Election 2022: The Shocking Truth About Bitcoin and Congress! (UPDATE)

By theinspired | Bitcoin & Politics | 3 Nov 2022

Update
The 2022 balance of power is in limbo but as it applies to the Crypto legislation, only two are in jeopardy of losing and won't have much impact on the pending legislation.

Rep. David Schweikert (R-AZ-1) - WON [Co-Sponsor: H.R. 6006, H.R. 6582, and H.R. 7860] All of this legislation have multiple cosponsors and is bipartisan.
Sen. Catherine Cortez Masto (D-NV) - WON [Co-Sponsor: S. 3867]

As it applies to the Bitcoin candidates, it was sad to see Matthew Diemer and Dr. James Rodgers not advance but they were fighting uphill battles and Five Thirty Eight called them correctly. Only Rep. Michael Waltz won and most incumbents did. J.D. Vance was the big winner in the Senate and Blake Masters is barely hanging on in Arizona currently leaning lost.

For the advocates Jonathan Jackson (D-IL) did win as well as Katie Britt for Senate in Alabama. Candidate David Galluch (R-PA-5) and Mike Cargile (R-CA-35) lost as well.

Bottom Line: From my vantage point not much changes with the pending legislation and should move forward in the next congress as long as there can be bipartisan support. IF the Democrats retain power in the Senate and some how in the house, we could see some movement; but not in a way that is friendly toward Crypto legislation.

NEWS

New Crypto-friendly Politicians Are Headed to Washington (Blockworks)

Previous Post
Happy Thursday Folks! The mid-term election is aiming to have a lot of excitement because the balance of power is hanging on by a thread for the Democrats and it's plausible we will see a Red Wave!

More than one third of US voters are taking the crypto views of candidates into account in the lead-up to midterm election day next week, according to a new survey. (Blockworks | Finbold | Cointelegraph | TDH) In addition, a recent poll indicated that 79% of American adults say U.S. needs clearer crypto regulations. (TB) Finally, Democrats and Republicans agree on something – that Crypto is the future. (BIC)

Previewing Next Week's US Midterm Election (Coindesk)

Venture Capital Firm Paradigm to host Crypto tech event for US Policymakers (Coindesk | Coindesk) - "The event will also include “pop-up policy discussions” with former Speaker of the House Paul Ryan, Sen. Cory Booker (D-N.J.) and Rep. Ritchie Torres (D-NY-15)."

Is Crypto Toxic? Will it HELP or HURT candidates? Lesson From the US Elections: Don't Mention Crypto (Coindesk)

So who actually HODLs Bitcoin (Not Crypto) in the general election? Wait no more here we go (made possibly by Lopp.net):

HOUSE
Candidate Rishi Kumar (D-CA-16) - LOST
Candidate Jay Chen (D-CA-45) - LOST
Rep. Michael Waltz (R-FL-6) - WON
Candidate Matthew Diemer (D-OH-7) - LOST
Candidate Dr. James Rodger (R-TX-30) - LOST

SENATE
Candidate Blake Masters (AZ) - LOST
Candidate J.D. Vance (OH) - WON
Sen. Ted Cruz (TX) - Not up for Election
Sen. Cynthia Lummis (WY) - Not up for Election

Of course it's not clear to tell who all actually HODLs Bitcoin, if they do not disclose it on their financial reports - we really can't tell. That said, outside those listed above, some do advocate positively for Bitcoin and hold other Crypto assets:

HOUSE
Rep. Jeff Van Drew (R-NJ-2) - GBTC - WON
Rep. Michael McCaul (R-TX-10) - GBTC - WON
Rep. Barry Moore (R-AL-2) - Crypto - WON
Candidate David Galluch (R-PA-5) - Crypto - LOST
Candidate Mike Cargile (R-CA-35) - no indication he owns; he does advocate - LOST
Candidate Jonathan Jackson (D-IL-1) - no indication he owns; Can't find much on him supporting but was supported by PACs - WON
Rep. Pete Session (R-TX-17) - no indication he owns; he does advocate - WON

SENATE
Sen. Ron Wyden (D-OR) - no indication he owns; he does advocate - WON
Candidate Katie Britt (R-AL) - no indication she owns; does advocate - WON
Sen. Pat Toomey (PA) - Retiring

Crypto legislation comes in all shapes, color, sizes, and will have varying impacts on the industry. Some bills are pro-crypto, others might appears anti-crypto but are in fact anti-bad actors, and some are just down right bad! Some legislation gets more press than others and these are the hottest pieces that might have the most chance at succeeding.

H.R. 6006 (Bi-Partisan) Keep Innovation In America Act sponsored by Rep. Patrick McHenry (R-NC) and it has 19 cosponsors; the most of any other bill. This bill was in direct response to the Infrastructure bill passed by Joe Biden earlier this year that had horrible language about what classified a broker.

S. 4356 (Bi-Partisan) Lummis-Gillibrand Responsible Financial Innovation Act sponsored by Sen. Cynthia Lummis (R-WY) and it has 1 cosponsor Sen. Kirsten Gillibrand (D-NY) and is considered the most comprehensive bill as it applies to the entire Crypto industry as a whole.

S. 4760 (Bi-Partisan) Digital Commodities Consumer Protection Act (DCCPA) of 2022 sponsored by Sen. Debbie Stabenow (D-MI) and has 3 cosponsors. This bill expands the definition of commodity in the Commodity Exchange Act to include digital commodities and requires digital commodity platforms to register with the CFTC. Ron Hammond's Twitter Thread on the Bankless podcast provides unique insight.

“A cost-effective way for customers to address their grievances with a registrant
without having to hire a lawyer and engage in costly litigation or arbitration.”
-Kirstin Johnson, CFTC Commissioner

Yes some bills are not Bi-Partisan and tend to focus on hot button issues as it applies to Crypto Assets:

S. 3867 Digital Asset Sanctions Compliance Enhancement Act of 2022 sponsored by Sen. Elizabeth Warren (D-MA) and coponsored by 10 other Democrats. It authorizes the President to sanction foreign crypto firms that are doing business with sanctioned Russian entities; I am sure you can see why this might not be popular across the isle.

H.R. 1030 Automatic Boost to Communities Act sponsored by Rep. Rashida Talib (D-MI) and cosponsored by 10 other Democrats. It directs the Treasury Secretary to establish a program to provide monthly payments to the U.S. consumers during the COVID-19 pandemic to recover from the emergency; again I am sure you see why.

Still there is yet more legislation that I believe is great by doesn't seem to have support from a lot of members of congress just yet.

S. 4994 No Digital Dollar Act sponsored by Sen. James Lankford (R-OK) with zero consponsors. It prohibts the Federal Reserve from issuing paper currency if a CBDC is issued and prohibits a CBDC from becoming legal tender. A bill that is right in line with this one is:

S. 3954 does not have a title but sponsored by Sen. Ted Cruz (R-TX) with 2 Republican cosponsors and it prohibits the Federal Reserve from issuing a CBDC directly to an individual and other things.

Interesting Facts:

105 Members of Congress sponsors or cosponsors legislation that applies to Crypto Assets or Blockchain Technology
40 States are represented and the following states have no bills pending in congress: Alaska, Arkansas, Delaware, Hawaii, Kansas, Nebraska, New Mexico, Oregon, West Virginia, and Utah.
35 Democratic Representatives, 31 Republican Representatives, 23 Republican Senators, and 17 Democratic Senators
Bill Sponsors Not Seeking Re-election (NSR): 5 House and 1 Senate | Bill cosponsors Not Seeking Re-election (NSR): 4 House and 2 Senate; 1 House member passed away.
34 Pieces of Legislation focused on Crypto Assets, 8 on Blockchain, 9 on CBDCs/Ecash
$80MM poured into campaigns by Crypto Pacs

SPONSOR

House
Rep. French Hill (R-AR-2)* - WON
Rep. Doris Matsui (D-CA-7) - WON
Rep. Norma Torres (D-CA-35)* - WON
Rep. Byron Donalds (R-FL-19)* - WON
Rep. Darren Soto (D-FL-9)* - WON
Rep. Michael Waltz (R-FL-6) - WON
Rep. Bill Foster (D-IL-11) - WON
Rep. Warren Davidson (R-OH-8)* - WON
Rep. Elissa Slotkin (D-MI-7) - WON
Rep. Rashida Talib (D-MI-12)* - WON
Rep. Tom Emmer (R-MN-6)* - WON
Rep. Patrick McHenry (R-NC-10) - WON
Rep. Gregory Meeks (D-NY-5) - WON
Rep. Don Beyer (D-VA-8)* - WON
Rep. Suzan DelBene (D-WA-1) - WON
Rep. Jerry McNerney (D-CA) [NSR]
Rep. Bobby Rush (D-IL) [NSR]
Rep. Trey Hollingsworth (R-IN) [NSR]
Rep. Stephen Lynch (D-MA)* [NSR]
Rep. Peter Meijer (R-MI) [NSR]

Senate
Sen. Tom Cotton (R-AR) [2027 Class]
Sen. Tommy Tuberville (R-AL) [2027 Class]
Sen. Jim Risch (R-ID) [2027 Class]
Sen. Marco Rubio (R-FL)* - WON
Sen. Todd Young (R-IN)* - WON
Sen. Margaret Hassan (D-NH) - WON
Sen. James Lankford (R-OK) - WON
Sen. Elizabeth Warren (D-MA)* [2025 Class]
Sen. Debbie Stabenow (D-MI)* [2025 Class]
Sen. Roger Wicker (R-MS) [2025 Class]
Sen. Ted Budd (R-NC)* - WON
Sen. Bill Hagerty (R-TN) [2027 Class]
Sen. Marsha Blackburn (R-TN) [2025 Class]
Sen. Ted Cruz (R-TX)* [2025 Class]
Sen. Cynthia Lummis (R-WY)* [2027 Class]
Sen. Pat Toomey (R-PA) [NSR]

*Note: Also Co-Sponsors Bills

COSPONSOR

House
Rep. Rick Crawford (R-AR-1) - WON
Rep. David Schweikert (R-AZ-1) - WON
Rep. Barbara Lee (D-CA-12) - WON
Rep. Eric Swalwell (D-CA-14) - WON
Rep. Ro Khanna (D-CA-17) - WON
Rep. Young Kim (R-CA-40) - WON
Rep. Lauren Boebert (R-CO-3) - WON
Rep. Jim Himes (D-CT-4) - WON
Rep. Eleanor Homes Norton (D-DC) - N/A
Rep. Brett Guthrie (R-KY-2) - WON
Rep. Jesus Garcia (D-IL-4) - WON
Rep. Mike Bost (R-IL-12) - WON
Rep. Jackie Walorski (R-IN-2) - WON
Rep. Andre Carson (D-IN-7) - WON
Rep. Jake Auchincloss (D-MA-4) - WON
Rep. Ayanna Pressley (D-MA-7) - WON
Rep. Ilhan Omar (D-MN-5) - WON
Rep. Cori Bush (D-MO-1) - WON
Rep. Gregory Murphy (R-NC-3) - WON
Rep. Bonnie Watson Coleman (D-NJ-12) - WON
Rep. Josh Gottheimer (D-NJ-5) - WON
Rep. Yvette Clarke (D-NY-9) - WON
Rep. Alexandria Ocasio-Cortez (D-NY-14) - WON
Rep. Jamaal Bowman (D-NY-16) - WON
Rep. Tim Ryan (D-OH-13) - WON
Rep. David Joyce (R-OH-14) - WON
Rep. Scott Perry (R-PA-10) - WON
Rep. Glenn Thompson (R-PA-15) - WON
Rep. Nancy Mace (R-SC-1) - WON
Rep. William Timmons (R-SC-4) - WON
Rep. Dusty Johnson (R-SD-At-Large) - WON
Rep. John Rose (R-TN-6) - WON
Rep. Michael McCaul (R-TX-10) - WON
Rep. Michael Burgess (R-TX-26) - WON
Rep. Abigail Spanberger (D-VA-7) - WON
Rep. Peter Welch (D-VT-At-Large) - WON IN THE SENATE
Rep. Pramila Jayapal (D-WA-7) - WON
Rep. Bryan Steil (R-WI-1) - WON
Rep. Alcee Hastings (D-FL) {Passed Away}
Rep. Albio Sires (D-NJ) [NSR]
Rep. Anthony Gonzalez (R-OH) [NSR]
Rep. Jim Cooper (D-TN) [NSR]
Rep. Kevin Brady (R-TX) [NSR]
Rep. Van Taylor (R-TX-03) [NSR]

Senate
Sen. John Boozman (R-AR) - WON
Sen. Kyrsten Sinema (D-AZ) [2025 Class]
Sen. Dianne Feinstein (D-CA) [2025 Class]
Sen. Raphael Warnock (D-GA) - Run off Dec 2022
Sen. Rick Scott (R-FL) [2025 Class]
Sen. Chuck Grassley (R-IA) - WON
Sen. Joni Ernst (R-IA) [2027 Class]
Sen. Tammy Duckworth (D-IL) - WON
Sen. Mike Braun (R-IN) [2025 Class]
Sen. Bill Cassidy (R-LA) [2027 Class]
Sen. Ed Markey (D-MA) [2027 Class]
Sen. Chris Van Hollen (D-MD) - WON
Sen. Tina Smith (D-MN) [2027 Class]
Sen. Josh Hawley (R-MO) [2025 Class]
Sen. Jon Tester (D-MT) [2025 Class]
Sen. Kevin Cramer (R-ND) [2025 Class]
Sen. Bob Menendez (D-NJ) [2025 Class]
Sen. Cory Booker (D-NJ) [2027 Class]
Sen. Catherine Cortez Masto (D-NV) - WON
Sen. Kirsten Gillibrand (D-NY) [2025 Class]
Sen. Jack Reed (D-RI) [2027 Class]
Sen. Tim Scott (R-SC) - WON
Sen. John Thune (R-SD) - WON
Sen. Mark Warner (D-VA) [2027 Class]
Sen. Roy Blunt (R-MO) [NSR]
Rep. Rob Portman (R-OH) [NSR]