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GM, Joanna 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.
Senator Elizabeth Warren.
Elizabeth Warren, Senate Democrat
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
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.
Reach out to [email protected].
Movers & Shakers
David Hirsch, chief of the crypto asset unit in the Securities and Exchange Commission’s enforcement division, said he left the regulator after almost nine years. Hirsch has not yet announced his next move.
Katherine Minarik joined Uniswap Labs as chief legal officer. Minarik spent the past four years at Coinbase, where she was vice president of legal and deputy general counsel.
The Commodities Futures Trading Commission named Mo Shaikh, co-founder and CEO of Aptos Labs, to its 34-person subcommittee on digital assets. Other members include executives from BlackRock, Polygon Labs, Uniswap Labs, and BNY Mellon.
In a LinkedIn post, John Mueller IV said he left the US’s clearing giant, the Depository Trust and Clearing Corporation. In 2020, Mueller joined blockchain company Securrency as its policy director. The company became the digital assets arm of the DTCC after its acquisition in December.
If you’re a legal, compliance, regulatory, or public affairs professional in crypto and making a career move, send a bio and headshot to [email protected].
Story of the Week
French President Emmanuel Macron’s government has enticed founders to Paris’s burgeoning digital assets hub with all manner of incentives. Now, the premier’s decision to hold a parliamentary election on June 30 has left the digital assets industry pondering a sudden shift in policy.
Post of the Week
In yet another baffling update to Elon Musk’s X, users’ likes will now be anonymous. Crypto X, of course, had fun with the news.
“Both parties are recognising that they need to address this issue. Crypto’s arrived.” Coinbase CEO Brian Armstrong stressed bipartisanship during a conversation with Ark Invest CEO Cathie Wood, as presidential hopeful Donald Trump pledged support to the industry. |  |
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