Regulations
With the SEC and CTFC clarifying that they intend to clamp down on crypto companies violating rules and regulations, old and new, and the IRS suggesting that they plan to issue new crypto rules, cryptocurrency companies in the US have begun hiring lobbyists as a top priority.
What’s more, the Treasury is expected to decide which firms need to report user information under provisions in the recent infrastructure bill.
On top of a lobbying drive, top crypto executives have been contributing to the campaigns of lawmakers that, they believe, look most kindly on digital assets.
Well-known crypto advocate and Republican Senator, Cynthia Lummis, received around ¾ of her donations in the first nine months of 2021 from those involved in cryptocurrency. Donors included the CEO of Paxos and a managing partner at VC firm, Blockchain Capital.
However, it’s not just Republicans that have received such donations. Democratic Arizona Senator, Kyrsten Sinema, received more than $100,000 from crypto investors and execs.
This recent push to bring US lawmakers on-side reflects the uncertainty and imminent wave of crypto regulation that is expected in North America…
