18 US senators ‘stand with crypto’ — Coinbase lobby group
In a significant development for the cryptocurrency industry, at least 18 U.S. senators have shown support for crypto, according to data from Coinbase’s nonprofit advocacy organization, Stand with Crypto. The group, which champions clear and common-sense regulations for the crypto industry, has been tracking the stance of U.S. senators towards cryptocurrencies.
Republican senators Cynthia Lummis and Ted Burr are leading the pro-crypto charge in the Senate. Lummis has introduced eight crypto bills and made 184 public statements on crypto, while Burr has introduced eight bills and made 24 statements. They are closely followed by fellow Republicans Ted Cruz and Bill Hagerty, who together have introduced five bills and made 92 statements.
Out of the 18 senators who support crypto, 14 are Republicans, and only four are Democrats. However, not all senators are in favor of cryptocurrencies. Stand with Crypto’s data shows that 30 senators stand firmly in opposition to crypto, with 23 being Democrats, five Republicans, and two Independents.
One of the most notable crypto-opposing senators is Elizabeth Warren, who has backed or introduced a total of three anti-crypto bills and issued 76 statements against crypto. Warren has been an outspoken advocate for regulation and oversight of crypto to rein in and protect consumers and the safety and stability of the financial system.
Coinbase, the largest cryptocurrency exchange in the U.S., has been actively lobbying for crypto-friendly regulations. The company spent almost $2.9 million on lobbying in 2023. It also launched the Stand with Crypto Alliance in 2023 to shape the crypto regulatory landscape, influence regulatory decisions, and safeguard the interests of the industry. This expenditure is part of a broader trend in the crypto industry, which saw lobbying spending reach $25 million in 2022.
Stand with Crypto also encourages crypto advocates to take action by contacting their U.S. Congressional Representatives or Senators, urging them to support pro-crypto policies. The organization even offers a commemorative NFT as a symbol of unity for the crypto community.
Stand with Crypto has also been mobilizing the crypto community to engage with lawmakers. The group has facilitated more than 16,000 calls and emails to members of Congress . It has also raised $2 million from 80,000 donors in 2023 to help grow its policy-influencing functions, including artificial-intelligence-aided outreach to lawmakers and information portals showing where lawmakers stand on crypto.
The organization has been planning more in-person events and is trying to be a “one-stop shop” for crypto advocacy. However, it has faced criticism from some lawmakers, such as Senator Elizabeth Warren, who argue that crypto companies and lobbying groups are leveraging partnerships with former government officials to stonewall bipartisan efforts
In response to Senator Elizabeth Warren’s comments criticizing crypto firms for partnering with ex-government officials, Stand with Crypto, along with other industry members, has pushed back. Kristin Smith, executive director of the Blockchain Association, argued that partnering with others to propose policy is a “fundamental right.” She suggested that Senator Warren should focus her efforts on the perpetrators, not those working hand-in-hand with US law enforcement to catch bad actors. Smith also emphasized that the industry is eager to engage on policy issues.
The growing support for crypto among U.S. senators is a significant development for the crypto industry, which has been facing regulatory scrutiny. However, the divide in the Senate reflects the broader debate about the benefits and risks of cryptocurrencies. As the crypto industry continues to evolve, the stance of lawmakers will play a crucial role in shaping its future.
Angel Marinov is the Managing Editor at Coinlabz. With extensive knowledge of crypto payments and blockchain use cases, Angel is a trusted source of accurate and timely information
