Recent Data Reveals Growing Divide Among U.S. Senators on Cryptocurrency
A recent report from Coinbase’s nonprofit advocacy organization, Stand with Crypto, has revealed a significant divide among U.S. senators when it comes to their stance on cryptocurrency. The data shows that 18 senators are supportive of crypto, while 30 senators oppose it.
Key Figures Supporting Cryptocurrency
The data highlights Republican senators Cynthia Lummis and Ted Burr as leading figures in supporting cryptocurrency within the U.S. Senate. Lummis has championed eight crypto bills and made 184 public statements on the subject, while Burr boasts eight bills and 24 statements.
Ted Cruz and Bill Hagerty closely follow Lummis and Burr, collectively presenting five bills and 92 statements in favor of crypto. Of the 18 senators supporting crypto, 14 are Republicans, and only four are Democrats.
Senators Opposing Cryptocurrency
On the opposing side, 30 senators stand against crypto. Among them, 23 are Democrats, five are Republicans, and two are Independents. It’s important to note that there are 100 senators in the United States Senate.
Notable Presidential Candidates’ Stance on Crypto
The data also indicates that Republican presidential candidate Donald Trump and independent presidential hopeful Robert F. Kennedy Jr. lean towards supporting crypto. Kennedy has made Bitcoin a central theme of his election campaign, proposing legislation if elected, while Trump recently announced his opposition to creating central bank digital currencies.
In contrast, President Joe Biden is listed as against crypto, with five public statements leaning towards a negative stance on digital assets.
Stand With Crypto Highlights Senator Elizabeth Warren’s Opposition to Cryptocurrency
Stand With Crypto reveals that Senator Elizabeth Warren is a prominent figure among senators opposing cryptocurrency. She has backed or introduced three anti-crypto bills and issued 76 statements against digital assets.
One notable move by Senator Warren was reintroducing the Digital Asset Anti-Money Laundering Act in July 2023. The bill aims to address concerns related to noncustodial digital wallets, extend Bank Secrecy Act responsibilities, and implement other legal measures to combat the illicit use of digital money.
The bill received support from nine United States Senators across party lines. However, it has faced criticism from advocacy groups for failing to effectively address concerns related to the illicit use of digital assets.
In 2023, Senator Warren made the “war on crypto” a central theme of her reelection campaign, consistently claiming that cryptocurrencies are being exploited for illicit activities despite growing evidence suggesting otherwise.
Hot Take: Cryptocurrency Stance Divides U.S. Senators
A recent report has revealed a significant divide among U.S. senators regarding their stance on cryptocurrency. While 18 senators show support for crypto, 30 senators stand in opposition. The data also highlights key figures such as Cynthia Lummis and Ted Burr who champion crypto bills and make public statements in favor of cryptocurrency.
On the other hand, Senator Elizabeth Warren stands out as a prominent figure opposing cryptocurrency with three anti-crypto bills and numerous statements against digital assets. Despite bipartisan support for her Digital Asset Anti-Money Laundering Act, it has faced criticism for not adequately addressing concerns related to the illicit use of digital assets.
This data reflects the ongoing debate and differing opinions among U.S. senators when it comes to the future of cryptocurrency regulation and adoption.
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