The 'Stand with Crypto' Alliance, a nonprofit organisation, is an independent advocacy group for the crypto community that calls for sensible crypto policy from the U.S. authorities. It was launched by Coinbase and has been publicly backed by its CEO, Brian Armstrong. Last Summer, its NFT Campaign proved extremely successful despite (or maybe because of) the SEC’s lawsuit against Binance and Coinbase. Many major industry figures have also stood up to publicly support the movement.
The organisation’s website lists U.S. political figures divided into two camps: pro- and anti-crypto. It generates the score from the politicians’ public statements submitted by members. Coinbase’s Stand with Crypto analysis shows that the members of the House of Representatives are mainly marked as supportive, as well as national political figures. As for the Senate, it shows that 18 Senators support crypto, 30 are against the industry (of which 27 are 'strongly against' it), only 4 are neutral, and 49 have no grade at the moment.
The most supportive Senator is Republican Cynthia Lummis, with 8 crypto bills and 184 public statements. Last Summer, she and Kirsten Gillibrand introduced an updated version of the Responsible Financial Innovation Act, which aims to provide a comprehensive regulatory framework for digital assets. The Act was partially included in the must-pass 2024 National Defense Authorization Act along with ideas from Senator Warren’s Digital Asset Anti-Money Laundering Act, which is way less positive for the industry according to some experts. Elizabeth Warren is leading the way among anti-crypto Senators, according to Stand with Crypto. We have Observed that she is not giving up her anti-crypto crusade, despite the fact that this stance might weaken her position as a progressive Democrat Senator. Brian Armstrong recently suggested that “being anti-crypto is a really bad political strategy going into 2024.” Senate elections are scheduled for this November, so we will soon see if the suggestion was correct and if the balance of power will shift towards pro-crypto senators.
The results of the upcoming presidential elections could significantly impact the crypto landscape in the U.S. According to Stand with Crypto. Three candidates, Donald Trump, Dean Phillips and Robert Kennedy, are supportive, while Joe Biden is against crypto. The Republican Party candidate Nikki Haley has no grade. According to the rating, Kennedy is the most promising candidate, with 12 positive statements about crypto, mainly connected to Bitcoin.
“As president, I will make sure that your right to use and hold Bitcoin is inviolable. Bitcoin is not only a bulwark against totalitarianism and the manipulation of our money supply, it points the way toward a future in which government institutions are more transparent and more democratic.”
However, the attitude towards crypto in the highest echelons of power is not so promising when it comes to CBDCs. Recently, former U.S. president Donald Trump stated that he would not allow the issuance of a CBDC, “a threat to Americans’ freedom,” if he gets elected this November. His rival, an independent candidate for the 2024 U.S. presidential election, Robert F. Kennedy Jr, recently echoed Trump’s statement, saying that as president, he would “end the efforts to move toward a CBDC and will do everything he can to maintain paper cash as legal tender.” He called the central bank’s digital currency “a calamity for human rights” and claimed that if the government knows everything, citizens might become subject to blackmail and pressure. At the same time, Kennedy reminded everyone that Bitcoin is an alternative to cash, which gives “better protection against all of the hazards that come along with fiat currencies.”
Analysing politicians’ speeches and promises in an attempt to find those who truly 'stand with crypto' might be an effective lobbying strategy, but sometimes - especially in politics - words are merely words aimed at gaining popularity among certain subsections of voters, and this applies to both, pro- and anti-crypto, comments. We will have to wait for the upcoming presidential and Senate elections to see if the analysis was correct and if those in power will keep their promises.
