Crypto support in Congress grows while anti-CBDC sentiment spreads

The number of U.S. politicians supporting cryptocurrencies continues to increase, as does the number of lawmakers that oppose central bank digital currencies, highlighting the growing understanding of blockchain technology and the importance of decentralization. 

Data provided by Coinbase’s ‘Stand with Crypto’ platform shows that at least 18 Senators firmly support the growing asset class, led by Republican Senator Cynthia Lummis, who has submitted eight crypto-friendly bills and made 184 public statements on the topic, and Republican Senator Ted Burr, who has also backed eight crypto bills and made 24 public statements. 

Support for crypto is one of the few things that has received bipartisan representation, though Republicans have a higher level of representation, as 14 out of the 18 Senators who received an A or B rating from Stand with Crypto are aligned with the political right. 

The Democrats on the list include Kirsten Gillibrand (D-NY), Ron Wyden (D-OR), Cory Booker (D-NJ), and Kyrsten Sinema (D-AZ). 

While the number of Senators who support cryptocurrencies has grown, they are outnumbered by those who stand in opposition, as 30 have made statements or proposed legislation that could be characterized as anti-crypto. 

The anti-crypto crowd is heavily dominated by Democrats, with 23 lawmakers who fall on the political left standing against cryptocurrencies, along with five Republicans and two Independents.

Elizabeth Warren (D-MA) is one of the most staunchly anti-crypto Senators, filing three crypto-related bills and making 76 statements. She is joined by Senator Mark Wagner (D-VA), who has filed four crypto bills and made 17 statements. 

These numbers also indicate that 52 Senators land in the middle of the spectrum or do not have a rating, as there are a total of 100 U.S. Senators – two for each state. 

In the House of Representatives, a total of 51 Reps have an A or B rating from Stand with Crypto, meaning they support the asset class, while 19 are considered “neutral,” and 25 are “strongly against” digital assets. The other 340 Representatives have “no grade” when it comes to their position on cryptocurrencies. 

When it comes to Presidential candidate front-runners, Donald Trump has been more supportive of the asset class, while Robert F. Kennedy Jr. has made Bitcoin (BTC) a core issue in his campaign and has promised to propose legislation that would install BTC, along with other forms of “hard currency” – including gold, silver, platinum – as backing for the U.S. dollar. 

The Stand with Crypto website also indicates that President Joe Biden has made five public statements that skew toward a negative stance on digital assets.

Both Trump and Kennedy are firmly opposed to the creation of a  U.S. central bank digital currency (CBDC). On Jan. 17, Trump told the audience at a rally in Portsmouth, New Hampshire, that he would “never allow the creation” of a CBDC, and warned that a digital dollar would give the federal government “absolute control” over citizens’ money. 

RFK Jr., who is also the first presidential candidate to accept Bitcoin for campaign donations, posted a portion of his media appearance with Joseph Mercola on X on Wednesday where he stated that a CBDC would allow the government to know about any single transaction a citizen makes, which would open the door to blackmail and other abuses. 

“It [a CBDC] is a calamity for human rights and for civil rights,” Kennedy said, giving the example of China’s digital yuan, which is linked to the country’s social credit system and allows the government to “shut off” an individual’s access to their funds if the street surveillance cameras detect any form of non-compliance.

Kennedy vowed to end “the efforts to move toward a CBDC” if he became president and said he would do everything he could to maintain paper cash. 

According to crypto asset management firm Grayscale, 73% of respondents to the “2024 Election: The Role of Crypto” survey conducted by The Harris Poll between Nov 27-29 say Presidential candidates should have an informed perspective on innovative technologies like artificial intelligence and cryptocurrencies. 

The poll also found that “voter concerns around inflation underscore the significance of Bitcoin in an election year,” but 46% of voters say that they are waiting for additional policies and greater regulatory clarity before investing in crypto. “Half of young voters, who own crypto at higher rates than equities, are considering candidate positions on crypto before casting their votes,” the survey found.