Recent data from Coinbase’s nonprofit advocacy organization, Stand with Crypto, reveals a growing divide among U.S. senators regarding their stance on cryptocurrency. At least 18 senators in the United States are currently supportive of crypto, while 30 senators stand in opposition.
Stand with Crypto’s 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.
Republican senators 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.
On the opposing side, 30 senators are reported to stand against crypto. Among them, 23 are Democrats, five are Republicans, and two are Independents, according to Stand with Crypto’s tracker. It’s important to note that there are 100 senators in the United States Senate, with two representing each state.
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 on the website 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 Senator Elizabeth Warren as a prominent figure among senators opposing cryptocurrency, having backed or introduced three anti-crypto bills and issued 76 statements against digital assets.
Senator Warren’s notable move in July 2023 involved reintroducing the Digital Asset Anti-Money Laundering Act in July 2023 alongside Senators Joe Manchin, Roger Marshall, and Lindsey Graham. The current version of the bill aims to address concerns related to noncustodial digital wallets, extend Bank Secrecy Act responsibilities, establish Anti-Money Laundering/Combating the Financing of Terrorism compliance examinations, and implement other legal measures to combat the illicit use of digital money.
According to an official statement from Warren’s office, nine United States Senators supported Senator Elizabeth Warren’s Digital Asset Anti-Money Laundering Act. The bipartisan coalition includes Democratic Party Senators Gary Peters, Dick Durbin, Tina Smith, Jeanne Shaheen, Bob Casey, Richard Blumenthal, Michael Bennet, and Catherine Cortez Masto, along with independent Senator Angus King.
Notably, Peters chairs the Senate Homeland Security and Governmental Affairs Committee, while Durbin is the chair of the Senate Judiciary Committee.
Despite garnering support from lawmakers across party lines, the bill has faced criticism from advocacy groups, arguing that it fails 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. Subsequently, she has consistently made public statements asserting that cryptocurrencies are being exploited to finance terrorism in the Middle East and facilitate general illicit activities. These claims persist despite growing evidence suggesting the contrary.
A discussion draft released in June in the House would largely limit the SEC’s authority over crypto firms, while the House Financial Services Committee has also drafted legislation proposing the Federal Reserve become the main regulator behind establishing requirements for stablecoins.