Democrats Reportedly Circulate Anti-Crypto Poll Ahead Of CLARITY Act Vote, Coinbase Exec Calls It A 'Message-Testing Memo'

The debate takes place ahead of a key Senate vote on the CLARITY Act, with disagreements still outstanding on stablecoins, illicit finance rules and ethics provisions.

• Senate Democrats circulated internal polling that showed Democratic voters have negative views of the crypto industry, according to a report.
• The poll found 84% of respondents viewed candidates backed by the crypto industry unfavorably, with opposition strongest among very liberal voters. 
• But Coinbase policy chief dismissed the survey and said it lacked important methodological information and undercounted crypto ownership.

As the crypto industry’s major legislative priority is headed towards a first-floor Senate vote next week, Senate Democrats are reportedly circulating internal polling that paints an unfavourable picture of the industry.

A White House Economics Policy report published on Friday showed that internal polling indicating negative voter perceptions of crypto is now circulating among Senate Democrats ahead of a vote next week on the Digital Market Asset Clarity Act, commonly known as CLARITY Act.

Lawmakers were preparing for a first-floor vote on the CLARITY Act, the top legislative priority for the crypto industry, the report said, with disagreements still unresolved on illicit finance provisions, stablecoin yield and restrictions on the ability of elected officials to profit from crypto.

According to the report, the poll, which was conducted by Normington Petts, found that Democratic primary voters viewed the crypto industry less favorably than oil companies, Wall Street, or data centers. It also found that 84% of respondents had an unfavorable view of congressional candidates backed by the crypto industry, a number that was higher among self-described “very liberal” voters.

A Disputed Sample

Faryar Shirzad, Coinbase’s (COIN) Chief Policy Officer, pushed back on Friday, saying it was “a message-testing memo dressed up as public opinion.” “A survey that is released with no sponsor, no methodology and no margin of error is not research; it’s messaging in disguise,” he said.

Shirzad also challenged the poll sample. It counted crypto ownership at just 10%, well below recent data putting actual US ownership closer to 25%, meaning the poll is “measuring unfamiliarity” rather than a considered verdict on the technology, he said. He said that even within the poll’s own sample, favorability roughly doubled among those respondents who said they own crypto.

COIN stock closed down over 10% on Friday. On Stocktwits, the retail sentiment around COIN moved to the ‘neutral’ from the ‘bullish’ zone, while chatter around it stayed at ‘high’ levels during the past day.

The dueling narratives come as lawmakers prepare for a first-floor vote on the CLARITY Act, the industry’s top legislative priority, with disagreements still unresolved over multiple provisions.

For updates and corrections, email newsroom[at]stocktwits[dot]com.<