By
Godfrey Benjamin
May 10th, 2024
Cryptocurrency has been a major point of discussion in politics lately, with experts stating that the crypto community stands to play a significant role in elections.
18 United States senators are now openly pro-crypto, according to information from Coinbase’s crypto advocacy group Stand With Crypto. A list on the organization’s site shows US senators from both sides of the political aisle with Republican senator Cynthia Lummis leading as the most crypto-friendly senator, having introduced or backed 8 crypto bills and made 184 public statements on crypto.
The list consists of 14 Republican senators and 4 Democratic senators. Senator Ted Cruz (R) tails Lummis with 3 crypto bills and 54 crypto statements. He is followed by Senators Ted Budd (R) with 8 crypto bills and 25 crypto statements, Bill Hagerty (R) who boasts 2 crypto bills and 38 statements and Democratic senator Kirsten Gillibrand from New York with 3 crypto bills and 13 crypto statements.
Stand With Crypto is a nonprofit organization that “champions for clear, common-sense regulations for the crypto industry […] mobilizing the 52 million crypto owners in the US – a demographic that is younger (60% Gen-Z and Millennials) and more diverse (41% identify as racial minorities) than the general US population – to unlock crypto’s innovation potential and foster greater economic freedom.”
27 Senators are classified as “strongly against” crypto. 21 of these are Democrats while four are Republicans and two are independent. One of the senators known for their opposition to crypto is Massachsets’ Elizabeth Warren (D). She has so far backed or introduced three anti-crypto bills and made 76 public statements on cryptocurrencies.
Warren has stated that crypto is widely used to finance illicit activity such as terrorism in the Middle East, a point that has been met with contradicting evidence. She has called for legislature to curb the use of digital assets in crime and in July 2023 re-introduced the Digital Asset Anti-Money Laundering Act. The act is targeted at non-custodial digital wallets and intends to extend Bank Secrecy Act responsibilities and set up an Anti-Money Laundering compliance examination for businesses among other things.
A new @USGAO report confirms that rogue nations are using crypto to dodge sanctions and undermine our national security.
It’s time for crypto to follow the same anti-money laundering rules as everyone else. I’ve got a bill to make it happen. https://t.co/TUX2sJ8HR0
— Elizabeth Warren (@SenWarren) January 21, 2024
Cryptocurrency has been a major point of discussion in politics lately, with experts stating that the crypto community stands to play a significant role in elections. Republican presidential hopeful Donald Trump and Independent candidate Robert F. Kennedy Jr have made their support of crypto clear. Trump has stated that he would not allow the creation of a central bank digital currency once elected while Kennedy is a known Bitcoin supporter. On the website, it is indicated that President Joe Biden is against crypto. This conclusion is made based on his public statements.