Unlock Premium Data: Up to 50% Off InvestingProCLAIM SALE

U.S. Crypto Lobbyists Push Lawmakers For Favorable Legislations

Published 10/07/2023, 15:47
Updated 10/07/2023, 16:15
© Reuters U.S. Crypto Lobbyists Push Lawmakers For Favorable Legislations
COIN
-

  • Crypto lobbying and advocacy groups in the United States have turned up pressure on lawmakers.
  • The lobbyists are pushing for crypto-friendly legislation in the interest of regulatory clarity.
  • The push for regulatory clarity comes in the run-up to a key vote regarding a draft bill.

Crypto lobbying and advocacy groups in the United States have turned up pressure on lawmakers in order to get crypto-friendly legislation passed by them. Groups including the Blockchain Association, Chamber of Digital Commerce, and Coinbase (NASDAQ:COIN) Global, have approached members on both sides of Congress in a bid to drum up bipartisan support for a key draft bill that is set to go for a vote in a few weeks.

According to a report by Reuters, the latest push on Capitol Hill comes amid the crackdown on crypto by the Securities and Exchange Commission (SEC). Several crypto executives and lobbyists told Reuters that the recent actions of the SEC prompted them to scale up their efforts for regulatory clarity for the American crypto market.

The lobbyist as well as advocacy groups are hoping to address the problem surrounding regulation of crypto assets through the upcoming draft bill vote. The bill was introduced last month by House Financial Services Chair Patrick McHenry and House Agriculture Committee Chair Glenn Thompson. The bill aims to clarify regulators’ jurisdiction over the crypto market and lay guidelines for the classification of crypto assets as security or a commodity.

“For anything to really get traction, it has to have bipartisan support. So we’re very focused on how we as an organization, and as the industry, can help facilitate that. It’s not a perfect bill, but it’s a really good starting point,” stated Brett Quick, head of government affairs at the Crypto Council for Innovation.

Experts previously stated that if approved, the bill would significantly increase the role of the U.S. Commodities and Futures Trading Commission (CFTC) in regulating the crypto space. It has been described as one of the most comprehensive bills for the crypto market.

The post U.S. Crypto Lobbyists Push Lawmakers For Favorable Legislations appeared first on Coin Edition.

Read more on Coin Edition

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.