A recent survey conducted by the DeFi Education Fund (DEF) indicates that over 40% of Americans are open to engaging with decentralized finance (DeFi) protocols, contingent on the passage of proposed legislation. The findings highlight growing curiosity about DeFi, paired with a notable distrust in traditional financial systems. The survey, carried out by Ipsos from August 18 to 21, included responses from 1,321 adults across the United States.
Alec Tyson, a vice president at Ipsos Public Affairs, commented on the results, stating that there is an “emerging awareness” of cryptocurrency and DeFi. Many Americans have expressed dissatisfaction with the current financial institutions, citing a lack of security, control, and flexibility as primary concerns.
Specifically, the poll revealed that 42% of participants would be likely to try DeFi if legislation were enacted, with the breakdown showing 9% indicating they were “extremely or very likely” to explore these options, while 33% stated they were “somewhat likely.” This interest comes as Congress deliberates on new bills that aim to define the legal status of cryptocurrencies and clarify how financial regulators will oversee the evolving landscape of digital finance.
Among those interested in exploring DeFi, a significant 84% indicated they would consider using these tools for online purchases. Additionally, around 40% of respondents believe DeFi can alleviate issues related to high transaction and service fees commonly associated with traditional banking. One respondent from Queens remarked on the potential benefits, saying, “I would keep more of my paycheck in my pocket. I wouldn’t have to rely on any of the financial institutions, on paying them fees.”
The DEF’s survey also underscored a prevailing mistrust of conventional banking systems. Less than half of the participants felt that the current U.S. financial system adequately meets their needs, and a mere quarter believed the system is designed to serve ordinary people effectively. Rather, many Americans are expressing a desire for greater control over their finances and a trend toward seeking alternatives to traditional banking methods.
Concerns about financial surveillance and security were prevalent, with only 29% of respondents believing the U.S. financial system is secure. Approximately three-quarters of those surveyed indicated that they agree the existing financial infrastructure requires upgrades to address emerging threats, such as cybercrime and artificial intelligence.
Researchers concluded that the desire for enhanced security and reduced transaction fees are driving interest in DeFi among Americans. In comments reflecting the general sentiment, U.S. Federal Reserve Governor Christopher Waller indicated that there is “nothing to be afraid of” regarding crypto payments operating outside conventional banking channels.
Despite the growing public interest, DeFi remains a relatively small sector, with the total value locked in DeFi protocols currently estimated at $160 billion, a figure that pales in comparison to the market capitalization of leading corporations like Boeing.
