Cryptocurrencies: 40% of Americans ready to use DeFi if a law were passed

In DeFi we trust. Decentralized finance (DeFi) is a sector that has grown exponentially over the past few years, providing users with alternatives to traditional financial services. However, despite its potential, DeFi is still largely unknown to the general public. A recent poll conducted by the DeFi Education Fund (DEF) reveals that 40% of Americans would be willing to try it if favorable legislation were passed.

DeFi, a sector still unknown

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According to data from DefiLlama, decentralized finance or DeFi currently accounts for around $160 billion in total value locked (TVL), which is relatively modest compared to other financial sectors. The DEF poll, conducted in partnership with Ipsos in August in the United States, shows that while DeFi is still a new concept for many, even as there is growing interest in it.

The poll reveals that 40% of Americans would be likely to try DeFi if “clear and favorable legislation was put in place”. Of these, 84% would use DeFi to make “online purchases,” while 39% see it as a solution to “reduce the high transaction fees in the traditional financial system.”

“I would keep more money in my pocket and I would no longer have to depend on financial institutions, or pay them fees,” sums up a resident of Queens, in New York City, quoted by the specialized press that takes up the DEF study.

DeFi-Education-Fund-sondage-US-crypto — The DeFI Education Fund communicates the results of its survey on social networks – Source: Account X

Limited confidence in the traditional financial system

The survey also highlights widespread distrust of the traditional financial system. Less than half of respondents believe that the current system “meets their financial needs”, and only a quarter believe that it is designed to “benefit ordinary people”.

In addition, financial security is a major concern. Only 29% of Americans believe that the American financial system is secure. The majority of respondents even believe that the current system “needs to be improved to deal with new threats such as cybercrime and artificial intelligence”.

The DEF survey shows that DeFi could address some of the biggest consumer concerns, including security and transaction fees. However, for DeFi to become a viable alternative, clear and supportive legislation is needed.

Currently, the U.S. Congress is considering several bills that could define the legal status of cryptocurrencies and clarify the role of financial regulators. If these laws are passed, they could pave the way for broader adoption of decentralized finance.

The results of this survey are encouraging for the DeFi sector. They show that consumers are willing to explore new financial solutions, as long as they are safe and regulated. And when you see the success of Hyperliquid and the arrival of its competitors, you think that the sector has a future.