Recent data from Coinbase‘s Stand with Crypto initiative reveals that 18 U.S. senators have shown support for the cryptocurrency sector. Republican senators Cynthia Lumnis and Ted Burr are leading the pro-crypto charge in the Senate, with Lumnis having introduced eight crypto bills and made 184 public statements, and Burr closely following with eight bills and 24 statements.
Ted Cruz and Bill Hagerty, also Republicans, are other notable supporters with five bills and 92 statements each. The majority of the pro-crypto senators are Republicans, with only four Democrats showing support. On the other hand, 30 senators are reported to be firmly against crypto, with a majority being Democrats.
The opposition to cryptocurrency in the Senate includes notable figures such as President Joe Biden and Senator Elizabeth Warren, with Warren being particularly active against the crypto sector. She has reintroduced the Digital Asset Anti-Money Laundering Act, which has garnered bipartisan support but also faced criticism from advocacy groups.
Warren’s Stance on Cryptocurrency
Warren’s reintroduction of the Digital Asset Anti-Money Laundering Act in July 2023 aims to impose stringent regulations on the crypto industry. Despite the bill’s support from various legislators, it has been contested for potentially failing to effectively combat the illegal use of cryptocurrencies.
Warren has been vocal in her reelection campaign about the perceived dangers of cryptocurrency, often associating it with illegal activities. This stance comes despite growing evidence suggesting the contrary, reflecting the broader divide within the Senate on the future of cryptocurrency regulation.