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US Senators are now on the side of cryptocurrency according to the latest data from Coinbase’s advocacy organization Stand with Crypto. There are now 18 senators in the US Senate who support cryptocurrencies.
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According to Stand with Crypto’s latest data, Republican US Senators Cynthia Lummis and Ted Cruz are the two most crypto-friendly senators. Cynthia Lummis alone offers eight crypto-related bills and 184 public statements. Ted Cruz boasts eight bills and 24 statements.
Following Lummis and Cruz are Republican friends Ted Cruz and Bill Hagerty, with five bills and 92 statements. Of the 18 senators who have a positive outlook on crypto, 14 are Republicans and the remaining four are Democrats.
In general, the number of US senators is 100, with two per state. A net of 30 senators are opposed to cryptocurrencies.
We can’t just ignore the fact that Donald Trump and independent presidential candidate Robert F. Kennedy Jr. are turning to support crypto.
Kennedy recently added to his election campaign that he would introduce a bill for Bitcoin if elected. Trump, on the other hand, announced that he would not allow the creation of CBDCs.
The current US President, Joe Biden, is seen as being anti-crypto due to his approach to digital assets.
Crypto Asset Opponents (US Senators)
According to Stand With Crypto data, the most notable of the senators who oppose crypto is Elizabeth Warren, who is currently supporting or introducing a total of three anti-crypto bills and has also issued a total of 76 statements against crypto.
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
In July 2023, Elizabeth Warren reintroduced the Digital Asset Anti-Money Laundering Act, which would renew the following:
- Take strict measures against non-custodial digital wallets
- Expand Bank Secrecy Act responsibilities
- Anti-Money Laundering
- Create compliance review
- Fight against illegal use
The bill is supported by a large number of lawmakers from both sides of the aisle. The law has been criticized by advocacy groups who argue that it will fail to address the illegal use of digital assets.
Warren made a “war on crypto” a major part of her re-election campaign in 2023. Since then, she has made a number of public statements claiming that cryptocurrency has helped to finance terrorism in the Middle East to a significant extent and is generally used for illegal activities, even though there is growing evidence to the contrary.