The rise of financial crime has forced US regulators to step up and supervise the crypto industry. The attempt to shield the customers from exploitative business activities impacted the enforcement of stringent regulations for digital assets.
The ongoing clampdown on crypto assets in the US forced some policymakers to fight back the anti-crypto spirit. In a recent study, the Coinbase non-profit arm Stand with Crypto examined the number of pro-crypto legislators in the US.
US Senators Supporting Crypto
The Coinbase team noted that the number of policymakers supporting cryptocurrency increased year-over-year. The report findings demonstrated that around 18 senators from different states in the US supported crypto and blockchain technologies.
Notably, the Stand with Crypto group observed that the Republican Senators Cynthia Lummis and her colleague Ted Burr demonstrated their positive crypto stance. The report labelled Lummis and Burr as the active crypto die-hards in the US Senate.
Lummis has formulated around eight crypto bills and issued 184 public statements on digital assets. Similarly, Burr drafted eight crypto bills and 24 public statements.
A review of Lummis and Burr’s crypto bill demonstrated that digital assets have enormous potential to promote financial inclusivity in the US. The Stand with Crypto team ranked the members of the Republican Ted Cruz and Bill Hagerty among the top five pro-crypto senators.
The report demonstrated that Cruz and Hagerty had co-authored around five bills on digital assets and issued 92 public statements. With the ongoing crypto campaigns, Cruz and Hagerty convinced the other US politicians that crypto would drive innovation to the financial sector.
Assessing the Attractiveness of the US Crypto Market
In their report, the pro-crypto senators explained that the benefits of digital assets outweigh their shortcomings. The Stand with Crypto team noted that the number of pro-crypto senators increased to 18.
The report indicates that 14 senators are Republican and 4 Democrats. The increase in crypto supporters demonstrated that US policymakers seek to create a friendly environment for digital assets.
However, the 18 senators must challenge 30 policymakers spreading the anti-crypto campaigns on the need to create an attractive environment for digital assets. In the meantime, 30 senators have vehemently opposed using crypto assets due to the risk associated with these investments.
According to Tracker, 23 Democrats, 5 Republicans, and 2 Independent candidates have been against the use of crypto assets. In their recent statement, the anti-crypto senators cautioned the investors on the risk related to digital assets.
Also, the 30 senators noted that financial criminals were using crypto to conduct illicit activities, including terrorism financing and money laundering. Based on the shortcomings of crypto assets, US policymakers warned investors to be vigilant when investing in risky ventures.
US Senators Propose New Regulation for Digital Assets
The Tracker report demonstrated that the presidential aspirants, including Donald Trump and Robert F. Kennedy Jr, will support digital assets if they win the upcoming election. Kennedy used the Bitcoin theme in the ongoing campaigns to launch his manifesto.
Consecutively, Trump vowed to enforce new legislation for digital assets if he ascended office. On the contrary the current administration led President Joe Biden demonstrated its anti-crypto stance. President Biden has made several public statements against digital assets.
Also, Massachusetts Senator Elizabeth Warren has been against crypto assets for a long time. The Stand with Crypto team noted that Senator Warren submitted three anti-crypto bills.
In her address, Senator Warren urged the regulators to enforce adequate anti-money laundering measures to restore financial integrity. In July, Senator Warren formulated the Digital Asset Anti-Money Laundering Act to clamp down on custodial digital wallets.
A review of Senator Warren’s bill demonstrated the new provision would extend the Bank Secrecy Act to digital assets to combat the use of crypto assets in illicit activities. The report showed that Warren’s bill received support from other policymakers and advocacy groups seeking effective strategies to address financial crime.