18 US Senators Now Backing Crypto – Coinbase’s Stand With Crypto

Jimmy Aki
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The intricate relationship between the US government and cryptocurrencies seems to be split into two camps. According to a recent report by Coinbase’s Stand with Crypto, at least 18 US Senators are now backing the nascent industry.

Cynthia Lummis Leading the Ranks

The world’s second-largest crypto exchange, Coinbase, has spent the last year trying to influence crypto regulations within Congress through its Stand with Crypto program. According to a recent report from the advocacy group, their efforts seem to be yielding fruits.

Sharing their insights over the past year, Stand with Crypto noted that 18 out of 100 US legislators were backing the emerging crypto landscape. Providing more details, Stand with Crypto ranked Senator Cynthia Lummis the first pro-crypto legislator in the North American nation as she had engendered eight crypto bills and made 184 public statements on digital assets.

Following at a distance is fellow Republic Senator Ted Budd, who has introduced a similar number of crypto bills as Lummis but has made 25 public statements supporting the crypto ecosystem. Texas representative Ted Cruz secured the third position with three crypto bills and 54 public statements.

Stand with Crypto also provided their outlook on digital assets becoming a normal way of doing business in the country as it ranked them according to ‘Strongly supportive,’ ‘Supportive,’ ‘Neutral,’ ‘Against,’ and ‘Strongly Against.’

Among the 18 US Senators, 16 fell into the ‘Strongly Supportive’ category, while the remaining two were classified as ‘Supportive.’

The report also showcased a possible growing gulf between the Republicans and Democrats. Fourteen of the Senate members were Republicans, while Democrats made up the remaining four.

This data ties back into the growing popularity of Presidential aspirant Donald Trump, who the tracker states is tilting towards supporting the digital asset ecosystem. Presidential hopeful Robert F. Kennedy Jr is also in this camp and has placed Bitcoin at the bedrock of his campaign in the White House.

Biden and Elizabeth Warren Are Expectedly Anti-crypto

The tracker also delves into the less favorable perspective, indicating that a significant majority of influential figures in the United States are not welcoming the ascent of the crypto ecosystem. Two prominent figures in this regard are the current leader of the free world, President Joe Biden, and Massachusetts Senator Elizabeth Warren.

As per the tracker, Biden is depicted as opposed to the advancement of crypto assets, having delivered five public speeches. The US government is reportedly exploring the possibility of introducing a central bank digital currency (CBDC) for the dollar.

In contrast, opposition and Republican figure Donald Trump has openly expressed his opposition to the creation of such a digital currency if elected president.

Meanwhile, Senator Warren has been one of the most outspoken anti-crypto legislators in the past two years. Launching three anti-crypto bills and making 76 crypto statements to that effect, Warren is captured by the tracker as being ‘Strongly Against’ crypto.
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Warren has been championing her Digital Asset Anti-Money Laundering Act (DAAL), which aims to place crypto assets under the same oversight as other financial systems. According to the DAAL bill, crypto service providers will be mandated to carry out customer know-your-customer (KYC) processes and must follow laid-down Bank Secrecy Act (BSA) responsibilities.

Additionally, non-custodial crypto wallets, anti-money laundering (AML) examination bodies, and other legal protocols must be followed if the bill gets the official approval and stamp from Congress and the White House.

Giving reasons for her anti-crypto posture, Warren has stated that the crypto ecosystem has become a preferred tool for criminals and terrorist financiers to fund and dodge US sanctions, all in a bid to undermine US national security.

About Jimmy Aki PRO INVESTOR

Based in the UK, Jimmy is an economic researcher with outstanding hands-on and heads-on experience in Macroeconomic finance analysis, forecasting and planning. He has honed his skills having worked cross-continental as a finance analyst, which gives him inter-cultural experience. He currently has a strong passion for regulation and macroeconomic trends as it allows him peek under the global bonnet to see how the world works.