18 US senators strongly support crypto, new report finds

18 U.S. senators, including Cynthia Lummis and Ted Cruz, actively support the cryptocurrency sector.

According to the advocacy group Stand with Crypto Alliance, created with the support of the Coinbase exchange, the leader among legislators in the number of initiatives to support the segment is Cynthia Lummis, who introduced eight bills and 184 resolutions over her time spent as Senator; who along with another 17 of her cohorts also took part in producing legislation favourable to the crypto ecosystem.

Among others, the following senators are listed Ted Cruz, Kirsten Gillibrand, John Cornyn, Steve Daines.

At least 30 senators, in turn, are against the cryptosphere the report contents. Among crypto’s most vociferous skeptics is Mark Warner, who has four bills and 17 resolutions to his name that have attempted to tighten regulation of the industry to one degree or another.

Also on the list is Senator Elizabeth Warren, whose controversial AML project aimed to make crypto exchanges and other market participants comply with the same rules as banks. That bill’s co-sponsor is Senator Roger Marshall, who has said the bill would extend certain banking requirements to a wide range of crypto market counterparties. The proposed changes would affect exchanges, miners, validators and service providers, including custodians and crypto wallets.

Coinbase created ann advocacy group in mid-July 2023 to do what it can to unite and support a crypto lobby in the US, whose stated aims are to frame regulatory conditions for cryptocurrencies, exchanges and wallets alike.