Recent data from Coinbase advocacy group “Stand With Crypto”, a non-profit crypto advocacy group, revealed that at least 18 United States (US) senators support cryptocurrency. Amongst the Stand With Crypto group, Republican senators Cynthia Lummis and Ted Burr are leading the pro-crypto, with multiple crypto bills and public statements to their names.

 Overview

The tracker also highlights presidential candidates’ positions on crypto-related matters. Coinbase’s non-profit advocacy organisation shows that Lummis is known for championing eight crypto bills and making 184 public statements on crypto-related issues. In comparison, Burr follows closely with eight bills and 24 statements. Ted Cruz and Bill Hagerty, both Republicans and pro-crypto senators, have a combined total of five bills and 92 statements. According to the report, out of the 18 senators taking a favourable stance toward crypto, 14 are Republicans, while only four are Democrats.

Stand With Crypto champions for common-sense regulations for the crypto industry, to mobilise the 52 million crypto owners in the US. This is especially directed at a demographic that is younger (60% Gen-Z and Millennial) and more diverse (41% identify as racial minorities) than the general US population in order to unlock crypto’s innovation potential and foster greater economic freedom.

In contrast, 30 senators have taken a stance against crypto, 23 being Democrats, five Republicans and two Independents, according to the tracker. In the US, there are 100 senators, two for each state.

Presidential Views on Crypto 

The tracker also notes the position of prominent figures regarding cryptocurrencies. In his election campaign, Independent presidential hopeful Robert F. Kennedy Jr. bolstered Bitcoin (BTC) and proposed crypto-related legislation. Meanwhile, the Republican presidential candidate Donald Trump is pro-crypto but announced that he would not allow the creation of central bank digital currencies (CBDCs). Meanwhile, President Joe Biden’s stance is listed against crypto on the website due to five negative public statements on digital assets. The most notable of the crypto-opposing senators is Elizabeth Warren, who has backed or introduced three anti-crypto bills and issued 76 statements against crypto. 

On January 22 2024, Warren commented on a  tweet, noting, “A new @USAGAO report confirms that rogue nations are using crypto to dodge sanctions and undermine our national security. It’s time for crypto to follow the same anti-money laundering rules as everyone else. I’ve got a bill to make it happen.”

Economic sanctions allow the U.S. to pressure foreign entities that work against our interests. But digital assets, such as cryptocurrencies, can be used to evade those sanctions’ effects.

Today’s blog post looks at the federal response to this issue: https://t.co/2DUWipsrFB pic.twitter.com/RcCcts2uxJ

— U.S. GAO (@USGAO) January 16, 2024

Warren has been a prominent figure in the regulatory discussion around cryptocurrencies, introducing the Digital Asset Anti-Money Laundering (AML) Act in June 2023, which intended to crack down on noncustodial digital wallets, extend responsibilities in Bank Secrecy Act, and establish AML compliance examination and other legal measures to fight the illicit use of digital money. 

While the bill has received support from lawmakers, the legislation has received mixed reactions from advocacy groups, which claim that the bill would fail to address the illicit use of digital assets. Apart from her re-election campaign in 2023, Warren made a “war on crypto” despite differing opinions within the crypto industry and evidence to the contrary regarding the role of crypto in illicit activities. Warren has made several public statements that claim that crypto is being used to aid terrorism financing in the Middle East and is used for illegal activity in general. Warren’s recent criticism of crypto was regarding the SEC’s approval of 11 spot Bitcoin ETFs. 

On January 24 2024, Nasdaq, a stock exchange company, released its Global Financial Crime Report highlighting data related to financial crime for 2023. The report highlighted that around $3.1 trillion in illicit funds flowed through the global financial system. In the report, BTC and crypto were not mentioned, bolstering the belief for many that fiat currency is king when it comes to facilitating crimes. The cryptocurrency industry in the United States Senate is marked by a divide, with support and opposition from senators and political figures regarding digital assets.