Massachusetts Senator Elizabeth Warren is making her “anti-cryptocurrency” program one of the lynchpins of her re-election campaign, despite polls suggesting most Americans believe cryptocurrency is a key innovation for the future.
In a Tweet on March 30, Warren suggested that she was fighting to put “government on the side of working families,” prominently quoting a Politico headline that read: “Elizabeth Warren is building an anti-crypto army.”
The “cryptocurrency army” took to Twitter to lash out at the senator. The popular YouTuber Coin Bureau ridiculed the strategy, saying: “Imagine thinking that building an ‘anti-crypto army’ is going to win you votes…” while crypto advocate Lord TJ wrote that Warren’s stance would “take innovation abroad.”
While the senator no doubt has access to her own private polls on these issues, recent polls commissioned by the industry suggest that the position will not win votes among the majority of the population.
In a February 24 survey commissioned by crypto exchange Coinbase, 76% of the representative sample believed that “cryptocurrencies and blockchain are the future”.
A poll commissioned by digital asset management firm Grayscale Investments in November shared similar sentiments: responses suggested that 59% of Democrats see crypto as the future of finance. This is more than the 51% of Republicans who said the same.
However, to Warren’s credit, 2022 crises like the BlockFi, FTX, and Terra Luna crashes have weighed heavily on crypto sentiment among the public: a recent Morning Consult survey found that confidence in crypto had plummeted over the course of the year.
The phrase “Elizabeth Warren is building an anti-crypto army” first appeared in a Feb. 14 Politico article.stating that he was “starting to recruit conservative Senate Republicans to his anti-crypto cause and getting some early positive vibes from banking lobbyists.”
However, the senator seems to have taken a liking to the phrase, considering that she has highlighted it in her re-election campaign.
Warren has long been a staunch critic of cryptocurrencies; He even argued that they would ruin the economy in an opinion piece published in the Wall Street Journal shortly after the collapse of crypto exchange FTX.
On February 14, Warren pledged to reintroduce an anti-money laundering (AML) bill he had previously pushed for, which would extend to decentralized finance and decentralized autonomous organizations.while requiring wallets, miners, and validators to enforce AML policies.
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