Understanding Cryptocurrency User’s Willingness to Federal Regulations

• In Event: Navigating the Nexus of Cryptocurrency Fraud, Cybercrime, and Regulatory Public Sentiment

Abstract

Cryptocurrency is a digital currency that can be used for alternative forms of payments using cryptography which can be used in financial transactions, investments and criminal/legal activities that has been viewed by some in the financial sector as the “wild west”. As cryptocurrency has become more mainstream it has infiltrated popular media and become a focal point of different Reddit and X threads. Since 2016, presidential candidates such as Andrew Yang, Vivek Ramaswamy and President Donald Trump have embraced cryptocurrency to varying degrees. While other developing nations have implemented regulations on the cryptocurrency industry, the United States is lagging. This study examines American public opinion sentiments using a nationally representative sample on the readiness of cryptocurrency users and investors for cryptocurrency regulations. This paper probes cryptocurrency users about their support for regulations implemented in states and other nations. Findings will provide insight as to cryptocurrency users receptiveness to varying levels of potential federal regulations and embracing of cryptocurrencies in daily life. By shedding light on cryptocurrency users’ perspectives, this research contributes to the development of regulatory strategies that align with both public interest and crime prevention efforts, ultimately fostering a more secure and transparent digital financial ecosystem.

Authors

• Thomas Meal, University of Massachusetts Lowell

• Claire Seungeun Lee, University of Massachusetts Lowell