Crypto Groups Pressure on Lawmakers for Crypto-Friendly Rules
- Bridget Hubbard
- July 11, 2023
- news, Crypto, Crypto Market
- Crypto-Friendly, Legislation, Rules
- 0 Comments
Crypto lobbying groups in the US are intensifying efforts to pass crypto-friendly legislation and address regulatory challenges faced by the industry.
- US crypto lobbying groups increase pressure on lawmakers for crypto-friendly legislation.
- Efforts driven by recent SEC crackdown and the need for regulatory clarity.
- Draft bill aims to establish regulatory jurisdiction and asset classification guidelines.
- Lobbying groups seek bipartisan support for the bill, which could enhance the role of the CFTC in regulating the crypto market.
Crypto lobbying and advocacy groups in the United States are increasing pressure on lawmakers as they strive to pass crypto-friendly legislation. In an effort to bring regulatory clarity to the American crypto market, lobbying groups such as the Blockchain Association, Chamber of Digital Commerce, and Coinbase Global have approached members of Congress from both sides of the aisle. This push for regulatory clarity is particularly timely as a key draft bill is set to go for a vote in the coming weeks.
The VC funds that are spending millions lobbying against Gensler for seeking to regulate CEX’s and unregistered securities are leveraging profits they made rug pulling unregistered securities. Explains the fake news from mainstream crypto media. Funny, isn’t it? https://t.co/OkTzPNr7WB pic.twitter.com/xxY2kWa3v6
— Not Tiger Global (@NotChaseColeman) July 9, 2023
A Response to SEC Crackdown
Recently, the Securities and Exchange Commission (SEC) has been cracking down on the crypto industry. This crackdown has prompted crypto executives and lobbyists to intensify their efforts to secure a clear regulatory framework in the United States. According to a report by Reuters, these lobbying groups hope to address the regulatory challenges faced by the crypto market through the upcoming draft bill vote.
The draft bill, introduced by House Financial Services Chair Patrick McHenry and House Agriculture Committee Chair Glenn Thompson last month, aims to provide clarity regarding regulators’ jurisdiction over the crypto market. Additionally, it will establish guidelines for classifying crypto assets as either securities or commodities.
Seeking Bipartisan Support
Lobbying and advocacy groups recognize the importance of bipartisan support for any legislation to gain traction. In pursuit of this, they are actively working to facilitate bipartisan cooperation. While the bill may not be perfect, it is viewed as a strong starting point by Brett Quick, head of government affairs at the Crypto Council for Innovation.
Impact of the Bill
If approved, the bill is expected to significantly enhance the role of the U.S. Commodities and Futures Trading Commission (CFTC) in regulating the crypto market. It is regarded as one of the most comprehensive bills aimed at addressing the needs of the crypto market.
In conclusion, lobbying groups in the United States are intensifying their efforts to secure crypto-friendly legislation. These groups are targeting lawmakers from both sides of Congress in a bid to gain their support for a key draft bill. With the SEC’s recent crackdown on the crypto industry, these lobbying and advocacy groups hope to bring much-needed regulatory clarity to the American crypto market. The upcoming vote on the draft bill presents an opportunity to address the challenges surrounding crypto asset regulation. Moreover, the bill’s potential approval would strengthen the regulatory role of the CFTC in the crypto space, making it a significant development for the industry.