The U.S. crypto industry directly employs 34,000 workers and supports 232,000 total jobs, with over $55 billion in projected economic output for 2026, a new PPG study finds.
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The U.S. crypto industry is generating measurable economic activity across employment, wages, and regional development, according to a new report commissioned by the National Cryptocurrency Association (NCA). The study estimates that crypto companies directly employ 34,000 workers and support 232,000 total jobs when supplier industries and employee spending are included.
The report projects that crypto will contribute over $55 billion to the U.S. economy in 2026, with approximately $31 billion reaching workers as income. The analysis was conducted by Pragmatic Policy Group (PPG), which used economic modeling based on Bureau of Economic Analysis data and industry revenue estimates.
The report shows that crypto-related activity extends beyond blockchain companies, affecting sectors such as technology, professional services, transportation, and consumer industries. Supplier businesses account for approximately 75,000 supported jobs, while household spending from workers connected to the sector contributes another 123,000 positions.
California and New York represent the largest employment centers, with more than 111,000 combined supported jobs. Texas follows with more than 26,000 positions, while Washington and North Carolina also appear among the leading states benefiting from crypto-related economic activity.
The study compares direct crypto employment with other industries, noting that the sector employs more workers directly than coffee and tea manufacturing, cement manufacturing, and tobacco manufacturing based on Bureau of Labor Statistics figures.
The occupational data reveals that software, blockchain, and data engineering represent the largest group among direct crypto roles, accounting for 10,100 positions. Compliance, finance, and business operations contribute another 5,450 jobs, while executives and managers represent 5,100 roles.
Across all supported employment, office and administrative positions lead with 29,260 jobs, followed by business and financial operations with 21,650. The report estimates an average annual wage of $133,000 across supported jobs, although the figure includes multiple industries beyond direct crypto employment.
PPG explains that its estimates rely on an input-output model rather than a direct workforce survey. Since crypto is not classified as an independent industry by federal economic databases, researchers mapped crypto activity into existing categories such as securities, financial services, and data processing.
The report arrives as the industry faces regulatory crosswinds. The SEC has not yet finalized a rule classifying digital assets as securities or commodities, leaving companies to operate under uncertain compliance regimes. PPG noted that its job estimates could shift if federal classification changes.
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