Senator Elizabeth Warren’s anti-crypto bill gains support from nine additional senators concerned about crypto market regulation, raising debates in the crypto community.
- Senator Elizabeth Warren’s anti-crypto bill gains support from nine new co-sponsors over concerns about crypto market regulation.
- Coinbase CEO Brian Armstrong mentions updating “Stand With Crypto Alliance” scorecards to track politicians’ crypto positions.
- The bill now has 12 senators from diverse political ideologies backing it.
- The bill aims to increase crypto industry regulations due to concerns about criminal activities, sparking debates in the crypto community.
In a recent development on Capitol Hill, Senator Elizabeth Warren’s anti-crypto bill has gained further support, with nine new senators signing on as co-sponsors. This expansion of support comes as no surprise, given that many of these senators have previously expressed concerns about the unregulated nature of the crypto market.
Regarding the SEC complaint against us today, we're proud to represent the industry in court to finally get some clarity around crypto rules.
1. The SEC reviewed our business and allowed us to become a public company in 2021.
2. There is no path to "come in and…
— Brian Armstrong 🛡️ (@brian_armstrong) June 6, 2023
Coinbase CEO Responds to New Co-Sponsors
Reacting to this news, Coinbase CEO Brian Armstrong released a statement. “We will be updating their scorecards on standwithcrypto.org accordingly.” The U.S.-based crypto exchange Coinbase has been closely monitoring the stance of American legislators on crypto and blockchain through its “Stand With Crypto Alliance” campaign.
This campaign utilizes a scorecard system that rates politicians based on public data, indicating whether they are supportive or against the crypto industry. Senator Warren is labeled as “Strongly Against,” while some Democrats receive high ratings for their support of the crypto industry.
A Diverse Mix of Political Ideologies
With the addition of these nine new co-sponsors, Senator Warren now has a total of 12 senators backing her bill. The lead co-sponsor is Senator Roger Marshall (R-KS). These newly onboarded senators represent a diverse mix of political ideologies, including both moderates and progressives.
Notable supporters of the bill include Homeland Security Chair Gary Peters, Judiciary Chair Dick Durbin, as well as Senators Tina Smith (D-Minn.), Angus King (I-Maine), Jeanne Shaheen (D-N.H.), 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.).
The Aim of the Bill
The bill aims to impose stricter regulations on the crypto industry due to concerns about its potential for criminal activities. Senator Warren and other proponents of the bill cite money laundering, ransomware attacks, and terrorist financing as primary concerns. They argue that these illicit activities are facilitated by the unregulated nature of the crypto market.
According to a one-pager released by Senator Warren, last year saw illicit use of digital assets reach $20 billion, with 44% of that amount linked to sanctioned entities.
The debate over this bill has stirred intense discussions within the crypto community, with supporters and critics sharing their perspectives on the potential benefits and drawbacks of increased regulations.