Coinbase CEO Reacts to Growing Support for Senator Warren’s Anti-Crypto Bill

In a recent development on Capitol Hill, Senator Elizabeth Warren’s anti-crypto bill has gained further support, with nine new senators signing on as co-sponsors, Politico reports. This expansion of support comes as no surprise, given that many of these senators have previously expressed concerns about the unregulated nature of the crypto market.

Reacting to this, Coinbase CEO Brian Armstrong stated, “We will be updating their scorecards on standwithcrypto.org accordingly.” The U.S.-based crypto exchange Coinbase has been closely monitoring the stance of American legislators on crypto and blockchain through its “Stand With Crypto Alliance” campaign.

Here, Coinbase employs a scorecard system, which rates politicians based on public data, designating them as either supportive or against the crypto industry. Notably, Sen. Warren is labeled as “Strongly against,” while some Democrats receive high ratings for their support of the crypto industry.

Sen. Warren now has a total of 12 senators backing her bill, with Sen. Roger Marshall (R-KS) as the lead co-sponsor. The newly onboarded senators represent a diverse mix of political ideologies, including both moderates and progressives. Notable supporters include Homeland Security Chair Gary Peters, Judiciary Chair Dick Durbin, as well as 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.), and Joe Manchin (D-W.Va.).

The bill, which has stirred intense debate, aims to impose stricter regulations on the crypto industry, citing concerns about its potential for criminal activities such as money laundering, ransomware attacks, and terrorist financing. According to the one-pager crypto AML bill, last year recorded that Illicit use of digital assets reached $20 billion, with 44% linked to sanctioned entities.