18 US Senators Stand in Support of Crypto, Reveals Coinbase's Advocacy Group Stand with Crypto
Summary:
Coinbase's nonprofit entity, Stand with Crypto, reveals that 18 US senators, predominantly Republicans, support cryptocurrency. Leading the pack are Senators Cynthia Lumnis and Ted Burr, followed closely by Ted Cruz and Bill Hagerty. On the other hand, 30 senators, mostly Democrats, are strongly against crypto. The report also indicates that presidential candidates Donald Trump and Robert F. Kennedy Jr. are leaning towards crypto support, while President Joe Biden seems to fall into the opposing camp. Significant opposition comes from Senator Elizabeth Warren who has backed anti-crypto bills and has made the fight against cryptocurrencies a major part of her re-election campaign.
A recent report from Stand with Crypto, a nonprofit advocacy organization supported by Coinbase, reveals that 18 United States senators are actively endorsing cryptocurrency. The organization names Senators Cynthia Lumnis and Ted Burr as the most supportive, with Lumnis championing eight cryptocurrency-related bills and issuing 184 public statements supporting cryptography, while Burr has spearheaded eight pieces of legislation and issued 24 statements. Among the 18 cryptocurrency-supporting senators, 14 identifies as Republicans.
Senators Ted Cruz and Bill Hagerty, also Republicans, are not far behind in their support for the cryptocurrency industry. The report shows that out of the 18 senators that are positive about cryptocurrency, only four are Democrats.
On the contrary, 30 senators stand in firm opposition to the use of cryptocurrency. These include 23 Democrats, five Republicans, and two Independents, according to the organization's tracking data.
Republican Donald Trump and Independent Robert F. Kennedy Jr., both presidential candidates, are shown to be leaning towards endorsing cryptocurrency. Trump recently declared that he would not enable the establishment of CBDCs, while Kennedy has made Bitcoin a key part of his campaign and promised to introduce relevant policies if he's elected.
In contrast, the tracker categorizes President Joe Biden as opposing cryptocurrency, as he has issued multiple public statements expressing a largely negative sentiment about digital assets.
Senator Elizabeth Warren is recognized as the most prominent opponent of cryptocurrency. She has supported or initiated three anti-cryptocurrency bills and issued 76 statements against the cryptocurrency sector, as per the data from Stand With Crypto. In 2023, Warren reintroduced her legislation called the Digital Asset Anti-Money Laundering Act, an act designed to intensify regulations on digital wallets, expand the scope of the Bank Secrecy Act, and establish an Anti-Money Laundering compliance examination.
While several lawmakers from both sides support the Act, advocacy groups have criticized it, arguing that it will not effectively address the unlawful usage of digital assets. Warren has made her campaign against cryptocurrency a cornerstone of her re-election campaign, frequently expressing concerns about cryptocurrency aiding illicit activities and supporting terrorism, claims refuted by mounting evidence.
Published At
1/29/2024 7:59:02 AM
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