In a concerted effort to push for crypto-friendly legislation and address the regulatory challenges faced by the cryptocurrency industry, lobbying and advocacy groups in the United States have intensified their engagement with lawmakers
Prominent organizations such as the Blockchain Association, Chamber of Digital Commerce, and Coinbase Global have united to approach members of Congress on both sides of the aisle, aiming to generate bipartisan support for a crucial draft bill set to undergo a vote in the coming weeks, media reports said.
This fresh wave of lobbying activity comes in response to the recent crackdown on cryptocurrencies by the Securities and Exchange Commission (SEC). As the SEC’s actions have sparked concerns within the industry, crypto executives and lobbyists have responded by amplifying their efforts to advocate for regulatory clarity in the American crypto market.
The primary focus of these lobbying and advocacy groups is to tackle the regulatory uncertainty surrounding crypto assets through the impending draft bill vote. Introduced last month by House Financial Services Chair Patrick McHenry and House Agriculture Committee Chair Glenn Thompson, the bill seeks to establish clear jurisdiction for regulators in the crypto market and establish guidelines for the classification of crypto assets as securities or commodities.
Brett Quick, head of government affairs at the Crypto Council for Innovation, emphasized the importance of bipartisan support, stating, “For anything to really gain traction, it has to have bipartisan support. So we’re highly focused on how we, as an organization and as an industry, can help facilitate that. While it may not be a perfect bill, it serves as an excellent starting point.”
If approved, the bill would significantly augment the role of the U.S. Commodities and Futures Trading Commission (CFTC) in regulating the crypto space, according to experts. Recognized as one of the most comprehensive bills addressing the crypto market to date, it holds the potential to provide much-needed clarity and guidance for market participants.
With mounting pressure from lobbying groups, the draft bill signifies a pivotal moment in the ongoing dialogue between regulators and the crypto industry. As stakeholders seek to strike the delicate balance between innovation and investor protection, the bill offers a tangible opportunity for regulators to establish a robust framework for the evolving crypto market.
As the vote approaches, the industry will closely monitor developments on Capitol Hill, anticipating a significant step forward in shaping the future of cryptocurrencies in the United States.
