Majority Senators In U.S. Congress Are Pro-Crypto Says SkyBridge Director

Published by
Majority Senators In U.S. Congress Are Pro-Crypto Says SkyBridge Director

Republican and Democrat senators appear to be setting aside political differences to collaborate over crypto regulation, according to Kristin Smith, Independent Director at hedge fund SkyBridge Capital.

In a series of tweets, Smith cited several instances where Senators from both parties presented pro-crypto stances, and even introduced crypto-friendly regulation legislation.

Her comments come in the wake of an executive order from President Joe Biden that called for U.S. regulatory bodies to cooperate over constructive  regulation in the space. The move was widely welcomed by the crypto community.

Advertisement

Some U.S. Senators look past parties

SkyBridge’s Smith noted a recent announcement by Republican Senator Cynthia Lummis and Democrat Kirsten Gillibrand at a Politico live event, where they said they were preparing regulatory framework for the crypto industry.

Last week, Republican Senator Tom Emmer headed a group of four Republicans and four Democrats in writing a letter to the Securities and Exchange Commission (SEC) asking the regulator not to impose strict reporting requirements and stifle innovation in crypto.

Emmer also chairs the Blockchain Caucus, a group of Bipartisan Senators dedicated to passing crypto-friendly legislation.

Smith said that while bipartisan cooperation did not necessarily imply that crypto would encounter no regulatory headwinds, it did show that cooperation over the space saw no political boundaries. The sentiment is in line with crypto’s decentralized nature.

Still, other U.S. politicians have taken a tough stance against crypto. Democrat Senator Elizabeth Warren recently called for tough surveillance of crypto, to prevent Russia from potentially evading sanctions through the medium. The SEC has also repeatedly tried to rein-in crypto firms.

Advertisement

U.S. regulation still in early stages

While Biden’s order this month marks a positive step for regulation, actual law still remains in its early stages. Regulation passed at a federal level has largely targeted investor protection, while ongoing discussions over the nature of cryptocurrencies are yet to be resolved.

However, several states, including New York, Colorado, and Virginia, have attempted to court the rapidly growing industry by passing crypto-friendly regulation. Colorado allows citizens to pay their taxes in tokens, while Virginia recently allowed banks to offer crypto custody services.

 

Advertisement

Share
Ambar Warrick

With more than five years of experience covering global financial markets, Ambar intends to leverage this knowledge towards the rapidly expanding world of crypto and DeFi. His interest lies chiefly in finding how geopolitical developments can impact crypto markets, and what that could mean for your bitcoin holdings. When he isn't trawling through the web for the latest breaking news, you can find him playing videogames or watching Seinfeld reruns. You can reach him at ambar@coingape.com

Published by
Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Recent Posts

  • 24/7 Cryptocurrency News

Legal Expert Breaks Down XRP’s Appeal as Ripple SWIFT Debate Heats Up

The running rivalry between Ripple and SWIFT resurfaced after a community callout to Ripple’s CEO.…

September 30, 2025
  • 24/7 Cryptocurrency News

Crypto Stakeholders Push Back as Banks Seek Yield Ban Provision in CLARITY Act

A dispute between crypto stakeholders and traditional banks has reemerged as lawmakers in the Senate…

September 30, 2025
  • 24/7 Cryptocurrency News

Crypto ETFs Approval Faces Uncertainty as Government Shutdown Looms, Bloomberg Analyst Says

Bloomberg analyst James Seyffart has shared his thoughts on a potential approval of the pending…

September 29, 2025
  • 24/7 Cryptocurrency News

Fed’s Hammack Backs Restrictive Policy Over Rate Cuts Amid Inflation Concerns

Cleveland Federal Reserve President Beth Hammack has advocated for a restrictive monetary policy amid growing…

September 29, 2025
  • 24/7 Cryptocurrency News

Fed Governor Chris Waller Champions Stablecoins as a Tool for Cheaper Global Payments

Federal Reserve Governor Chris Waller has said that stablecoins and public blockchains could cut cross-border…

September 29, 2025
  • Blockchain News

LBank Celebrates 10 Years With Bold Achievements and Global Expansion

Crypto exchange LBank has announced a historic partnership as the regional sponsor of the Argentina…

September 29, 2025