Elizabeth Warren Massachusetts Senator has made her “anti-crypto” stance a key focus of her re-election campaign, despite the majority of Americans supporting cryptocurrency as a future innovation.
Warren tweeted on March 30 that she was fighting to put “government on the side of working families” and quoted a Politico headline that read, “Elizabeth Warren is building an Anti-crypto Army.”
This sparked a negative response from the “Pro-crypto Army” on Twitter, with many criticizing Warren’s strategy.
Crypto advocate Lord TJ even suggested that Warren’s stance could “push innovation offshore.” Recent polls commissioned by the industry suggest that the majority of the population supports crypto. In a Feb. 24 survey commissioned by crypto exchange Coinbase, 76% of the representative sample believed that “cryptocurrency and blockchain are the future.”
A survey commissioned by digital asset management firm Grayscale Investments in November 2022 also shared similar sentiments, with 59% of Democrats considering crypto to be the future of finance, more than the 51% of Republicans who said the same.
However, the crises of 2022, such as the collapses of BlockFi, FTX, and Terra Luna, have weighed heavily on crypto sentiment among the public.
A recent survey from Morning Consult found that trust in crypto had plummeted over the course of the year. This may be in Warren’s favor, as she has long been a vocal critic of crypto and even suggested that it could ruin the economy in a Wall Street Journal op-ed soon after the collapse of crypto exchange FTX.
Warren has vowed to re-introduce an Anti-Money Laundering (AML) bill that she previously pushed, which would extend to decentralized finance (DeFi) and Decentralized autonomous organizations (DAOs), while also requiring unhosted wallets, miners, and validators to implement AML policies.
The phrase “Elizabeth Warren is building an anti-crypto army” was first featured in a Feb. 14 Politico article, which claimed she was “starting to recruit conservative Senate Republicans to her anti-crypto cause and getting some early positive vibes from bank lobbyists.”
Despite this, recent polls suggest that Warren’s stance may not be a vote winner among the majority of the population.
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In conclusion, Elizabeth Warren’s “anti-crypto” stance has become a key focus of her re-election campaign. While the Senator undoubtedly has access to her own private polling on the issues, recent polls commissioned by the industry suggest that the majority of the population supports crypto as a future innovation.
However, the crises of 2022 have weighed heavily on crypto sentiment among the public. Warren’s vow to re-introduce an Anti-Money Laundering (AML) bill may be a point of contention for crypto enthusiasts. Ultimately, Warren’s stance on crypto could play a role in her re-election campaign, but whether it will be a vote winner remains to be seen.