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Most of US politics is depressingly predictable. If Republicans vote for position X, it is Rock that Democrats vote against it and vice versa. With sporadic exceptions, traditional issues such as taxes, abortion, climate change, crime, healthcare, racial justice, gun control, and LGBT rights are clearly categorized along the left/right axis. increase.
And then there’s crypto.
This feature is part of CoinDesk. policy week.
Take the odd couple of Senators, Cynthia Ramis and Kirsten Gillibrand, Republicans from Wyoming and Democrats from New York. Lumis’ campaign website includes phrases such as “Build a wall on the southern border” and “Stop the socialist agenda,” and she proudly proclaims, “I am determined and passionate about It’s a professional life,” he said. Gillibrand, the 2020 Democratic presidential candidate, said the fight for the right to support abortion was “the biggest battle of our generation.” Still, conservatives and liberals turned to cryptocurrencies and jointly supported the Responsible Financial Innovation Act, which aims to establish and clarify cryptocurrency regulation.
“If you look through most of last year’s bills, you’ll find these strange broods,” said Christine Smith, CEO of the Blockchain Association, adding, “Progressive Democrats and Conservatives. She sees age as a more determining factor than political party.
The Congressional Blockchain Caucus has four co-chairs, two Republicans and two Democrats. The caucus itself is broadly bipartisan. Both parties have been lobbied by the cryptocurrency industry to benefit from donations. According to a recent CoinDesk report, a staggering one in three members of Congress receive donations from FTX-related entities alone.
So is crypto really bipartisan? Ian Katz, managing director of research firm Capital Alpha Partners, said: Katz said partisan divisions in cryptocurrency “may not be as obvious as most other issues,” but “generally, Republicans are more wary of cryptocurrency regulation than Democrats. I think you can say that,” he added.
And this may have changed in the last three months. Katz says he can “set the line” before and after the FTX meltdown. “After FTX, Sherrod Brown [Democrat senator from Ohio] I was encouraged by saying, “I told you so.”
The Congressional Blockchain Caucus alone has over 40 members, but a comprehensive overview is boring.
procryptocamp
Congressman Tom Emmer (Republican-Minnesota)
Crypto Credentials: The Co-Chairs of the Congress Blockchain Caucus, which held the first crypto town hall, introduced the Securities Transparency Act. (For more, see our recent interview with a congressman.)
Key Quote: “The future is here, and cryptocurrencies have the ability to decentralize control and empower each of us.”
Rep. Richie Torres (D-New York)
Crypto Credentials: Legislation was introduced to bring transparency to crypto exchanges, and an essay was written “The Liberal Case of Cryptocurrencies”.
key Quote: “Crypto is the future. We can challenge the concentration of Big Tech and Wall Street.”
Congressman French Hill (Republican-Arkansas)
Crypto Credentials: Skeptical of Over-Regulation and Chair of New Subcommittee on Digital Assets, Financial Technology, and Inclusion Committee.
key Quote: “I hope that fintech innovation and the use of blockchain will be available in the United States.”
Rep. Law Khanna (D-California)
Crypto Credentials: With Rep. Patrick McHenry (Republican) and Tim Ryan (Democrat Ohio), we introduced the Keep Innovation in America Act.
Key Quote: “Web 3.0 will lead to unprecedented job growth and enable Americans to take economic ownership of the Internet. You shouldn’t pick losers.”
Senator Ted Cruz (Republican-Texas)
Encrypted Credentials: Purchased up to $50,000 in Bitcoin in early 2022.
Key Quote: “I think bitcoin means investment. It means opportunity. It means prosperity. I think it has a very positive effect on
Senator JD Vance (R-Ohio)
Crypto Credentials: Disclose that you own Bitcoin worth up to 250KJ
key Quote: “[Crypto] It’s one of the few sectors of our economy where conservatives and other free-thinkers can operate without pressure from the social justice mob. ”
Sen. Kirsten Gillibrand (D-New York)
Crypto Credentials: Democratic Partner at Lummis on Responsible Financial Innovation Act.
Key Quote: “We need ground rules” when it comes to crypto regulation.
Rep. Patrick McHenry (Republican, North Carolina)
Cryptocurrency Credentials: McHenry, incoming Chairman of the Financial Services Commission, strongly opposes overregulation.
key Quote: “Congress must work to fully understand and embrace these revolutionary new technologies like #crypto.
Senator Cynthia Lumis (Republican, Wyoming)
Crypto Credentials: Dubbed the “Crypto Queen,” a crypto conference staple and co-sponsor of the Responsible Financial Innovation Act, he bought Bitcoin in 2013.
Key Quote: “I say use dollars to save bitcoin.”
Crypto Skeptics/Anti-Crypto Faction
Here’s where it gets a little tricky. There are plenty of crypto enthusiasts on both sides of both Congresses and aisles, especially in the wake of FTX, but crypto skeptics tend to skew the Democratic Party.
Senator Elizabeth Warren (D, Massachusetts)
Anti-Crypto Credentials: Prominent industry critics have introduced “digital asset anti-money laundering laws.”
Key Quote: “Cryptocurrency has become the tool of choice for terrorists, ransomware gangs, drug dealers and rogue states looking to launder money.”
Senator Roger Marshall (R-Kansas)
Anti-Crypto Credentials: Warren’s co-sponsor of Digital Asset Anti-Money Laundering Act.
Key Quote: Called cryptocurrency a “national security threat” and suggested “we should consider suspending its use as a currency.”
Congressman Brad Sherman (D-California)
Anti-Crypto Credentials: Called for a complete ban on crypto in the US.
key Quote: “Bitcoin is no longer just for drug terrorists…it is also for tax evaders.”
Senator Sherrod Brown (Democrat, Ohio)
Anti-Crypto Credentials: After FTX, the chairman of the Senate Banking Committee issued a press release proudly stating that “Brown has long expressed his skepticism of cryptocurrencies.”
Key Quote: “Thousands of dangerous and volatile assets that are used solely for speculation and sanctions evasion cannot be put into the banking system. We know it is a national security concern.” .”
Senator Jon Tester (D-Montana)
Anti-Crypto Credentials: Concerns were expressed that regulating crypto could confer legitimacy.
Key Quote: “I don’t understand why this is. [crypto] Must exist. I really don’t ”
Senator Bernie Sanders (D, Vermont)
Anti-Crypto Credentials: Worked with Warren on regulations making it more difficult for banks to get involved with cryptocurrencies.
Key Quote: “I’m not a big fan of cryptocurrencies. Clearly they don’t show a real public purpose for their existence. They make some people rich and many people I lost my money.”
final thoughts
This list will inevitably continue to grow as more politicians are forced to go on record and declare allegiance. Hmm, Republicans are more receptive and Democrats are not, but they can be bipartisan enough to actually break the deadlock. is also a guess.
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