Recent data from Coinbase's nonprofit advocacy organization, Stand with Crypto, reveals that at least 18 U.S. senators support cryptocurrencies. Among them, Republican senators Cynthia Lummis and Ted Burr stand out as the most pro-crypto politicians in the U.S. Senate, with multiple crypto bills and public statements to their names.
Leading the Pro-Crypto Charge
Cynthia Lummis is known for championing eight crypto bills and making 184 public statements on crypto-related matters. Ted Burr follows closely with eight bills and 24 statements. Ted Cruz and Bill Hagerty, both Republicans, are also notable pro-crypto senators, with a combined total of five bills and 92 statements.
Of the 18 senators supporting cryptocurrencies, 14 are Republicans, while only four are Democrats. In contrast, 30 senators have taken a stance against cryptocurrencies, with 23 of them being Democrats, five Republicans, and two Independents.
Presidential Views on Crypto
The tracker also mentions the positions of prominent figures regarding cryptocurrencies. Independent presidential hopeful Robert F. Kennedy Jr. has expressed support for Bitcoin in his election campaign and proposed crypto-related legislation. Meanwhile, Republican presidential candidate Donald Trump leans towards supporting crypto, and he recently announced his opposition to central bank digital currencies (CBDCs).
President Joe Biden's stance is listed as "against" crypto due to his negative public statements on digital assets. Senator Elizabeth Warren has been a prominent figure in the regulatory discussion around cryptocurrencies, introducing the Digital Asset Anti-Money Laundering Act in 2023, which received mixed reactions from advocacy groups.
Warren has also made a "war on crypto" a part of her re-election campaign, despite differing opinions within the crypto industry and evidence to the contrary regarding crypto's role in illicit activities.
In conclusion, the cryptocurrency landscape in the U.S. Senate is marked by a divide, with both support and opposition from various senators and political figures.
Economic sanctions allow the U.S. to pressure foreign entities that work against our interests. But digital assets, such as cryptocurrencies, can be used to evade those sanctions’ effects.
— U.S. GAO (@USGAO) January 16, 2024
Today’s blog post looks at the federal response to this issue: https://t.co/2DUWipsrFB pic.twitter.com/RcCcts2uxJ
