More US Senators Show Support for Crypto

Coinbase has been at the forefront of advocating for better crypto policies in the United States.

Data from the exchange’s nonprofit advocacy group, Stand with Crypto, recently revealed that US senators are embracing the idea of cryptocurrencies more than they did before. 

Growing Number of US Senators Voice Backing for Cryptocurrency

The Coinbase-driven organization claims that about 18 US senators now stand with crypto. Some of the most prominent pro-crypto lawmakers include Republican senators Ted Budd and Cynthia Lumins. Both lawmakers have made outstanding crypto-related efforts in the past few months.

I #standwithcrypto. More than 250,000 people are already advocating for better crypto policy in America. Join the fight to receive email updates on crypto policy, invites to local events, and more at https://t.co/mekypS5FCE

— generalMoon (@general2Moon) January 27, 2024

For example, Senator Lumins currently has eight crypto-related bills and 184 public statements on crypto. In addition, Senator Budd has eight bills and 24 crypto-based statements.

Ted Cruz and Bill Hagerty, additional Republicans, have also shown strong support for crypto, having combined support for five legislation and 92 comments. The report states that 14 out of the 18 senators are Republicans, with only 4 being Democrats. 

While most US senators are beginning to flex their muscles in support of crypto, a larger number of US lawmakers stand in opposition to cryptocurrencies. About 30 senators strongly oppose cryptocurrencies. Interestingly, of the 30 senators who have declared their opposition to cryptocurrencies, 23 are Democrats, five are Republicans, and two are Independents.

The Coinbase “Stand With Crypto” group lists President Joe Biden as being opposed to crypto. The US President has reportedly made five public remarks that generally have an unfavorable view of digital assets.

Elizabeth Warren is listed as one of the most prominent anti-crypto lawmakers. Warren has supported or presented three anti-crypto measures and has made over 70 comments against the sector. 

Robert to fight CBDCs

Most US presidential candidates have crypto-positive views. For example, Republican leading candidate Donald Trump is an avid NFT supporter and is known to support some aspects of the industry.

Furthermore, independent presidential candidate Robert F. Kennedy Jr. has expressed pro-crypto views throughout his campaign. Robert recently announced his plans to prevent the launch of a digital dollar (CBDC) if elected president.

Dr. Joseph @Mercola and I discuss financial freedom in the 21st century. As president, I will end the efforts to move toward a CBDC. #Kennedy24 pic.twitter.com/gao3D1HAeM

— Robert F. Kennedy Jr (@RobertKennedyJr) January 24, 2024

Robert termed CBDC “a calamity for human rights and civil rights.” The independent candidate cited China as an example, claiming the digital yuan is connected to a vast social credit system.

Interestingly, some US lawmakers claim that the government can shut off a person’s access to their finances if public surveillance cameras pick up any kind of non-compliance. This raises privacy concerns. 

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