Coinbase’s nonprofit organization Stand with Crypto’s latest data indicates that at least 18 senators in the United States support the crypto sector. Stand With Crypto shows that Republican senators Cynthia Lumnis and Ted Burr are currently the most crypto-friendly politicians in the US Senate; Lumnis with eight crypto bills and 184 public statements about crypto, while Burr follows with eight bills and 24 statements.
Notable Research in the US
Following closely behind Lumnis and Burr are Republican Ted Cruz and Bill Hagerty with five bills and 92 statements. Of the 18 senators supporting the crypto sector, 14 are Republican and only four are Democrats. The organization reports that there are a total of 30 senators who are firmly opposed to crypto.
According to the Stand with Crypto team, of the 30 senators taking a stance against crypto, 23 are Democrats, five are Republicans, and two are Independents. There are 100 senators in the United States Senate, with two senators for each state.
The organization also notes that Republican presidential candidate Donald Trump and Independent candidate Robert F. Kennedy Jr. tend to support crypto. Kennedy has made Bitcoin a main theme of his campaign and promises to propose legislation if elected, while Trump recently declared he would not allow the creation of central bank digital currencies.
Meanwhile, President Joe Biden is listed on the website as being against crypto, having made five public statements showing a negative stance on crypto assets. According to Stand With Crypto data, the most notable anti-crypto senator is Elizabeth Warren, who currently supports or has introduced three anti-crypto bills and has made a total of 76 statements against crypto.
Warren and the Crypto Sector
In July 2023, Warren reintroduced the Digital Asset Anti-Money Laundering Act, aiming to ban Web3 wallets, expand Bank Secrecy Act responsibilities, create Anti-Money Laundering compliance reviews, and take other legal measures to combat the illegal use of cryptocurrency.
While the bill is supported by a significant number of legislators from both sides of the aisle, it has received criticism from advocacy groups claiming the legislation will fail to address the illegal use of crypto assets.
Warren has made the fight against crypto a significant part of her reelection campaign in 2023. Since then, she has made several public statements claiming that crypto is generally used for illegal activities, despite increasing evidence to the contrary.
