Who are crypto’s friends and foes in Congress ahead of the election?
A version of this story appeared in our The Guidance newsletter on June 17. Sign up here.
Both Donald Trump and Joe Biden are courting the well-heeled crypto lobby ahead of November’s presidential election.
But the legislative arm of government also matters to how the industry will fare after November 2024.
Here are some of crypto’s friends and foes on the Hill.
Elizabeth Warren, Senate Democrat
- Represents: Massachusetts
- Relevant committees: Banking, Housing, And Urban Affairs
Senator Elizabeth Warren has become a bogeyman to the crypto industry, rallying bipartisan support around an anti-crypto draft law.
Crypto lawyer and former Marine John Deaton moved from Detroit to Massachusetts to run against Warren as she seeks a third term in office.
It’s extremely unlikely that Deaton, an unknown, will unseat Warren.
Nevertheless, he’s managed to raise more campaign financing than Warren, mostly from donors including Kraken, Ripple, and the Winklevoss twins.
Tom Emmer, House Republican
- Represents: Minnesota
- Relevant committees: House Financial Services
A powerful ally to crypto, Tom Emmer is the No. 3 Republican in the House of Representatives.
The politically conservative father of seven has backed a series of pro-crypto bills.
These include the FIT21 Act — which passed the House in May — and a bill that would have effectively fired crypto nemesis Securities and Exchange Commission Chair Gary Gensler.
He’s also an opponent of central bank digital currencies, branding the mooted digital dollar as “a Chinese Communist Party-style surveillance tool.”
Emmer’s reelection is not threatened.
Sherrod Brown, Senate Democrat
- Represents: Ohio
- Relevant committees: Banking, Housing and Urban Affairs
As chair of the Senate Banking committee and an ally of Warren, Brown is considered a major block to crypto bills like FIT21 becoming law.
Brown is up for reelection in 2024 in his home state of Ohio in a race that could give Republicans control of the Senate.
His opponent, former car salesman and Trump-endorsed Bernie Moreno, has said he’ll turn Cleveland into a blockchain industry hotspot.
Cynthia Lummis, Senate Republican
- Represents: Wyoming
- Relevant Committees: Banking, Housing, and Urban Affairs
Cynthia Lummis is crypto’s staunchest supporter in the Senate.
She’s owned Bitcoin since 2013, has posted images of herself with laser eyes, and has co-authored pro-crypto legislation.
Lummis, along with Democrat Kirsten Gillibrand, reintroduced a draft law the pair first launched before the collapse of FTX.
The bill now includes stronger consumer protection measures, and is the Hill’s most comprehensive effort to give crypto the legitimacy the industry craves.
Lummis is not up for reelection in 2024.
Maxine Waters, House Democrat
- Represents: California
- Relevant Committees: Financial Services
Another influential and outspoken crypto sceptic, Waters is the top Democrat in the House Financial Services committee.
Waters has worked with committee chair Republican Patrick McHenry on developing bipartisan stablecoin legislation — though these efforts have stalled.
McHenry, who also helped to author FIT21, will be retiring at the end of this Congress.
Waters is up for reelection in 2024.
Ted Cruz, Senate Republican
- Represents: Texas
Texas has rolled out the red carpet for Bitcoin miners looking for a home after China banned them.
Ted Cruz, the junior senator for the state, has said Bitcoin “promotes freedom” and repeated mining giants’ claims that their operations stabilise the power grid.
He’s considered a shoe-in for reelection in 2024.
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