18 U.S. Senators Show Support for Cryptocurrency
A total of 18 U.S. senators, including Cynthia Lummis and Ted Cruz, have actively shown their support for the cryptocurrency sector.
Stand with Crypto Alliance Advocacy Group
The advocacy group Stand with Crypto Alliance, which has the backing of Coinbase, has revealed that Cynthia Lummis is leading the way among legislators with eight bills and 184 resolutions aimed at supporting the crypto industry. Additionally, 17 other senators have also contributed to producing legislation favorable to the crypto ecosystem.
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List of Supporting Senators
Other notable senators on this list include Ted Cruz, Kirsten Gillibrand, John Cornyn, and Steve Daines.
Skeptical Senators Against Cryptosphere
On the other hand, at least 30 senators are against the cryptocurrency sector. One of the most vocal skeptics is Mark Warner, who has proposed four bills and 17 resolutions to tighten regulations within the industry.
Elizabeth Warren’s AML Project
Senator Elizabeth Warren is also included in this list. Her controversial AML project aims to subject crypto exchanges and market participants to the same rules as banks. Senator Roger Marshall is a co-sponsor of this bill and supports extending banking requirements to various crypto market counterparts such as exchanges, miners, validators, and custodians.
Coinbase’s Advocacy Group
In July 2023, Coinbase established an advocacy group to unite and support a crypto lobby in the United States. The group’s main objective is to shape regulatory conditions for cryptocurrencies, exchanges, and wallets.
Hot Take: Cryptocurrency Finds Support in U.S. Senate
A significant number of U.S. senators have shown their support for the cryptocurrency sector, with Cynthia Lummis leading the way in introducing bills and resolutions. However, there is also opposition from senators who aim to tighten regulations within the industry. This divide highlights the ongoing debate surrounding cryptocurrency regulation in the United States.
