Crypto industry leaders are lobbying on Capitol Hill to advocate for favorable legislation, coordinated by Coinbase and Stand With Crypto. However, this effort is competing with pressing concerns such as the federal budget and Senate measures against crypto money laundering.
Executives from digital asset companies are engaging with lawmakers, with a focus on bills passed by the House Financial Services Committee in July. These bills aim to clarify how existing financial regulations apply to the crypto industry. Nevertheless, the industry’s message may be overshadowed by other legislative priorities.
Despite the challenging landscape, crypto advocates emphasize the importance of continued advocacy. Regulatory scrutiny has increased, particularly from the SEC, which sued Coinbase and Binance in June. The crypto industry has spent nearly $13 million on federal lobbying in the first half of 2023, indicating strong efforts to influence policy.
The crypto delegation includes Coinbase CEO Brian Armstrong and representatives from OpenSea. The industry seeks to ensure that government actions do not hinder its growth.
Coinbase has launched a media campaign and calls on crypto users to contact their congressional representatives. The outcome remains uncertain, with the focus in Congress shifting toward addressing money laundering concerns rather than advancing industry-friendly bills.
While the House bills could define crypto as securities or commodities and limit the SEC’s authority, their prospects in the Senate are uncertain. Senate members are prioritizing anti-money laundering efforts over crypto legislation, and Senate Banking Committee Chair Sherrod Brown is not inclined to push the House bills forward.
Despite these challenges, Coinbase is increasing its presence in Ohio, where Senator Brown faces re-election, to raise awareness of the crypto industry’s local economic impact. The fate of industry-backed crypto legislation depends on political support, and without it, near-term progress appears unlikely.
By FCCT Editorial Team freeslots dinogame telegram营销
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