Top 5 US Politicians Going Against Cryptocurrency
With the November 5 US election nearing, anti-crypto Senators Elizabeth Warren and Sherrod Brown may influence the cryptocurrency future as they push for strict regulations, clashing with pro-crypto advocates.
Key lawmakers, including Senators Elizabeth Warren, Sherrod Brown, and Congressman Brad Sherman, have been vocal in their stance against the crypto industry, advocating for tighter regulations and heightened oversight.
If they maintain their positions after the election, their influence could lead to stricter policies affecting digital assets in the US. With the election outcome primed to influence the regulatory landscape, the crypto community is watching closely these developments, as future policies could shape the path forward for country’s cryptocurrency landscape.
Senators Leading the Charge in Opposition
Senator Elizabeth Warren stands out as one of the most stinging opponents of cryptocurrency, known for her advocacy of the Digital Asset Anti-Money Laundering Act (DAAMLA), as she tries to bring the current crypto sector under existing anti-money laundering and counter terrorism financing laws. The Digital Asset Anti-Money Laundering Act (DAAMLA) is proposed U.S. legislation an act that regulates digital assets to prevent money laundering and other illicit financial activities in cryptocurrency. This would be through instituting higher compliance and reporting standards.
Senator Warren argues that crypto regulations assets are more often than not used for funding illicit activities, and DAAMLA aims at imposing the Bank Secrecy Act on crypto providers like validators and miners. Now, pro-crypto figures such as attorney John Deaton are running against Warren, looking to bring a pro-crypto perspective into her Massachusetts Senate seat.
Ohio Senator Sherrod Brown, a strong crypto skeptic, from his position as the chairman of the Senate Banking Committee, did not shy from voicing support to Warren’s anti-crypto bill, naming the industry a scam-ridden sector.
Full-well aware of the authority Brown maintains, the pro-crypto political action committee Fair shake promised to spend close to $40 million to defeat him in favor of a crypto-friendly candidate.
Republican Senator Lindsey Graham, though not up for re-election this year, is also conflicted with crypto as she co-sponsored DAAMLA, citing those cryptocurrencies “often facilitate criminal activity” and should fall under the same scrutiny as the dollar.
He has cited digital assets as a conduit to criminal finance, placing him in line with anti-crypto policy despite the general pro-business posture of his party.
A Silent Stance and Persistent Critic
Senator Bernie Sanders, while less vocal, voted against the pro-crypto SAB 121 bill, showing disinterest in supporting digital assets influence on the global financial scene. Although Sanders has made few public comments, his actions suggest a cautious or resistant standopint to crypto.
For Congressman Brad Sherman, digital currencies are the devil’s playground. He refers to crypto as “hidden money” and actively battles bills like FIT21 and SAB 121 that protect crypto. The outspoken critic at one point even reprimanded former President Donald Trump after favorable pro-crypto comments, citing that the former president’s financial position was long on US crypto.
What’s Next for Crypto Regulation?
The upcoming election results could have bearing on future US crypto regulations. With so many rising voices in the crypto camp, though, the industry expects an even friendlier environment. More pro-crypto members will be present in the next Congress than ever before, and this could mean seismic shifts in crypto legislation. The crypto community will be intrigued to see whether these long-time anti-crypto figures continue to hold their posts or will be out of power.
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