- 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 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.
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