As a seasoned financial analyst with years of experience under my belt, I find myself drawn to the Digital Asset Anti-Money Laundering Act proposed by Elizabeth Warren. The notable backing this act has garnered from prominent political figures like Bernie Sanders, Brad Sherman, and Sherrod Brown, who all share concerns about cryptocurrency, lends it credibility and urgency.
In the realm of blockchain technology, it can sometimes prove challenging to identify political figures who are ardent supporters of cryptocurrencies.
In a potential shift starting November 5th’s U.S. election, the political landscape could significantly impact the industry in 2024, marking a significant milestone from a political standpoint.
As an analyst, I delve into the political figures who’ve expressed interest (swiped right) in cryptocurrencies, forming potential partnerships, and those who’ve shown reluctance (swiped left), potentially missing out on opportunities that could benefit their constituents.
First, our crypto lovers…
Cynthia Lummis
Senator Cynthia Lummis (R-WY) is well-known for her strong backing of cryptocurrency within the U.S. political arena.
In partnership with Senator Kirsten Gillibrand (D-NY), Lummis introduced the Responsible Financial Innovation Act and the Payment Stablecoin Act during 2022, followed by the latter being proposed in April of the same year.
Gillibrand emphasized that establishing a regulatory structure for stablecoins is crucial for preserving the U.S. dollar’s leadership, fostering accountable advancements, safeguarding consumers, and combating money laundering and illegal financing activities,” in simpler terms.
In July, Lummis unveiled her Strategic Bitcoin Reserve bill, a move that appears to have played a role in shaping former President Donald Trump’s perspective on Bitcoin, further reinforcing her status as a key champion for cryptocurrency within the political circles of Washington D.C.
Kirsten Gillibrand
Despite numerous Democratic senators having reservations about Bitcoin and cryptocurrencies, Senator Gillibrand has chosen an opposing stance on this issue.
Previously mentioned, she collaborated with Lummis on legislative initiatives, such as the Lummis-Gillibrand Responsible Financial Innovation Act and the Lummis-Gillibrand Payment Stablecoin Act, to move them forward together.
In terms of stablecoins, Gillibrand emphasized that establishing a regulatory framework for them is essential for preserving the U.S. dollar’s leadership, fostering responsible technological advancements, safeguarding consumers, and combating money laundering and illegal financing activities.
Patrick McHenry
Representative Patrick McHenry from North Carolina, a Republican, has consistently been a staunch supporter of blockchain technology and cryptocurrencies. Leveraging his role as the chair of the House Financial Services Committee, he has co-sponsored bills that are favorable towards cryptocurrencies, such as the Financial Innovation and Technology for the 21st Century Act (FIT21).
In August, McHenry expressed on X, “In May, the House completed its task by approving the bipartisan #FIT21 with a majority of two-thirds in favor. It’s high time for the Senate to act on the structure of digital asset markets, as this issue has been pending for quite some time.
Regrettably, McHenry will not seek reelection in 2024. One of the factors contributing to his decision to step down from politics is the significant expense associated with maintaining two homes – one in North Carolina and another in Washington.
Ted Cruz
In the political arena of Texas, Republican Senator Ted Cruz is engaged in a close contest with his Democratic adversary, Colin Allred, in their respective home turf.
Fortunately for Cruz, he’s gained industry approval due to his backing of cryptocurrencies and crypto mining, with this support extending even to Bitcoin mining firm Marathon.
One of the reasons I’m bullish on #Bitcoin is because it’s decentralized.
The Left hates Bitcoin because they can’t control it. #CPAC2022
— Ted Cruz (@tedcruz) February 25, 2022
For quite some time, Ted Cruz has been a vocal advocate for Bitcoin, and it’s crucial that he maintains his position,” stated Jayson Browder, Marathon’s senior VP of government affairs and corporate social responsibility, to CryptoMoon.
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The Bitcoin Freedom PAC gave $350,000 to the Truth and Courage PAC, a committee working to ensure Cruz’s reelection.
At present, Cruz is slightly ahead of his competitor in the opinion surveys. As per a poll carried out by The New York Times between October 23rd and 26th, Cruz holds a 50% to 46% advantage over Democrat Colin Allred.
Former President Donald Trump
Trump’s stance on cryptocurrency hasn’t always been favorable, but due to intense lobbying within the industry and other presidential contenders like Vivek Ramaswamy and Robert F. Kennedy Jr., who are advocating for blockchain technology, Trump has discovered several incentives to reconsider his viewpoint.
At the Bitcoin Nashville conference held in July, Trump proposed that the United States should strive to become the global leader in cryptocurrency, dubbing it as the “planetary crypto capital.
As an analyst, I found a particularly noteworthy moment during the campaign trail when candidate Trump pledged to dismiss the Chair of the Securities and Exchange Commission, Gary Gensler, on his first day in office if he were to be reelected.
Donald Trump says “If you’re in favor of Crypto, you better vote for Trump”
— Randi Hipper (@missteencrypto) May 9, 2024
Large investors in the cryptocurrency market are heavily wagering on Donald Trump winning the presidential election in November. Whether their confidence stems from thorough evaluation or optimistic speculation remains to be seen.
And now, on to the crypto haters…
Elizabeth Warren
It’s well-known that Senator Elizabeth Warren (D-MA) isn’t particularly fond of digital currencies like cryptocurrency.
The Massachusetts senator is behind the Digital Asset Anti-Money Laundering Act of 2023, a bill that hasn’t received much favor yet and hasn’t been passed into law.
She has said that she’d like to work with the industry, while still raising a few concerns.
“Warren expressed confusion in February regarding the industry’s assertion that their survival hinges on providing ample room for illegal activities such as drug and human trafficking, terrorism, ransomware scams, and consumer fraud. Additionally, he pointed out that North Korea is believed to be funding about half of its nuclear missile program through cryptocurrencies.
At a Massachusetts Senate debate, Elizabeth Warren takes a critical stance towards cryptocurrencies. However, she was taken aback when her opponent raised the issue of alleged cover-ups concerning Jeffrey Epstein. 🔥
— Kyle Becker (@kylenabecker) October 17, 2024
Warren’s opponent in this year’s election is Republican pro-crypto lawyer John Deaton.
Earlier this month, during a public discussion, Deaton claimed that Warren has been excessively friendly towards JPMorgan and has overlooked their association with the disreputable former tycoon Jeffrey Epstein.
Nonetheless, Warren continues to enjoy widespread support in her native state, while Deaton’s run for the Senate is generally perceived as an uphill battle.
Lindsey Graham
Senator Lindsey Graham, a Republican from South Carolina, is among the prominent supporters of Elizabeth Warren’s Digital Asset Anti-Money Laundering Bill.
In September 2023, Graham articulated his justification for backing the legislation, emphasizing similar connections to illicit activities as those mentioned by Warren.
Frequently, cryptocurrencies are misused as a means to transfer illegal funds by drug traffickers, organized crime networks, terrorist organizations, and kidnappers,” Graham stated. “Our proposed legislation aims to bring clarity and supervision to an industry that, in numerous instances, aids in the perpetuation of criminal activities.
While opinions on cryptocurrency are often portrayed as splitting along party lines, anti-crypto Republicans like Graham are a reminder that the picture is often more complex.
Bernie Sanders
Senator Bernie Sanders from Vermont isn’t particularly vocal among cryptocurrency skeptics, as reported by Stand With Crypto; however, they mention that he has only made two public comments on this topic. Previously, Sanders has shown support for the initiatives of his Democratic colleagues, such as Elizabeth Warren, regarding digital currencies.
In August 2023, he added his name to a letter penned by Senator Elizabeth Warren, urging the Internal Revenue Service (IRS) to address an alleged “cryptocurrency tax shortfall” of approximately $50 billion.
In 2022 he was quoted saying quite simply: “I’m not a big fan of cryptocurrencies.”
Brad Sherman
As an analyst, I’d express it this way: “In my analysis, the essence of cryptocurrency lies in its very name – ‘cryptocurrency’ translates to ‘hidden money,’ reflecting its primary objective.
During a speech in April, Sherman stated that cryptocurrency was an area where the Biden-Harris administration and former President Trump held similar views.
Later, Sherman expressed disappointment over Trump’s recent interest in cryptocurrencies. He suggested that this newfound affection arose only after Trump understood he could potentially earn tens or even hundreds of millions of dollars from crypto tycoons, provided he was open to altering his stance on the matter.
Sherrod Brown
Senator Sherrod Brown (D-OH) is a key figure wielding significant influence in Washington, with his role as the Chair of the Senate Banking Committee giving him substantial authority.
Additionally, Brown is known for being vocal about his criticism towards the cryptocurrency sector and has backed Warren in her initiatives aimed at challenging this industry.
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During a speech at the Senate in February 2023, Brown expressed disappointment that cryptocurrency advertisements shown during the Super Bowl of that year did not disclose incidents of “deception, swindles, and open plundering” within the sector.
While it’s widely believed that investing in cryptocurrency guarantees high returns without any danger, history has shown us numerous fraudulent activities and catastrophic crashes in the crypto market. These deceitful practices have led to significant financial losses for many Americans, jeopardizing their savings and livelihoods.
— Senate Banking and Housing Democrats (@SenateBanking) July 28, 2022
He went on to say that cryptocurrencies, nonfungible tokens and stablecoins are “speculative products run by reckless companies that put Americans’ hard-earned money at risk.”
In simpler terms, Brown is encountering strong resistance in his bid for the Ohio seat as Republican entrepreneur Bernie Moreno challenges him. The Defend American Jobs PAC has invested over $40 million to support Moreno’s campaign.
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2024-10-30 15:47