Stand With Crypto and US Politicians' Views on Digital Assets
Stand With Crypto is a US-based non-profit organization. It was launched in August 2023 by the crypto exchange Coinbase with a mission to unite the crypto community to voice their opinions on crypto regulations, communicate with policymakers, and influence legal decisions.
According to Stand with Crypto, advocating for crypto policy is important to drive innovation and have common-sense regulations. On its website, the organization mentions that 52M Americans own crypto. While the future of the industry is uncertain, congress needs to adopt rules that ensure citizens can harness the potential of cryptocurrencies.
How Stand With Crypto Aims to Impact US Crypto Regulations
Stand with Crypto finds that crypto is a national priority for the US, as it creates jobs and empowers innovation. However, the country falls behind the innovation because of regulatory uncertainty. The alliance aims to mobilize 52M crypto advocates in the US to promote a clear market structure. It provides resources for the community to learn about the legislative landscape, contact Congress people, sign petitions, collect NFTs, and raise awareness about the benefits of crypto.
Amid the US presidential elections, Stand with Crypto encourages voters to elect candidates who advocate for Congress to take crypto-friendly legal actions. The organization targets key US States to hold events, highlight surveys, and promote real-world use cases of cryptocurrencies and Web3 technologies.
As of March 2024, Stand with Crypto has more than 320,000 members. It has raised over $86 M in donations to host grassroots events, sponsor fly-ins, build crypto-native advocacy tools, and cover administrative costs.
US Politicians Who Are Pro or Against Crypto
Stand With Crypto features a database of over 500 US politicians, both Democrat and Republican, highlighting their stance on crypto and the statements they have made. On the website, everyone can search politicians by their name or state to see if they are supportive, against, or neutral toward crypto.
Pro-crypto and anti-crypto US Politicians. Source: standwithcrypto.org
US Politicians That Are Against Crypto
Among the active anti-crypto politicians in the Stand with Crypto’s database are:
Joe Biden
Biden’s administration has expressed concerns about potential risks associated with cryptocurrencies, while also focusing on the issuance of Central Bank Digital Currencies (CBDCs). Biden has criticized digital asset traders for potential tax evasion and mentioned the negative environmental impact of Bitcoin mining. Unlike presidential candidate Trump, who emphasized public interest in crypto, and Robert F. Kennedy Jr., who suggested Bitcoin could enable financial freedom, Biden hasn’t expressed explicit support for the industry.
Meanwhile, in his remarks, Biden said:
I’m also proposed closing over a dozen special interest tax loopholes for Big Oil, crypto traders, hedge fund billionaires — saving taxpayers billions of dollars.
Elizabeth Warren
US Senator from Massachusetts, Elizabeth Warren is a representative of the Democratic Party and one of the biggest crypto critics. According to the Stand With Crypto database, Warren has made 80 statements about crypto. Her approach to the industry is strict. She views crypto as a main tool for criminals and has introduced bills to crack down on Bitcoin and crypto.
Brad Sherman
The Democratic Congressperson from California, Brad Sherman, is strongly against cryptocurrencies. Sherman has actively advocated for the outlawing of cryptocurrencies, saying they present a potential threat to national security. In one of his publications, the congressman says:
Cryptocurrency's purpose has always been clear, in fact it’s right there in its name: a form of hidden money.
US Politicians That Stand With Crypto
Among the active pro-crypto politicians in the Stand with Crypto database are:
Donald Trump
Although in 2019 Donald Trump said he was not a fan of cryptocurrencies, later he stated that many people are embracing crypto and that there is a need for some regulation. Moreover, the former president and Republican candidate has a special interest in NFTs and has released collectibles several times.
At the same time, Trump doesn’t approve of Central Bank Digital Currencies (CBDCs). In one of his interviews, he said:
I will never allow the creation of a Central Bank Digital Currency. Such a currency would give our federal government absolute control over your money.
Cynthia Lummis
The Republican Senator from Wyoming, Cynthia Lummis is strongly supportive of crypto. According to Stand with Crypto, she has made 191 statements about the industry. Besides being an active crypto advocate, Lummis is also a Bitcoin investor, who made her first Bitcoin purchase in 2013. The crypto-friendly politician has mentioned the importance of clear regulations for businesses and consumers multiple times.
Patrick McHenry
Patrick McHenry has been leading various crypto legislation efforts. He’s the Representative from North Carolina and the Chairman of the House Financial Services Committee. The Republican politician co-authored a crypto bipartisan bill to ensure effective rules in the US. McHenry has criticized the anti-crypto policy of the Securities and Exchange Commission (SEC), saying:
The regulation by enforcement at GaryGensler's SEC is stifling American innovation. If the U.S. wants to lead the deployment of the next generation of internet technology, we must provide clear, thoughtful rules of the road for the digital asset ecosystem.
Ritchie Torres
A member of the Democratic party, Ritchie Torres believes clear crypto rules will benefit investors. He’s the representative for New York's 15th congressional district. According to data, Torres has made 24 statements about crypto. He has been actively participating in pro-crypto movements, calling for the SEC to review its crypto approach. In one of his publications, Torres says:
The status quo of crypto regulation by enforcement has failed retail customers. Einstein once said: “If we do the same thing over and over again and expect a different result, that’s the definition of insanity.” It’s time for Congress to bring sanity to crypto regulation.
What are US politicians' views on the Stand With Crypto initiative and digital assets in 2023?
In 2023, US politicians have shown a mixed response to the Stand With Crypto initiative and digital assets. Some prominent politicians, particularly those who are tech-savvy, view digital assets as a potential avenue for innovation and economic growth. They argue that cryptocurrencies can enhance financial inclusion and drive new technological advancements. On the other hand, there are politicians who remain cautious or even critical of digital assets due to concerns about regulatory challenges, market volatility, and potential misuse for illicit activities. The cryptocurrency debate in the US continues to be dynamic, with bipartisan efforts emerging to create a balanced regulatory framework that fosters innovation while ensuring consumer protection. Keywords: Stand With Crypto, US politicians, digital assets, 2023, cryptocurrency regulation, financial inclusion, economic growth, regulatory challenges, consumer protection, innovation.
Anahit Avetisyan
Author
Web3 writer and crypto HODLer with a keen interest in market trends and recent technologies.
