Politico reports that Senator Elizabeth Warren’s anti-crypto bill has received support from nine additional senators in a recent growth on Capitol Hill. Given that many of those senators have already voiced concerns regarding the unregulated nature of the cryptocurrency sector, the increase in support is not unexpected.
In response, Brian Armstrong, CEO of Coinbase, stated, “We will probably be updating their scorecards on standwithcrypto.org accordingly.” Through its “Stand With Crypto Alliance” marketing campaign, the U.S.-based cryptocurrency exchange Coinbase has been closely following the position taken by American legislators on cryptocurrency and blockchain.
Here, Coinbase uses a scorecard system to rate politicians and categorise them as either supporting or opposing the cryptocurrency industry based on information that is available to the public. Notably, Sen. Warren is listed as “Strongly against,” although certain Democrats receive high marks for their support of the cryptocurrency industry.
Sen. Roger Marshall (R-KS) is the bill’s primary co-sponsor, and Sen. Elizabeth Warren’s proposal currently has the support of all 12 senators. The recently appointed senators represent a diverse range of political ideas, including both moderates and progressives. Senators Tina Smith (D-Minn.), Angus King (I-Maine), Jeanne Shaheen (D-New Hampshire), Bob Casey (D-Pa.), Richard Blumenthal (D-Conn.), Michael Bennet (D-Colo.), Catherine Cortez Masto (D-Nev.), Lindsey Graham (R-S.C.), and Joe Manchin (D-W.Va.) are among the notable supporters.
The bill seeks to impose stronger regulations on the cryptocurrency industry, citing concerns about its potential for legal actions including money laundering, ransomware attacks, and terrorist financing. It has sparked a heated discussion. According to the one-page crypto AML bill, illegal usage of digital property reached $20 billion last year, with 44% of that amount tied to sanctioned groups.