• A dozen Democrats defied party position to support a pro-crypto motion.

  • The Senators joined the House of Representatives in repealing a controversial SEC directive.

  • Reddit co-founder amplified the action and pledged support for crypto development in the U.S.

A dozen Democrats defied party position to support a pro-crypto motion on Thursday during a joint session between the U.S. Senate and the House of Representatives. 

The identified democrats who acted against the party’s position include Senate Majority Leader Chuck Schumer (D), Sens. Kirsten Gillibrand (D), Gary Peters (D), Bob Casey (D), Jacky Rosen (D), Jon Tester (D), John Hickenlooper (D), Mark Kelly (D), Cory Booker (D), Ben Ray Luján (D), Ron Wyden (D), and Michael Bennet (D).

According to reports, the Senators joined the House of Representatives in repealing a controversial directive from the U.S. Securities and Exchange Commission (SEC) targeting cryptocurrencies—the directive aimed to prevent highly regulated financial firms from holding Bitcoin.

Bankless, the famous educational and awareness-focused crypto community, announced the lawmakers’ actions in a recent post on X. The educational platform shared a photo showing the faces of the 12 Senators, encouraging the crypto community to appreciate them for their actions.

Here are the Democrats who crossed party lines to vote pro-crypto 👏Let's thank them. pic.twitter.com/xvUCZPCn4L

— Bankless (@BanklessHQ) May 16, 2024

Supporting the lawmakers’ position, Alex Ohanian, co-founder of the famous social media platform Reddit Inc., highlighted Bankless’ post, amplifying it and pledged support for crypto development in the U.S. As a renowned crypto supporter, Ohanian has used public forums to show his support for cryptocurrencies.

The Reddit co-founder is on record as having compared Bitcoin with Gold and is recognized as an early Ethereum adopter, having bought 50,000 ETH tokens during the asset’s presale in 2014. Ohanian’s Reddit also allocated part of its cash reserves in Bitcoin and Ether and is recorded to have purchased MATIC for virtual goods payment. 

Notably, the lawmakers’ crypto support comes amid resurging Bitcoin prices, as the flagship crypto rallied nearly 8% a day before the seating. Bitcoin traded for $65,709 at the time of writing as it attempts a recovery from a slight pullback from the latest rally, according to data from TradingView.

The post Reddit Co-Founder Highlights Democrats Going Against Party to Support Crypto appeared first on Coin Edition.