18 US Senators Support Coinbase’s Crypto Lobby Group
Coinbase’s Stand with Crypto advocacy group recently published a report noting that at present there are 18 US Senators in the for-crypto camp. Data projections from the non-profit organization suggest that around 18 US senators are operating to represent and protect the interests of cryptocurrency investors in the nation.
Congress Support for Crypto
The group is inclusive of Republican Senator Cynthia Lummis and Ted Burr. Burr has 8 crypto bills and 24 statements under his hat while Lummis has penned 8 bills and 184 public statements to put forth the perspective of cryptocurrency investors.
The suite of for-crypto senators accounts for 4 members from the Democratic Party while the majority hails from the Republican Party. On the other hand, around 23 members of the Democratic Party and 5 Republican Senators have assumed the anti-crypto stance.
Meanwhile, 2 independent Senators have opted to remain neutral. For context, it is important to note that there are around 100 senators in the Senate, two electives for each state.
Two Major Presidential Candidates Show Their Support for the Blockchain Sector
Two prominent US Presidential candidates Donald Trump and Robert F. Kennedy Jr. have also extended support for the crypto sector. Kennedy has placed Bitcoin at the core of his campaign. He has promised that he is going to use Bitcoin to bring back USD stability and introduce capital tax exemptions for Bitcoin.
Robert F. Kennedy Jr. is participating as an independent candidate, speaking at the 19th July PAC event he said that backing USD with gold, silver, platinum, and Bitcoin can help restore the balance of the American economy.
He noticed that the transition was going to be gradual and talked about starting with 1% backed Treasury bills. At the same time, he has also included removing capital gains applications for Bitcoin to USD conversion tax-free. He noted that the tax exemption could strengthen crypto industry growth in the US in the same fashion as Singapore and Switzerland.
In July, his investment declarations indicated $250K worth of Bitcoin in his portfolio. Republican Presidential candidate Donald Trump recently announced an anti-CBDC stance. He attributed the idea to another Republican presidential candidate Vivek Ramaswamy.
Representative Tom Emmer Joins Trump in His Fight Against CBDCs
Two Presidential candidates Ramaswamy and Ron De Santis dropped out of the race on 16th and 21st January 2024 endorsing Trump. The former president credited Ramaswamy for consolidating his anti-CBDC stance. Ramaswamy was one of the candidates who had a detailed crypto framework added to their election campaign.
His plan included excluding blockchain developers from legal prosecution for misuse of their code by other threat actors, advocating the legality of crypto mixer under the 1st amendment, granting securities law exemption for crypto startups, and preventing federal agencies from introducing laws against self-hosted wallets.
Representative Tom Emmer pledged his allegiance with Trump on an anti-CBDC stance. Meanwhile, Senator Elizabeth Warren has remained one of the most outspoken crypto-opposing politicians.
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