Coinbase Confirms that 18 Senators are Now Pro-Crypto

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At least 18 Senators in the United States are now pro-cryptocurrencies, according to the data shared by the nonprofit advocacy organization ‘Stand with Crypto’, which was created by Coinbase, the largest digital asset trading platform in the country.

The data shows that currently, Republican senators Cynthia Lummis and Ted Burr are the most pro-crypto politicians in the US Senate. The two have spearheaded multiple pro-crypto bills and issued public statements in support of the industry.

Coinbase Confirms Pro-Crypto Senators

As per the data from Coinbase’s Stand with Crypto, Lummis has led eight crypto bills and issued 184 public statements on crypto, followed by Burr, who touts eight bills and 24 statements.

Republicans Ted Cruz and Bill Hagerty followed Lummis and Burr, putting out a combined five bills and 92 statements. Notably, out of the 18 Senators that currently show support for digital assets, 14 of them are Republicans, while only 4 are Democrats. 

30 Senators in Opposition

While there are at least 18 Senators that currently ‘stand with crypto,’ as many as 30 Senators are currently opposing the advancement of digital assets. As per the data from the Coinbase nonprofit, out of these 30, 23 are Democrats, five are Republicans, and two are Independents. 

According to the present rules, there are 100 senators in the United States, two for each state. The data also mentioned that presidential candidates Donald Trump and independent presidential hopeful Robert F. Kennedy Jr. have shown support for digital assets. 

Notable Opposer: Elizabeth Warren

One of the most outspoken critics of crypto is Elizabeth Warren, who recently stated that decentralized finance (DeFi) is the most dangerous part of the digital asset sector. She also highlighted the impact of a run on stablecoins on the average investor.

On October 24, Warren issued a letter to the heads of regulatory agencies “seeking information about the steps” the agencies are taking to stop the “revolving door” between the financial regulatory agencies and the crypto industry. 

“Americans should be confident that regulators are working on behalf of the public rather than auditioning for a high-paid lobbying job upon leaving government service,” Warren noted.

Coinbase Criticizes Warren’s Accusations

Coinbase criticized Warren’s letter, which implied that the exchange engaged in the “revolving door” strategy to impede the process of crypto asset regulation. The Chief Policy Officer at Coinbase, Faryar Shirzad, outrightly denied the accusations, calling it a “willful misinterpretation” of its objectives.

“Your accusations are not only unfounded but a willful misrepresentation of our intentions and efforts,” Shirzad stated.

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