An analysis by Stand with Crypto, a Coinbase advocacy group, shows that 18 senators are in the pro-crypto camp.
The latest data from Stand with Crypto, Coinbase’s nonprofit advocacy organization, shows that at least 18 United States senators back crypto. According to the data, senators Ted Burr and Cynthia Lumnis (R-WY) are the most pro-crypto legislators in the United States Senate.
US Lawmakers Support Crypto Bills
Burr touts eight crypto bills and 24 statements, while Lumnis touts eight bills and 184 public statements concerning crypto. Bill Hagerty (R-TN) and Ted Cruz (R-TX) follow close behind, with five bills and 92 statements; of the 18 senators who back crypto, 14 are Republican, while the rest are Democrats.
Despite 18 senators ‘backing crypto, 30 senators allegedly oppose it. The tracker shows that of the 30 that have opposed crypto, 23 are Democrats, while five are Republicans. The remaining two are independents.
Crypto to Witness Pro-crypto Policies in Donald Trump Administration
The US Senate has 100 senators, with every state having two. Further, the tracker shows that Donald Trump, a Republican presidential candidate, and Robert F. Kennedy Jr., an independent presidential aspirant, are more likely to back crypto.
For this election campaign, Kennedy has made Bitcoin a primary theme and suggested legislation in case he is elected. On the other hand, Trump revealed he would not permit the making of central bank digital currencies (CBDCs).
In the meantime, the website shows that President Joe Biden opposes crypto. Recently, he made five statements indicating opposition to digital assets.
Senator Warren Leads in Issuing Anti-crypto Statements
Elizabeth Warren (D-MA) is the most notable senator against crypto. Stand with Crypto data shows she has supported or unveiled three anti-crypto bills and issued 76 statements against crypto.
In July last year, she re-introduced the Digital Asset Anti-Money Laundering Act, which aims to extend the responsibilities of the Bank Secrecy Act and abolish noncustodial digital wallets. Besides, it seeks to create an Anti-Money Laundering compliance examination and other legal interventions to counter the illegal utilization of digital money.
Despite several legislators from the two sides backing the bill, advocacy groups have criticized it. In this case, they say it would not address the illegal utilization of digital assets. Last year, Warren’s reelection campaign included ‘a war on crypto.’
Since that time, she has made numerous public declarations stating that crypto is being utilized to enhance terrorist funding in the Middle East. Additionally, it is generally used for illicit activity despite evidence revealing the opposite.
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