Bullish on Crypto: Biden and Warren Face Criticism for Anti-Crypto Stances

May 20, 2024 Bullish on Crypto: Biden and Warren Face Criticism for Anti-Crypto Stances   image

Key Takeaways

  • Following a Senate vote to repeal SAB 121, which makes it difficult for banks to custody crypto assets, Biden and anti-crypto politicians face disapproval.
  • Despite the resolution passing 60-38 in the senate, Biden has promised to veto, upsetting many pro-crypto voters.
  • Politicians like Elizabeth Warren and Joe Biden face negativity while pro-crypto figures like Donald Trump and Thomas Massie garner praise.

Our Methodology

Demographics

All Voters

Sample Size

1,000

Geographical Breakdown

National

Time Period

2 Days

MIG Reports leverages EyesOver technology, employing Advanced AI for precise analysis. This ensures unparalleled precision, setting a new standard. Find out more about the unique data pull for this article. 

The Senate voted overwhelmingly to repeal SAB 121, which requires banks to place crypto assets on their balance sheets. The 60-38 vote suggests a bipartisan pushback against the SEC's approach to digital assets but is also generating discussion and disagreement.

Overall, Americans seem to feel a blend of optimism about technological innovation, concerns about regulatory overreach, and a growing recognition of digital assets' potential impact on the economy and society.

There is a noticeable call to promote pro-crypto representatives regardless of political affiliations. Most voters seem to believe the real battle is between corporations and the people, rather than a simple red versus blue political divide when it comes to crypto.

Americans Are Growing Bullish on Bitcoin

A substantial increase in cryptocurrency ownership shows 40% of American adults now own crypto. And the growing number of crypto holders worry stringent regulations could hinder innovation and drive crypto businesses out of the U.S. They argue legislation should involve more input from industry experts to ensure balanced and effective regulation.

Some people discuss potential risks and benefits of crypto. There are concerns about government control over digital currencies and how it might impact individual freedoms. Cryptocurrency is also highlighted as a hedge against inflation and currency devaluation, a topic that is particularly negative for the Biden administration.

Several high-profile Democratic senators, including Sen. Booker, Sen. Casey, Sen. Tester, and others, broke from the Party’s typical stance. The notoriously anti-crypto Biden/Gensler/Warren alliance seems to be facing a shift among Democratic voters towards a more pro-crypto stance.

Republicans May Become the Party of Crypto

Despite a bipartisan vote in the Senate, there are disagreements about whether crypto is truly a bipartisan issue. Some suggest Democrats fear losing donors more than they embrace cryptocurrency.

Most of the politicians who are perceived as enthusiastically pro-crypto are Republican. This pushes many voters to conclude that Democrats, despite their words, are not ardently invested in digital assets.

A tweet from the popular crypto publication Bitcoin Magazine highlights its CEO David Bailey for working with Donald Trump's campaign to shape a Bitcoin and crypto policy agenda. This seems to encourage voices advocating for a president supportive of Bitcoin.

Former President Trump has recently spoken of himself as the best and only option for voters who prioritize the issue of cryptocurrency. He said, “If you’re for crypto, you better vote for Trump.”

Backlash Against Anti-Crypto Politicians

Meanwhile, politicians like Elizabeth Warren and Joe Biden face widespread criticism for their stance on crypto. Many people feel that anti-crypto policies are detrimental to financial inclusion and innovation, along with worsening already poor economic conditions and fiscal policy.

Supporting anti-crypto policies could materially impact Biden's support, especially among younger and independent voters who are more likely to own crypto. There is a sentiment that Biden could lose votes in the presidential election over the issue of crypto, even from voters who might otherwise voter for him.

Americans seem largely negative towards Elizabeth Warren and Joe Biden regarding their anti-crypto policies. Gary Gensler the SEC Chairman also faces criticism for his comments and policies regarding crypto regulation.

There is also a vocal push from Bitcoin supporters who are warming to the idea of a pro-Bitcoin president, criticizing Biden’s promise to veto pro-crypto resolutions.

Accusations of Hypocrisy and Elitism

Another common criticism toward politicians like Elizabeth Warren and Joe Biden is their crypto policies are "anti-freedom." There are accusations of communism, hypocrisy, and suggestions that they want to maintain their positions in a modern plutocracy.

Many voters mention Warren's wealth and accusations of insider trading. They believe she is aligned with major financial institutions like JP Morgan and is intent on shutting down non-governmental blockchain activities.

Those who view crypto as an opportunity to bring financial opportunity to all and inclusion for the unbanked are some of the harshest critics of rich politicians who push for tighter regulations on digital assets.

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