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In the ever-evolving world of crypto, the battle lines are drawn within the hallowed halls of the United States Senate. A recent report from Coinbase’s nonprofit advocacy organization, Stand with Crypto, reveals that at least 18 senators have thrown their support behind the crypto revolution. However, the political landscape is far from unanimous, with an almost equal number of senators opposing the digital wave.
United Front: 18 Lawmakers Give Resounding Support To Crypto
Leading the charge among the pro-crypto politicians are Republicans Cynthia Lummis and Ted Burr. These trailblazing senators have demonstrated their commitment to the cause, with Lummis touting an impressive eight crypto bills and a staggering 184 public statements on the matter. Burr, not to be outdone, boasts an equally impressive record of eight bills and 24 statements.
Not far behind are Republican stalwarts Ted Cruz and Bill Hagerty, who have combined their efforts to present five bills and make 92 statements in favor of cryptocurrencies. Surprisingly, the pro-crypto camp is dominated by Republicans, with 14 of the 18 supportive senators belonging to the Grand Old Party. The remaining four champions of crypto hail from the Democratic side of the aisle.
The crypto supporters. Source: Stand With Crypto
In This Corner: The Opponents
But it’s not all smooth sailing for the crypto proponents. A formidable force of 30 senators takes an opposing stance, signaling a significant challenge for the future of cryptocurrencies in the United States. Among these detractors, 23 are Democrats, five are Republicans, and two are Independents, according to Stand with Crypto’s tracker.
The anti-crypto. Source: Stand With Crypto
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Senator Elizabeth Warren stands out as a prominent figure in the anti-crypto camp. Having introduced three anti-crypto bills and issuing a whooping 76 statements against digital currencies, Warren has made the “war on crypto” a key part of her political agenda.
Warren’s claims of crypto aiding terrorism financing in the Middle East and facilitating illicit activities have faced mounting evidence to the contrary. The debate over the potential risks and benefits of cryptocurrencies continues to fuel discussions and shape the future of digital finance in the United States.
BTCUSD threatens to drop to the $38,000 level on the 24-hour chart: TradingView.com
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In The realm Of Presidential Politics, The Battle Over Crypto Rages On
Meanwhile, independent presidential hopeful Robert F. Kennedy Jr. has made Bitcoin a central theme of his campaign, while Republican maverick Donald Trump has expressed his reluctance to allow central bank digital currencies to take root.
On the other side of the spectrum, President Joe Biden finds himself listed as anti-crypto on Stand with Crypto’s website. His five public statements lean towards a negative stance on digital assets, further emphasizing the divide within the Senate and the administration.
As the crypto clash intensifies in the Senate, it remains imperative to stay informed, seek diverse perspectives, and closely follow the evolving landscape of this technological revolution. The outcome of this battle will undoubtedly impact the trajectory of cryptocurrencies and their place in the financial world.
Featured image from Freepik, chart from TradingView
