- The US Senate is split on cryptocurrency, with at least 18 senators supporting crypto while 30 oppose it. Republican senators lead support, while Democrats like Elizabeth Warren lead opposition.
- Republican senators like Cynthia Lummis and Ted Cruz have championed the most pro-crypto bills and statements. Meanwhile, Warren and Democratic senators back anti-crypto legislation.
- Beyond the Senate, presidential candidates like Trump and Kennedy support crypto, but Biden opposes it. The partisan divide poses a challenge for future crypto regulation.
The United States Senate is increasingly split on whether to support or oppose cryptocurrency. Recent data from Coinbase‘s nonprofit Stand With Crypto reveals that at least 18 senators support crypto, while 30 others stand against it.
Republican Senators Lead Support for Crypto
The data shows Republican senators are currently the biggest supporters of crypto in the Senate. Senator Cynthia Lummis (R-WY) has championed the most pro-crypto bills at 8 and made 184 public statements on crypto. Senator Ted Cruz (R-TX) follows closely behind with 5 bills and 92 statements.
Other top Republican senators supporting crypto include Ted Burr (R-NC), Bill Hagerty (R-TN), and Pat Toomey (R-PA). Of the 18 pro-crypto senators, 14 are Republicans while only 4 are Democrats.
Democrats and Elizabeth Warren Lead the Opposition
On the other side, 30 senators oppose cryptocurrency according to Stand With Crypto’s data. 23 of them are Democrats, along with 5 Republicans and 2 Independents.
Senator Elizabeth Warren (D-MA) stands out as an especially vocal critic. She has introduced or backed 3 anti-crypto bills and made 76 negative statements about digital assets. In July 2023, Warren reintroduced the Digital Asset Anti-Money Laundering Act, which aims to combat illicit crypto transactions.
9 other Democratic senators support Warren’s bill, including the chairs of the Senate Homeland Security and Judiciary Committees. However, the bill faces criticism from advocacy groups who argue it fails to effectively address illicit crypto use.
Presidential Candidates Also Weigh In
Beyond the Senate, presidential candidates have also weighed in on crypto. Republican Donald Trump recently announced his opposition to central bank digital currencies, while independent Robert F. Kennedy Jr. has made bitcoin a focus of his campaign.
In contrast, Democratic President Joe Biden has made at least 5 statements critical of crypto. A draft bill in the House would limit the SEC‘s authority over crypto firms, signaling a divide between the legislative branches.
The path forward for cryptocurrency regulation remains uncertain as lawmakers hold increasingly polarized views. The growing partisan divide in the Senate poses a key challenge for the future of crypto policy.
