Nine Senators Join Sen. Warren’s Anti-Crypto Bill, Coinbase Reacts

In a recent development on Capitol Hill, nine new senators have signed on as co-sponsors of Senator Elizabeth Warren’s anti-crypto bill, according to Politico.

Given that many of these senators have previously expressed concerns about the unregulated nature of the cryptocurrency market, this expansion of support is not surprising.

In response, Coinbase CEO Brian Armstrong stated, “Their scorecards on standwithcrypto.org will be updated correspondingly.”

Through its “Stand With Crypto Alliance” campaign, the U.S.-based cryptocurrency exchange Coinbase has been closely monitoring the position of American legislators on crypto and blockchain.

Here, Coinbase employs a scorecard system that evaluates politicians based on publicly available information and labels them as either pro- or anti-crypto industries.

Notably, Sen. Warren is tagged as “Strongly opposed,” whereas some Democrats obtain high marks for supporting the crypto industry.

Twelve senators now support Sen. Warren’s measure, with Sen. Roger Marshall (R-KS) serving as the chief co-sponsor.

There are both moderates and progressives among the newly-elected senators. Notable backers include Homeland Security Chair Gary Peters, Judiciary Chair Dick Durbin, and 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.).

The bill, which has sparked heated debate, seeks to implement stricter regulations on the cryptocurrency industry, citing concerns about the industry’s potential for criminal activities such as money laundering, ransomware attacks, and terrorist financing.

According to the one-page crypto AML measure, illicit use of digital assets reached $20 billion last year, of which 44% was connected to sanctioned entities.