18 US Senators Now ‘Stand With Crypto’: Is Support Growing in Washington?

Is the tide turning in Washington for cryptocurrency? It appears so! Recent analysis from Coinbase’s advocacy arm, ‘Stand With Crypto,’ indicates a significant milestone: 18 senators in the United States are now publicly in support of cryptocurrency. This is a noteworthy development in the ongoing dialogue surrounding digital assets and their future in the US.

Who are these Pro-Crypto Senators?

According to ‘Stand With Crypto,’ some senators are leading the charge in advocating for digital assets. Let’s break down who they are and what makes them stand out:

• Cynthia Lummis (Republican): Considered a leading voice, Senator Lummis has championed eight crypto-related bills and made a remarkable 184 public statements in support of cryptocurrency. Her consistent advocacy makes her a key figure in the pro-crypto camp.
• Ted Budd (Republican): Following closely behind, Senator Budd also boasts eight crypto bills to his name, along with 24 public statements. Together, Lummis and Budd represent a strong Republican front for crypto in the Senate.
• Ted Cruz (Republican) and Bill Hagerty (Republican): This pair further strengthens the Republican contingent, contributing a combined five bills and 92 statements in favor of cryptocurrency.

Here’s a quick snapshot of the party breakdown:

• Republicans: Dominate the pro-crypto group with 14 senators.
• Democrats: Account for a smaller portion, with only four senators currently listed as supportive.

The Opposition: A Stronger Force Against Crypto?

While 18 senators supporting crypto is a positive signal, it’s important to acknowledge the other side of the coin. ‘Stand With Crypto’ data suggests that a larger group of 30 senators are reportedly opposed to cryptocurrency.

Interestingly, the party lines shift when it comes to opposition:

• Democrats: Form the majority of the opposition, with 23 senators listed as anti-crypto.
• Republicans: A smaller number, five Republican senators, are reportedly against crypto.
• Independents: Two Independent senators also fall into the opposition camp.

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With 100 senators in total in the US Senate, the crypto landscape in Washington is still quite divided.

Presidential Hopefuls: Where do They Stand on Crypto?

The ‘Stand With Crypto’ tracker also provides insights into the stance of key presidential figures:

• Donald Trump (Republican Presidential Candidate): Leans towards supporting crypto. Notably, he has publicly stated his opposition to the creation of a Central Bank Digital Currency (CBDC).
• Robert F. Kennedy Jr. (Independent Presidential Hopeful): Is a vocal crypto supporter, particularly for Bitcoin. He has even made Bitcoin a central theme of his campaign, proposing crypto-friendly legislation if elected.
• Joe Biden (Current US President): Is listed as “against” crypto on the website. His public statements and administration policies have generally reflected a more cautious approach to digital assets.

Elizabeth Warren: A Leading Voice in Crypto Skepticism

Perhaps the most prominent figure among the crypto-opposing senators is Elizabeth Warren. Her stance is quite firm, and her actions reflect a strong concern about the risks associated with digital assets.

Key points about Senator Warren’s anti-crypto position:

• Anti-Crypto Legislation: She has backed or introduced three anti-crypto bills, signaling a proactive approach to regulating the industry.
• Public Statements: Senator Warren has made a significant number of 76 public statements against crypto, according to ‘Stand With Crypto’ data.
• Digital Asset Anti-Money Laundering Act: In July 2023, she re-introduced this act, aiming to tighten regulations on noncustodial wallets, expand Bank Secrecy Act responsibilities to the crypto space, and enhance Anti-Money Laundering compliance.

Crypto is risky, propped up by hype, and often used for illicit finance. That’s why I’m leading the fight in Congress to crack down on crypto & protect consumers.

My new bill with @SenatorMarshall will ensure crypto firms follow anti-money laundering rules. https://t.co/ozXpEqmPTE

— Elizabeth Warren (@SenWarren) January 22, 2024

While Senator Warren’s bill has garnered support from various lawmakers, it has also faced criticism from crypto advocacy groups. Concerns have been raised that the legislation might be overly broad and could stifle innovation without effectively addressing illicit activities.

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Senator Warren has even declared a “war on crypto” as part of her re-election campaign in 2023, emphasizing her commitment to regulating the industry. She has consistently voiced concerns about crypto’s alleged use in terrorism financing and other illicit activities, despite counter-evidence suggesting otherwise.

Looking Ahead: What Does This Mean for Crypto?

The increasing number of senators publicly supporting cryptocurrency is undoubtedly a positive development for the industry. While the opposition remains significant, especially from certain Democratic figures like Elizabeth Warren, the growing bipartisan interest and support suggest a shifting landscape in Washington.

Key Takeaways:

• Growing Support: 18 senators now publicly support crypto, indicating increasing recognition of digital assets within the US political sphere.
• Bipartisan Divide: While Republicans largely dominate the pro-crypto camp, the opposition is primarily driven by Democrats, highlighting a partisan divide on the issue.
• Key Figures: Senators Lummis and Budd are leading pro-crypto voices, while Senator Warren is a prominent figure in opposition.
• Presidential Stances: Presidential candidates are also taking clear positions on crypto, which could influence future policy directions.
• Regulatory Battles Ahead: Despite growing support, the crypto industry still faces significant regulatory hurdles, as exemplified by Senator Warren’s legislative efforts.

The coming years will be crucial in shaping the regulatory framework for cryptocurrency in the United States. The increasing number of pro-crypto voices in the Senate suggests a potential for more balanced and informed legislation, but the path forward is likely to be complex and involve ongoing debate and negotiation.