According to figures on advocacy group Stand With Crypto’s page, 87% of Americans believe the financial system as a whole is in need of updating and 45% will not back anti-crypto candidates.
Despite this, the vast majority of senators are neutral or against crypto, according to the advocacy group. Among those in favour are three national political figures: Robert Kennedy, Dean Phillips, and Donald Trump, while Joe Biden is against.
“The US sat idly by with semiconductor manufacturing, and now 92% of advanced production is located in Taiwan and South Korea. We can’t let history repeat itself, and must ensure the US isn’t sidelined from the future financial system.”
Stand with Crypto
Cynthia Lummis was the most supportive senator by a long stretch, followed by Ted Cruz and Ted Budd.
In July 2023, Lummis reintroduced “comprehensive legislation to create a regulatory framework”, in the form of Lummis-Gillibrand Responsible Financial Innovation Act.
| Senators “strongly supportive” of crypto | Party | State | Bills | Statements |
| Cynthia Lummis | Republican | Wyoming | 8 | 184 |
| Ted Cruz | Republican | Texas | 3 | 54 |
| Ted Budd | Republican | North Carolina | 8 | 25 |
| Bill Hagerty | Republican | Tennessee | 2 | 38 |
| Kirsten Gillibrand | Democrat | New York | 3 | 13 |
| John Cornyn | Republican | Texas | 0 | 8 |
| Tommy Tuberville | Republican | Alabama | 2 | 10 |
| Ron Wyden | Democrat | Oregon | 1 | 6 |
| Steve Daines | Republican | Montana | 1 | 5 |
| Marsha Blackburn | Republican | Tennessee | 2 | 3 |
| Cory Booker | Democrat | New Jersey | 1 | 4 |
| Markwayne Mullin | Republican | Oklahoma | 0 | 3 |
| Todd Young | Republican | Indiana | 3 | 1 |
| Kyrsten Sinema | Democrat | Arizona | 2 | 1 |
| Thom Tillis | Republican | North Carolina | 1 | 2 |
| Make Lee | Republican | Utah | 0 | 3 |
| John Boozman | Republican | Arkansas | 1 | 11 |
| Tim Scott | Republican | South Carolina | 1 | 2 |
Of the 18 senators that stand with crypto, 14 are Republican, while just four Democrats take a pro stance. Some 30 senators are strongly opposed, including Republican Mitt Romney and Independent Bernie Sanders. The majority are neutral or abstained.
Senator Elizabeth Warren has been one of the most vocal critics of crypto, backing a bill proposing the Digital Asset Anti-Money Laundering Act in December 2022.
“Crypto is enabling rogue nations, drug lords, ransomware gangs, and fraudsters to launder billions in stolen funds, evade sanctions, fund illegal weapons programs, and profit from devastating cyberattacks,” Warren said.
She was also highly critical of the SEC’s recent approval of Bitcoin ETFs: “If the SEC is going to let crypto burrow even deeper into our financial system, then it’s more urgent than ever that crypto follow basic anti-money-laundering rules.”
Stand with Crypto compares the evolution of crypto with semiconductor manufacturing: “The US sat idly by with semiconductor manufacturing, and now 92% of advanced production is located in Taiwan and South Korea. We can’t let history repeat itself, and must ensure the US isn’t sidelined from the future financial system.”