevent the Fed from developing a CBDC, citing the risk that these digital assets could be used as a direct surveillance tool by the government and violate the privacy rights of American citizens.
Brands that should care:;Crypto firms with;higher lobbying expenses, such as Coinbase, the Blockchain Association, Robinhood, and Binance.US, are expected to intensify their lobbying efforts even more as crypto and tokenized assets have become crucial material for politicians and election campaigns in the U.S. Another survey from;crypto exchange Bitget;also revealed that Gen Z cares about crypto regulations while voting for political candidates, whereas the rival crypto exchange Coinbase's poll indicated that the crypto is a bipartisan issue.