By George Ward
At least 18 senators from the US are now in support of cryptocurrencies, according to data released by Coinbase’s nonprofit advocacy group Stand with Crypto. Republican senators Ted Burr and Cynthia Lummis have been the most vocal proponents of cryptocurrency in the Senate, introducing many bills and making countless speeches in favor of digital asset adoption.
Leading The Crypto Charge
US senators are at the forefront of advocating for crypto adoption in the country in what could be a watershed moment for the industry’s prominence. Accordingly, some lawmakers are part of a movement supporting cryptocurrency use.
Notable Republicans Ted Burr and Cynthia Lummis lead the pro-crypto movement in the United States Senate. Both legislators are known for their support of the crypto industry. Lummis has produced 184 public statements and actively supported eight pieces of crypto legislation.
Similarly, Burr is also credited with pushing eight legislative proposals and issuing twenty-four formal remarks in support of cryptocurrencies. Furthermore, senators Ted Cruz, Bill Hagerty, Lummis, and Burr aggressively promote the Republican Party’s pro-crypto position.
They have proposed five pieces of legislation and published 92 statements expressing support for digital currency. Interestingly, 14 of the 18 senators pushing the crypto narratives are Republicans. This reflects a general inclination among the Republican Party toward using digital assets.
In contrast, only 4 Democratic senators hold similar sentiments. However, 30 senators have shown their strong opposition to cryptocurrency. These individuals represent different political affiliations.
A breakdown of these senators indicates that 23 are Democrats, 5 are Republicans, and 2 identify as Independents. It is worth noting that the US Senate comprises 100 members, with each American state having 2 senators.
Presidential Hopefuls’ Views About Digital Assets
On-chain shows that presidential candidates’ positions about cryptocurrencies significantly affect their electoral success. Republican presidential candidate Donald Trump and Independent presidential candidate Robert F. Kennedy Jr. also support the cryptocurrency movement.
Kennedy included Bitcoin (BTC) policies in his election campaign, including legislative proposals that showed a favorable attitude toward digital currencies. Meanwhile, Trump recently indicated opposition to creating central bank digital currencies (CBDC).
According to him, there’s a need for a more nuanced perspective of the dynamic nature of financial technologies. On the contrary, President Joe Biden’s public utterances about digital assets suggest he is anti-crypto.
Warren’s ‘War on Crypto’
In a related development, the Digital Asset Anti-Money Laundering Act, sponsored by Senator Elizabeth Warren in July 2023, aims to improve governmental oversight of noncustodial digital wallets. The proposed legislation seeks to broaden the scope of obligations under the Bank Secrecy Act.
It also aims to verify compliance with anti-money laundering regulations and present additional legal measures to combat the illegal trade of digital currencies. Although both houses of Congress support the measure, advocacy groups worry it falls short of tackling the malicious use of digital assets.
During her 2023 reelection campaign, Senator Warren openly supported the concept of a “war on crypto,” claiming that cryptocurrencies significantly contribute to terrorism financing in the Middle East and facilitate all kinds of criminal operations. Accordingly, many crypto market participants consider her viewpoint and proposed policies as anti-crypto.