Top 5 Politicians Opposing Cryptocurrency In The USA
With the US election almost here, it has become necessary to highlight the top US politicians who oppose cryptocurrency in the country. This is important, considering that the crypto industry’s fate in the country could depend on whether these individuals are elected.
Top Five Politicians Opposing Cryptocurrency In The US
The top five politicians opposing crypto in the US include Senator Elizabeth Warren, Senator Sherrod Brown, Senator Lindsey Graham, Senator Bernie Sanders, and Congressman Brad Sherman. These politicians have made their anti-crypto stance known at one point or the other. Given their positions, these anti-crypto politicians could negatively impact any crypto bill the US Congress deliberates on.
Elizabeth Warren Leads The Pack
Senator Elizabeth is arguably the US politician who has been the most vocal against cryptocurrencies. Her anti-crypto stance led her to propose the controversial Digital Asset Anti-Money Laundering Act (DAAMLA). This bill aimed to bring the crypto industry under the country’s existing anti-money laundering and counter-terrorism financing framework.
The Senator is among individuals who believe that crypto assets are mainly used to finance illicit activities. DAAMLA also proposed subjecting crypto service providers to the Bank Secrecy Act, including decentralized wallet providers, validators, and miners.
Warren’s anti-crypto looks to be one of the primary reasons pro-XRP lawyer John Deaton is running against her for the Massachusetts senatorial seat. Stakeholders in the crypto industry, including Coinbase co-founder Brian Armstrong, have endorsed Deaton’s campaign.
Sherrod Brown Might Be Second In Command In The Anti-Crypto Crusade
Ohio Senator Sherrod Brown is arguably up there with Elizabeth Warren regarding their opposition to the crypto industry. As the chair of the Senate Banking Committee, Brown has supported Warren’s anti-crypto bill. Brown also believes that the crypto industry is centered around scams and thefts.
Crypto stakeholders are ensuring that the US politician doesn’t return to the Senate, especially considering his position. At the top of this list is the Pro-Crypto Political Action Committee (PAC) Fairshake, which has spent nearly $40 million on its efforts to unseat Senator Sherrod Brown.
Senator Lindsey Graham Is Not Far Behind
Senator Lindsey Graham’s opposition to cryptocurrencies seems even stronger than his opposition against Democrats. The Republican US politician also backed Elizabeth Warren’s proposed Digital Asset Anti-Money Laundering Act.
Back then, the Senator explained the reason he was supporting the bill. According to him,
Our legislation will help create transparency and provide oversight in an industry that in many cases helps facilitate criminal activity. When it comes to transparency and legality, many of the same rules that apply to the dollar should exist for crypto.
Graham also mentioned that cryptocurrency is “often” used to “move illicit funds for drug cartels, criminal gangs, terrorist groups and kidnappers.” Luckily for the Senator, his name won’t be on the ballot in this upcoming US election, as his tenure doesn’t end until 2027.
Senator Bernie Sanders Is A Silent Crypto Antagonist
Senator Bernie Sanders isn’t the most vocal against crypto, but he made it clear long ago where he stands on digital assets. In 2022, Sanders mentioned that he is not a “big fan” of cryptocurrencies.
According to Stand With Crypto, the US politician was among the members of Congress who voted against the pro-crypto SAB 121 bill. The bill proposed to remove the limitations on financial institutions to provide custody services for digital assets.
Brad Sherman Is “Strongly Against” Cryptocurrencies
Stand With Crypto has called Brad Sherman someone who is strongly against crypto. The US congressman is said to have made 81 statements about crypto, including the one where he says digital assets mean “hidden money.” The US Rep also voted against the pro-crypto bills, FIT21 and SAB 121.
Sherman’s opposition to crypto has also led him to criticize former US President Donald Trump for his pro-crypto stance. He claims that Trump only changed his stance because he realized what he stood to gain from crypto billionaires. Like Graham, Sherman’s name won’t be on the ballot in this upcoming US election.
The crypto community will undoubtedly watch to see whether these anti-crypto US politicians get re-elected. Regardless of what happens, the next US Congress is likely to be the most pro-crypto ever, which is a positive for the crypto industry.
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