Warren isn’t a fair representation of Washington as a whole, though, and there’s no shortage of politicians in local offices who have demonstrated clear crypto credentials.
To help separate the blockchainers from the blockheads, we’ve put together a list of the five most pro-crypto voices in American politics.
Cynthia Lummis has been a Bitcoiner since 2013 and became the first US Senator to hold cryptocurrency after her election victory in 2020 secured her place in the upper chamber of Congress.
Lummis has pushed for clarity on crypto taxation in the US and spoken in favour of creating a new regulatory body to monitor the crypto market that is independent of the SEC. She has particularly called for legislation that would preclude staking and mining from capital gains taxes.
Lummis’ home state, Wyoming, permits a number of crypto institutions to process transactions, has legalised DAOs, and has put forward proposals to allow residents to pay part of their taxes in virtual currencies.
The “Cowboy State” is attempting to reinvent itself as the crypto capital of the world. The progress Wyoming has made so far can largely be credited to Cynthia Lummis, one of the loudest supporters of crypto in national politics. But further headway rests on her ability to gather bi-partisan support for bills in favour of virtual currencies in Congress.
Suarez is a firm believer in the capacity of peer-to-peer currencies to promote financial inclusion in Miami. He wants to let residents buy groceries and other goods with crypto and also aims to invest some of the city’s treasury in Bitcoin so he can tackle poverty with the profits.
Under Suarez’s stewardship, “The Magic City” has become a sanctuary for crypto enthusiasts, executives, and firms. Last summer, Miami even launched its own token called MiamiCoin (MIA), which is powered by the Stacks blockchain.
Suarez is fielding a serious challenge to New York’s status as America’s eminent financial centre with his plans to turn Miami into one of the “most innovative cities” on the planet through its adoption of blockchain technology.
The firebrand senator from Texas needs no introduction. Cruz has long been a defender of Bitcoin and spent up to $50,000 in January “buying the dip”.
Cruz has publicly expressed his desire to turn Texas into a crypto mining hub by making it easier for miners to relocate to the state. In the Senate, he has condemned draft bills targeting crypto exchanges and has tried to reduce negative externalities by pledging to limit Bitcoin’s environmental impact.
While the dominant narratives around mining focus on its perceived overuse of energy, Cruz recognises that bitcoin mining in fact allows the capture and use of energy that would otherwise be wasted. Bitcoin miners in Texas used natural gas, a waste product of oil extraction, to turn environmentally harmful methane into power. Talking about mining, Cruz said:
Texas’ ability to transform itself into a crypto hub over the next couple of years will also go a long way in establishing Cruz’s credentials among America’s politically conscious crypto voter base.
Eric Adams is a former NYPD police officer and was elected as mayor of New York in November 2021, after counting on campaign donations from a number of pro-crypto businessmen.
Adams’ crypto promises got off to a rocky start – shortly after he was elected, he declared that he’d be taking his first three paychecks in Bitcoin. It then came to light that the city of New York only pays its employees in fiat.
Since then, though, Adams has floated a number of ideas aimed at mainstreaming crypto, like expanding the ability of merchants to accept it as a form of payment and incorporating blockchain education into school curriculums.
These could be trailblazing moves and could help New York remain a financial capital in a crypto-native future.
New York has tried to keep pace with its southern neighbour Miami by releasing its own crypto, NYCOIN (NYC), which is also built on Stacks. It has also loosened local regulations so it can entice some of the crypto industry’s biggest names into setting up their headquarters in the city.
It’s probably too soon to judge Adams when it comes to his record on delivering crypto promises. One thing is for sure, though: Adams has his work cut out for him over the next few years if he wants to live up to the expectations of the crypto community that backed his election campaign. He does, however, appear to have the motivation and drive to succeed.
Wyden has joined hands with Republican Cynthia Lummis in the Senate on a number of occasions to bring forward crypto regulation that is acceptable to all stakeholders. He is one of very few Democrats to argue strongly for favourable crypto regulation.
Oregon has taken a lukewarm approach toward blockchain adoption compared to many other US states trying to establish themselves as crypto meccas. For the most part, Oregon is yet to explore the utility of peer-to-peer currencies and has shaped its crypto policy around the hawkish regulations set out by federal authorities like the SEC.
Wyden is up for re-election in November and has already amassed hundreds of thousands of dollars in campaign donations from crypto super PACs (Political Action Committees) as well as financial organisations tied to the sector. With Wyden’s fate ostensibly dependent on his ability to mobilise a voter base of crypto enthusiasts, his ability to funnel pro-crypto bills into Congress will likely be a major theme in his re-election campaign.