As crypto gains in popularity despite regulatory hurdles in the US, it’s also enjoying growing support among US senators. According to a recent analysis, 18 senators are now positioning themselves in favor of cryptocurrency.
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Growing number of U.S. senators rally behind cryptocurrency
Cryptocurrency is attracting growing interest among US politicians, not just on the presidential side. It has also made its way into the Senate. According to an analysis from Stand with Crypto, the non-profit advocacy organization of Coinbase, no fewer than 18 U.S. senators are now in favor of crypto and are actively supporting its development through bills and public statements.
Republican senators are at the forefront of this movement. Of the 18 pro-crypto senators identified, 14 are Republicans and only 4 are Democrats. Republican senators Cynthia Lummis and Ted Cruz are the most active, with respectively 8 and 5 bills introduced in favor of crypto.
On the Democratic side, support is less pronounced even if some, like Kirsten Gillibrand are beginning to speak out in favor of a balanced regulatory framework for crypto assets.
Opposition to cryptocurrency remains strong in the Senate
Despite recent rallies, a significant number of senators, especially Democrats, remain firmly opposed to cryptocurrency. Analysis by Stand with Crypto lists 30 anti-crypto senators, including 23 Democrats.
The senator Elizabeth Warren leads the charge, with 3 bills introduced against crypto and no fewer than 76 negative public statements. Her anti-money laundering bill, considered excessive by some, nonetheless enjoys widespread support within the Democratic Party. The bill aims to restrict the use of non-custodial portfolios and extend compliance obligations.
In addition, she regularly accuses cryptocurrencies of funding terrorism and organized crime, despite several studies proving otherwise.
Whatever the case, crypto is emerging as a major political issue in the United States. Personalities such as Donald Trump and Robert F. Kennedy Jr. have taken favorable positions. This growing support from the political class suggests encouraging prospects for the future of crypto.
As a journalist at Coinpri, I’ve been captivated by the world of bitcoin and blockchain since 2020. The decentralized aspect of Bitcoin particularly piqued my interest. Since then, I’ve been working constantly to spread my knowledge, hoping one day to see a world where everyone fully enjoys their financial freedom.