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US Government Officials Making Strong Stands for and Against Crypto

Cryptocurrency is a divisive topic in US politics, and 30 US Senators are strongly against it. They are locked in debate with 18 US senators who support cryptocurrencies.

Their support or dislike is crucial, since these are key decision makers in US policy for now and for years in the future. US Senators are elected for six-year terms.

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Favorable legislation for crypto has been passed recently, with 184 resolutions and eight bills introduced by one senator during her term. That senator is Cynthia Lummis, who has been instrumental in making cryptocurrency a key part of her political career and who is leading the way in political support for decentralized currencies. She is joined by 17 other senators like Ted Cruz and Steve Daines who have been working hard to make cryptocurrency more easily accessible and to protect crypto interest in the United States.

On the opposing side are 30 senators like Mark Warner and Elizabeth Warren. Both have introduced multiple bills and resolutions to keep crypto locked away and make it harder to access. They have cracked down in the crypto industry during their tenure and are behind the AML project that tries to put the same restrictions on cryptocurrency exchanges as there are on banks.

This bill is still in the proposal stage, but it is backed by multiple senators and could have an effect all the way down the crypto infrastructure, down to the miners and wallets even, if it does go through.

Even More Opposition

A US presidential hopeful is also on the opposing side of the crypto political war. That would be Robert F. Kennedy Jr., and he is working against central bank digital currency development. He sees these kinds of currencies as inherently risky and thinks that if they are made widely available and used in everyday transactions, then the government will be able to track many more consumer spending habits.

He calls this kind of currency a civil rights and human rights “calamity”. He pointed to China where digital currency is already being used as part of a larger social credit system, and he fears something similar will happen here.

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Timothy St. John
Timothy St. John
Financial Writer - European & US Desks
Timothy St John is a seasoned financial analyst and writer, catering to the dynamic landscapes of the US and European markets. Boasting over a decade of extensive freelance writing experience, he has made significant contributions to reputable platforms such as Yahoo!Finance, business.com: Expert Business Advice, Tips, and Resources - Business.com, and numerous others. Timothy's expertise lies in in-depth research and comprehensive coverage of stock and cryptocurrency movements, coupled with a keen understanding of the economic factors influencing currency dynamics. Timothy majored in English at East Tennessee State University, and you can find him on LinkedIn.
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