Bipartisan Divide: 18 U.S. Senators Ally With Crypto, While 30 Oppose, Reveals Coinbase Lobby Group

Pro-Crypto Senators

Recent data from Coinbase's nonprofit advocacy organization, Stand with Crypto, discloses that at least 18 U.S. senators are supportive of cryptocurrencies. Republican senators Cynthia Lumnis and Ted Burr emerge as the most crypto-friendly politicians, with Lumnis backing eight crypto bills and making 184 public statements on crypto, while Burr supports eight bills and has 24 statements. Following closely are Republicans Ted Cruz and Bill Hagerty, collectively endorsing five bills and 92 statements. Of the pro-crypto senators, 14 are Republicans, and only four are Democrats.

18 senators now “stand with crypto” — 14 of which are Republican. Source: Stand with Crypto

Anti-Crypto Senators

However, a notable divide exists, as 30 senators oppose cryptocurrencies. Among them, 23 are Democrats, five are Republicans, and two are Independents, according to Stand with Crypto's tracker. It's crucial to note that there are a total of 100 senators in the United States, with two representing each state.

Presidential Perspectives

The tracker also highlights the stance of prominent figures. Republican presidential candidate Donald Trump and Independent presidential hopeful Robert F. Kennedy Jr lean towards supporting crypto. Kennedy integrates Bitcoin into his campaign, proposing legislation if elected. Meanwhile, Trump has expressed opposition to central bank digital currencies (CBDCs).

President Biden's Stance

President Joe Biden, however, is listed as "against" crypto on the Stand with Crypto website. Biden has made five public statements leaning negatively towards digital assets.

Elizabeth Warren's Anti-Crypto Stance

Among the notable anti-crypto senators is Elizabeth Warren, backing three anti-crypto bills and issuing 76 statements against crypto. In 2023, she reintroduced the Digital Asset Anti-Money Laundering Act, aiming to address noncustodial digital wallets and enhance Bank Secrecy Act responsibilities. Despite bipartisan support, advocacy groups criticize the legislation for purportedly failing to combat the illicit use of digital assets.

Conclusion

The bipartisan divide among senators reflects the complex landscape of cryptocurrency regulation in the U.S. While some senators actively support crypto, others, like Elizabeth Warren, champion anti-crypto measures, citing concerns about terrorism financing and illicit activities, despite opposing evidence.