America’s financial system is running on borrowed trust, and consumers are increasingly demanding alternatives. A new national study by Ipsos’ KnowledgePanel — the same group that conducts research for Fortune 500 companies and governments, including the Federal Reserve — offers the most comprehensive look yet at how Americans view traditional finance versus emerging technologies like decentralized finance (DeFi). The results are damning: confidence in banks and legacy intermediaries is eroding against a backdrop of more than half of Americans wanting to reclaim control over their money.
At a moment when Congress is debating how to regulate the future of finance and emerging technology, the public is making clear that they want financial empowerment and control. Lawmakers now face a defining choice: embrace innovation that meets these expectations, or entrench the status quo that is increasingly falling short.
Ipsos’ survey data paints an important story about the future of financial regulation and financial services in America. The core purpose of financial regulation is to protect consumers from intermediaries who control their assets, but DeFi, which refers to open, blockchain-based systems that make it possible for people to hold, send, and use money peer-to-peer and without going through traditional intermediaries, eliminates that dynamic by enabling consumers to control their own assets. In many ways, DeFi doesn’t just comply with the spirit of financial regulation; it offers a technological solution that achieves its goals more directly and effectively.
In the 1990s, lawmakers gave the internet space to grow, and that decision cemented U.S. leadership in the digital age-creating massive growth in the American economy. The same opportunity exists today. If we want the next wave of financial infrastructure to serve Americans (and be built here at home) Congress must act with that same spirit.
Americans Don’t Fully Trust the Financial System
Americans’ trust in banks is lukewarm at best. The Ipsos study, commissioned by the DeFi Education Foundation, found that fewer than 1-in-10 Americans “completely trust” national (9%) or regional community banks (8%). Less than half believe the financial system “works well for people like me.” Only 23% of Americans say banks charge reasonable fees. These figures are concerning — not just for an industry built on confidence, but for consumers who depend on it.
Decades of high fees, opaque terms, and exclusionary practices have hollowed out public trust as ordinary people are paying more to get less from institutions that claim to serve them. It’s no surprise, then, that Americans are looking for alternatives. Just 44% feel the financial system “works well for people like me” and almost 1 in 3 Americans (29%) believe traditional finance needs a complete overhaul. The public is calling for something better. In fact, nearly two in five Americans cite “high fees” as the top problem DeFi could fix.
Americans Want Control Over Their Money
That frustration translates into a clear demand for more direct control over their money. A majority of Americans (56%) want full personal custody of their finances, and more than half (51%) say they should be able to send money digitally without a third party in the middle. Nearly half (47%) believe the system needs fundamental changes to give people more control over their own assets.
DeFi answers that demand. By design, decentralized protocols let people hold and move assets directly, rather than handing them over to intermediaries that extract fees and limit access. DeFi offers a fairer model: ownership stays with the individual, transparency is built in, costs are lower, and the rules are in plain sight.
Curiosity About DeFi Is Rising
Born from the 2008 financial crisis, the bitcoin blockchain, the first iteration of crypto technology, replaced the need to rely on intermediaries with trust in transparent code and distributed networks. That vision is now resonating, as Americans show growing interest in blockchain-based tools like DeFi.
Nearly one in five Americans have owned or used crypto. 40% of Americans said they would try DeFi if available, citing lower fees, stronger security, and control as motivators. And nearly half of Americans would be likely to try DeFi if Congress provided clear rules of the road by passing legislation.
Policymakers Should Embrace DeFi
The Ipsos data tells a clear story: Americans are frustrated with the status quo and interested in tech-enabled alternatives that put them in control of their own assets. They want lower fees, more transparency, and the ability to move money without middlemen. DeFi offers exactly that — an open, user-driven model of finance that aligns with what Americans are asking for.
Recently, over 115 organizations united to form the largest coalition in American crypto history and sent a letter to Congress on the future of financial innovation. Our collective message to Congress was straightforward: protect software developers and non-custodial service providers who create, support, and enable access to the decentralized networks underpinning our financial future. Getting the policy foundation right for developers of non-custodial software is essential.
Americans are asking for change. The technology is ready. The time is now. Policymakers must clear the way for Americans to use it.
